Boss: BMW will beat savings goal September 14, 2009 Carmaker BMW will beat its $8.7bn (£5.23bn) savings goal for 2012, its chief executive Norbert Reithofer said yesterday. He added that new models at the luxury car maker will give a “major boost” to sales. The group, which is based in Munich, is anticipating a gradual improvement in deliveries as demand recovers from the financial [...]
LSE lifted by Rolet effect September 14, 2009 THE LONDON Stock Exchange (LSE) saw its share value rise in August by 11.3 per cent, as the positive effect of new chief executive Xavier Rolet continued, according to the Mondo Visione Exchanges Index. The share price rise was achieved against a backdrop of a fall of -1.3 per cent in overall share values for [...]
BEST OF THE BROKERS September 14, 2009 VODAFONEUBS raised its price target for Vodafone to 130p, saying the firm will benefit from UK market repair, a stronger euro and moves in listed/non-controlled assets. The broker removed its short-term “sell” and moved the stock to “neutral” saying there are few short-term catalysts for underperformance due to a lack of sector results. DS SMITHA [...]
Euroclear bosses to swap jobs September 14, 2009 Clearance and settlement services provider Euroclear yesterday said two of its senior executives will switch roles. Valerie Urbain, managing director and head of human resources for the Euroclear group, and Pierre Slechten, chief executive officer of Belgium, France and the Netherlands operations will swap roles in October.
BBC iPlayer to be regulated September 14, 2009 Ofcom said yesterday that video on demand (VOD) programming, such as the BBC’s iPlayer, will be regulated from December. The regulation would be handled by the Association for Television on Demand, and the Advertising Standards Authority would be responsible for commercial issues.
WEALTHY OUT TO PLAY FOR SPEAR’S AWARDS September 14, 2009 LAST year, the Spear’s Wealth Management Awards were overshadowed somewhat by frantic whispers among the moneyed guests, who watched via BlackBerry as Congress voted against a $700bn bailout of the US banking industry and their Wall Street stock portfolios plummeted. So it was with some trepidation that those guests entered Christie’s auction house in St [...]
Lehman Bros bondholders may be owed up to 44bn September 14, 2009 THE trustee holders of collapsed Lehman Brothers’ senior bonds said the debt holders may be owed as much as $73bn (£44bn), after losing their investments when the bank filed for bankruptcy protection a year ago, according to court documents. Wilmington Trust Company claims that holders of the senior debt of the failed bank are estimated [...]
Intellectual errors at the heart of crisis September 14, 2009 At its heart, the credit crunch was fuelled by a deep intellectual error. It was this error which encouraged banks to take such a naïve and flawed view of the double or triple credit boom of the last 15 years. Rather than being something that regulators knew was wrong but did not have the power [...]
ONE YEAR ON, FORMER LEHMAN STAFF SHARE THEIR EXPERIENCES WITH CITY A.M. September 14, 2009 BISHER ARMANAZII was working as a trader in structured indices derivatives in London when Lehman Brothers went under. I was at home on the Sunday and happened to turn on the TV to see the story that the bank would not be receiving a government bailout. I went straight to a bar with a couple [...]
CITY VIEWS: WHERE WERE YOU WHEN LEHMAN WENT UNDER? September 14, 2009 NGUS MACLENNAN ANGMAC LTD“I was caught up in the middle of the banking crisis when it happened, working for a bank. Since then, the pace of City life has certainly slowed down. That’s not necessarily a bad thing, though. It was somewhat overheated before Lehman fell.” G BERTOLA AVIVA INSURANCE UNDERWRITER“I was on holiday at [...]