Boutique banks gain share July 12, 2009 US authorities have approved a bid by Continental Airlines to join UAL’S United Airlines and other carriers in the global Star Alliance. The US Transportation Department order, which gave the carriers limited immunity from antitrust law, permits carriers to share pricing, scheduling and other information within the alliance. Opponents of the move had argued it [...]
Battle of Canary Wharf and City is unimportant July 12, 2009 THIS newspaper can justifiably claim to have “scooped” the news of Nomura’s plan to base its European HQ in the Square Mile – confirmed last week but trailed, I believe, in City A.M sometime before Christmas. Many commentators have characterised the news that Nomura will take up residence in Lower Thames Street as a “victory” for [...]
Walker probe to hit boards July 12, 2009 BRITISH boardrooms are set for their most radical shake-up in years, with Sir David Walker set to recommend annual election of directors and the introduction of powerful risk committees in his review of corporate governance, due out this Thursday. Walker, who was charged with looking into the future of bank governance by chancellor Alistair Darling, [...]
ASHLEY FACES DIRECT HIT July 12, 2009 Sports Direct is set for an investor battle on Thursday as it reports its first set of results with like-for-like comparisons. The group, led by Mike Ashley, is expected to scrap its dividend to pay down debts. Ashley has been in the spotlight for his row with rival sportswear chain JJB Sports’s executive chairman Sir [...]
UBS tax case postponed to seek bargain July 12, 2009 UBS AND the US authorities have agreed to postpone a hearing into a government lawsuit in the hope of reaching a settlement over demands that the Swiss bank hand over details of 52,000 American citizens suspected of tax evasion. Both sides agreed to put off the hearing while they thrash out an agreement, although the [...]
Philanthropists are becoming younger July 12, 2009 PHILANTHROPISTS are younger, more generous, and more ambitious – despite the downturn, a report from Barclays Wealth will say today. “Tomorrow’s philanthropist” has a stronger commitment to charity than previous generations, the survey will say, as they feel more responsibility to give generously, despite the impact of the worldwide slump. Three quarters of the 500 [...]
Profit warnings at record low July 12, 2009 THE NUMBER of profit warnings issued by UK-Listed companies fell by 36 per cent in the second quarter of this year, compared to the same period in 2008, fuelling hopes that the recession has reached the bottom. According to a report by accountants Ernst & Young (E&Y), 63 profit warnings were issued in the quarter, [...]
Investors set to fight incentives July 12, 2009 CABLE & Wireless is set to face a difficult annual shareholder meeting this week, with investors angry over a proposed incentive plan that could quadruple directors’ pay. In May, Tony Rice, chief executive of the C&W International unit, received £3.9m in shares under the long-standing performance related scheme and immediately sold them in the market, [...]
Pain to ease for US banks July 12, 2009 WALL Street banks are expected to have enjoyed an improvement in the second quarter when they report half year results this week. Consensus analysts’ forecasts for the top US banks suggest that markets improved during the quarter, leading to a surge in investment banking revenues. Morgan Stanley analysts forecast in a recent research note that [...]
Hands’ Terra Firma in talks over refinancing EMI’s debt July 12, 2009 GUY Hands’ private equity firm Terra Firma is negotiating with Citigroup about the refinancing of debt-riddled music label EMI Group. EMI chairman Hands is proposing that he invest an additional £250m to £300m into the business, in return for new financial agreements and the write-off of £500m of EMI’s recorded music division’s debt-pile. Hands believes [...]