Chocolatier Patchi plans to float August 9, 2009 Lebanese family owned chocolatier Patchi is planning to list in Dubai and London to help it fund a drive for global expansion. The firm, owned by founder and chairman Nizar Choucair, has hired advisers to help it float up to 49 per cent of the company, after delaying initial plans for a listing due to [...]
House prices to rise next year August 9, 2009 British house prices are likely to fall just three per cent more over the rest of 2009 before growing by two per cent in 2010, says the Centre for Economics and Business Research.“Our view is that the extent of house price falls already seen means further significant falls are unlikely,” said CEBR economist Benjamin Williamson.The [...]
Financial services sees revival August 9, 2009 The volume of new financial companies seeking authorisation from the Financial Services Authority rose by 10 per cent in the second quarter, heralding a return to the activity seen prior to the recession. Independent financial advisers made up the largest group of the 282 new applicants, while boutique advisories also boomed as individuals left large [...]
FSA’s Sants: Not my job to set bonuses August 9, 2009 HECTOR Sants, head of watchdog the Financial Services Authority (FSA), will this week refuse to bow to pressure to bring in rules to cap City bonuses.Sants has said it is not the regulator’s job to set company pay levels, only to ensure pay does not encourage risk in the financial system. In the FSA’s guidelines [...]
UBS tax case hits new snag August 9, 2009 THE SWISS and US governments have hit a stumbling block in their efforts to settle a tax dispute between UBS and the Internal Revenue Service (IRS) over the transfer of details of 52,000 clients accused of tax evasion. The two nations are expected to reach an agreement under which Berne will provide some of the [...]
Lloyds could avoid APS with 15bn fund-raising August 9, 2009 LLOYDS BANKING GROUP will need to raise up to £15bn from investors if it wants to avoid participating in the government’s asset protection scheme (APS), analysts estimate. The bank has agreed to insure £260bn of assets via the scheme, but chief executive Eric Daniels is thought to be unhappy with the £16bn fee and the [...]
Saga’s takeover talks with Titan August 9, 2009 Saga, the over-50’s holiday firm, is believed to be in takeover talks with Titan Travel, one of Britain’s biggest travel agents. It is understood that talks are at a very early stage. Saga, which is owned by the private equity firms Permira, Charterhouse and CVC, is forecast to pay between £15-20m for Titan, in a [...]
Madoff aide to plead guilty August 9, 2009 Swindler Bernard Madoff’s right-hand man Frank DiPascali is to plead guilty tomorrow in Manhattan to criminal charges for his role in the $65bn (£39bn) fraud, according to court documents filed late last week. Legal experts indicated the charge against DiPascale might lead to charges being brought against others who worked for Madoff. DiPascali worked for [...]
Sir Fred Goodwin coming home August 9, 2009 Former Royal Bank of Scotland boss Sir Fred Goodwin is to return from his self-imposed exile in France this month.The 50-year-old fled with his family to the south of France four months ago when he was blamed for the near-collapse of the bank and criticised for his massive pension.But after his two children missed almost [...]
STILL TOP OF THE POPS August 9, 2009 HMV boss Simon Fox has pledged his loyalty to the music and film retailer by pulling out of the race for the top job at ITV, City A.M. can confirm. Fox, who was tipped by many as a strong contender to replace Michael Grade as chief executive of the embattled broadcaster, has assured the HMV [...]