M&A fails to recover with rally September 24, 2009 The return of confidence to the markets has failed to boost M&Aactivity, according to new data. Global deal values in the first nine months fell 37 per cent to $1,620bn (£1,010bn), data provider Dealogic said, the lowest since 2004. Third-quarter deal volume of $412.4bn was down 34 per cent on the second quarter.
BBA chief hits back at Turner September 24, 2009 Angela Knight, the chief executive of the British Bankers’ Association, last night launched a barely-disguised broadside against Financial Services Authority chairman Lord Adair Turner, after the watchdog chief aired a series of criticisms of the City. She said regulators should not “demonise” bankers.
Nomura cash call to raise up to 3.5bn September 24, 2009 JAPANESE brokerage Nomura is to raise up to 511bn yen (£3.5bn) in a capital-raising initiative, in an effort to fund overseas expansion and bolster its capital position in advance of international regulatory reform. The broker, Japan’s largest by sales, launched its second stock sale of the year, after raising 270bn yen in March, taking advantage [...]
Twitter to secure $100m new capital September 24, 2009 TWITTER, the micro-blogging website, is closing in on a deal that would give it access to $100m (£62m) in new venture capital. The cash injection, understood to be coming from investment houses T. Rowe Price and Insight Venture Partners, would value the website at $1bn – more than triple the worth placed on the company [...]
Central bankers trim stimulus September 24, 2009 FOUR of the world’s top central banks said yesterday they would scale back injections of US dollars into their banking systems, as markets being to stabilise. The US Federal Reserve said it would begin to scale back short-term cash auctions in early 2010, while the European Central Bank, the Swiss National Bank, and the Bank [...]
PwC’s $150bn Lehman claim September 24, 2009 LEHMAN Brothers’ European administrators PricewaterhouseCoopers (PwC) are seeking around $150bn (£93bn) from the parent company. A spokeswoman for PwC told City A.M. the company had already filed a claim for $50bn on behalf of European affiliates of the company and would seek another $100bn before a 22 October deadline. Lehman’s bankruptcy last year, which triggered [...]
Lloyd’s profits up 39pc amid bond rebound September 24, 2009 LLOYD’S of London, the City’s 321-year old insurance market, yesterday unveiled bumper first-half profits after a recovery in corporate bond markets helped boost returns on its investment portfolio. Chief executive Richard Ward said the market had booked profits of £1.32bn during the first six months of the year – a 39 per cent rise on [...]
Sandler joins Pearl as chair September 24, 2009 PEARL, the insurer founded by pubs-to-pizza entrepreneur Hugh Osmond, has confirmed Northern Rock head Ron Sandler is joining as chairman. The group has taken on Sandler ahead of its planned secondary listing on the London Stock Exchange in the fourth quarter. Sandler was put in charge of failed mortgage lender Northern Rock after it became [...]
Ex-Deutsche Bank executive claims boss knew of spying September 24, 2009 DEUTSCHE BANK’S former head of investors, Wolfram Schmitt, claimed yesterday that workers around him were aware “from the beginning” of a spying scandal over which he was fired. The mid-level executive’s lawyer claims the legal department of the bank and a high level communications executive were aware of a plan concocted to discover more about [...]
QUEEN STREET SNAPPED UP September 24, 2009 GREAT Portland Estates, headed by chief executive Toby Courtauld, bought 90 Queen Street for £45.8m yesterday, in a sign that the once-ailing City office market is on the up. The buy shows that the market may be turning after two years of decline. The building covers 68,400 sq ft and was built in 1996.