European firms are facing a $1.5 trillion funding shortfall December 2, 2009 COMPANIES in Western Europe face a funding shortfall of $1.5 trillion (£900bn) next year – but European economies have put the worst of the recession behind them, according Standard & Poor’s. High unemployment and massive cuts in capital spending will squeeze growth with the car industry facing the toughest challenge, the credit rating agency warned [...]
Dutch luxury carmaker Spyker opens talks with GM to buy Saab December 2, 2009 A second small luxury car maker, Spyker of the Netherlands, is talking to General Motors it emerged yesterday about buying Saab Automobile, weeks after Sweden’s Koenigsegg dropped its bid. A spokesman for Spyker, which made 43 cars last year that sell for €200,000 (£181,000) and upwards, said the Dutch carmaker was interested in Sweden’s Saab [...]
L&G BOSS NAMED December 2, 2009 LEGAL & ENERAL yesterday appointed the ex-Woolwich and National Australia Bank chief executive John Stewart to succeed Rob Margetts as chairman at the insurer. His appointment, after a search that lasted almost a year, will take effect next March. Stewart is also a non-executive director of communications firm Telstra and was recently appointed a director [...]
Yorkshire and Chelsea warn of job cuts December 2, 2009 THE merger of the Yorkshire and Chelsea building societies will lead to job losses and a £200m writedown on Chelsea’s bad debts, the two firms said yesterday. More than 3,200 staff work for the two societies which will undergo efficiency savings of £35m. The merger was instigated by Yorkshire after Chelsea was hit hard in [...]
Web giants lash out at Digital Bill December 2, 2009 INTERNET giants united yesterday to urge Business secretary Peter Mandelson to change a clause in the new digital economy bill that could give future ministers sweeping powers to change copyright law. Facebook, Google, Yahoo and eBay wrote directly to Mandelson asking him to throw out clause 17 to coincide with the second reading of the [...]
Deripaska’s plan for Rusal flotation hits a setback December 2, 2009 RUSSIAN tycoon Oleg Deripaska’s plan to float his aluminium business UC?Rusal hit another hurdle yesterday, when the Hong Kong Stock Exchange delayed a ruling that needs to go in the firm’s favour before it can list. Rusal, the world’s largest aluminium company, is poised to secure a $17bn debt restructuring package that it hopes will [...]
Rosenblatt firm to raise 50m on Aim December 2, 2009 LITIGATION funding firm Alvaro is planning to raise £50m by listing on the Alternative Investment Market this month in a move that could transform the way expensive cases are funded in the City. Alvaro will be the first contingent litigation funding company with a UK focus to float when it lists on 16 December. [...]
Geithner: tighten up derivatives trading… December 2, 2009 US TREASURY Secretary Timothy Geithner said yesterday there was a good case to let some firms use derivatives with little scrutiny for business purposes, but that most trading should face stiffer rules. Geithner also urged lawmakers to let regulators block companies from customising derivatives contracts to avoid trading on central clearing houses as a way [...]
… but JP Morgan could lose $3bn, warn analysts December 2, 2009 JP MORGAN Chase has estimated its revenue could fall as much as $3bn (£.18bn) next year if, as a result of legislation, most of its derivative transactions are forced onto an exchange, Sanford C. Bernstein analysts said yesterday. The bank could take an earnings hit of 13 cents to 20 cents per share in 2010 [...]
Contraction in construction sector slows December 2, 2009 CONSTRUCTION in the UKcontracted at a slower pace last month, according to the latest CIPS/Markit purchasing managers’ index (PMI), which recorded a reading of 47. Although activity fell for the twenty-first month in a row, new order volumes rose for the first time since February 2008. CIPS chief executive David Noble said: “It appears we [...]