PURNELL: I QUIT NOW BROWN MUST GO June 4, 2009 GORDON BROWN suffered another devastating blow last night after his work and pensions secretary quit and told him to stand down to save the Labour Party. James Purnell, a rising star and a leading Blairite, became the third cabinet minister to leave Brown’s chaotic government this week and the first to openly call for Brown [...]
BA and Lloyds in pension row June 4, 2009 LLOYDS has been told by an increasingly irate staff union to issue a formal guarantee it will keep its final salary pension scheme open for existing members, ahead of its high-profile shareholder meeting today. This came as British Airways admitted last night all options remain open over its pension deficit, boosting fears it will close [...]
Brown’s grip is weakening by the hour June 4, 2009 HE may not be a household name, but James Purnell, the former secretary of state for pensions, was a key figure at the heart of Gordon Brown’s cabinet, a standard-bearer for what is left of the Blairite, reformist wing of the Labour Party. So his shock resignation at 10pm last night has dealt nothing less [...]
Santander to raise funds June 4, 2009 EUROPE’S largest bank Santander is to become the latest Spanish bank to issue preference shares to bolster its capital ratios and increase liquidity. The bank is understood to be seeking the blessing of the country’s market regulator to issue preference shares worth €2.5bn (£2.2bn), although a spokesman for Santander was unable to confirm the reports. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 4, 2009 FINANCIAL TIMES AQUASCUTUM IN BUY-OUT TALKSAquascutum, the classic British clothing brand, could be sold to the Hong Kong clothier that distributes the label in China and south-east Asia after an offer from the brand’s management to buy the business was rejected at the eleventh hour last week. Japan’s Renown, which bought the British label in [...]
Status threat for City legal giant June 4, 2009 Clifford Chance, the London “magic circle” legal giant, is at risk of losing its standing as the world’s largest law firm, after it said revenues may have dived below levels seen at US peers. Managing partner David Childs suggested at a legal conference yesterday revenues at the firm tumbled by five per cent in the [...]
US derivatives face rules revamp June 4, 2009 US authorities are planning to overhaul regulation of derivatives markets. The Commodity Futures Trading Commission wants transparency measures for customised derivatives, which are usually negotiated secretly by brokers on the telephone, and to have standardised derivatives traded on exchanges.
Quintain sounds alarm bells June 4, 2009 Social housing group Quintain Estates & Development has said its assets have tumbled in value, putting serious pressure on its lending covenants. It warned “material uncertainty” now surrounds its ability to remain a going concern as it failed to complete a vital £100m equity raising in April.
Rio scraps its Chinalco deal June 4, 2009 FEARS of a massive shareholder revolt prompted mining giant Rio Tinto to dramatically call off a $19.5bn (£13.7bn) tie-up deal with Chinese shareholder Chinalco last night. The decision raises questions about the long-term future of chief executive Tom Albanese, the architect of the controversial Chinese deal. He has been criticised by shareholders for breaching pre-emption [...]
UKFI appoints Rock and B&B man June 4, 2009 UK Financial Investments (UKFI) has appointed Santander’s Keith Morgan to manage the government’s stakes in Northern Rock and Bradford & Bingley, it announced yesterday. The organisation, which manages the government’s holdings in part-nationalised financial institutions, said Morgan would join as head of Wholly Owned Investments. Morgan is currently a board director at Sovereign Bancorp in [...]