WTO to uphold Boeing claim that Airbus aid was illegal September 3, 2009 THE World Trade Organisation (WTO) is expected to say today that aid subsidies provided to Airbus by European governments were illegal, signalling a huge victory for its US rival Boeing in a tit-for-tat row that has rumbled on since 2004. The international trade body has spent nearly five years analysing complaints from Washington challenging loans [...]
Financial firms hit by 9m complaints in just three years September 3, 2009 MORE than 9m complaints were made against financial services firms between 2006 and 2008, according to data released by the City regulator for the first time yesterday. The Financial Services Authority (FSA) said complaint levels rose by 5.7 per cent over the period, with dissatisfaction with banking and loan products accounting for half. This was [...]
CITY VIEWS: DO YOU THINK BORIS JOHNSON IS THE CHAMPION OF THE CITY? September 3, 2009 GRAEME JONES CITIBANK“He’s a good ambassador for the City. He’s willing to go to Brussels to fight for the biggest industry in the UK, which is the financial sector and he’s doing a good job of it. I believe he has the personality to do it – his charisma isn’t a hindrance.” HANNAH DOBSON SMITH [...]
Tricorona pulls EcoSecurities bid September 3, 2009 Carbon credits firm EcoSecurities said yesterday it was in ongoing talks with another party over a possible takeover offer, after Swedish clean energy project developer Tricorona decided not to proceed with a bid. EcoSecurities continued to recommend that its shareholders take no action in response to an offer from Guanabara Holdings, set up by the [...]
Gold hits a six-month high September 3, 2009 Gold prices rallied yesterday to their highest level since February on strong investment demand. Spot gold hit an intraday peak of $992.55, which marked the highest price since 24 February. Bill O’Neill, managing partner of Logic Advisors, said asset-diversification demand for gold and other precious metals propelled gold’s rally.
Senator wants self-funded SEC September 3, 2009 The US Securities and Exchange Commission (SEC) should fund itself from the fees it charges financial institutions, rather than through funding from Congress, a US senator said yesterday. Democratic senator and senate banking committee member Charles Schumer said: “A major part of the SEC’s problem is that its annual budget is lacking in resources.”
Anschutz firm buys website for $25m September 2, 2009 EXAMINER.COM, a media company controlled by US billionaire and O2 owner Philip Anschutz, yesterday bought citizen journalist firm NowPublic in a $25m (£15.3m) deal and told City A.M. it plans to launch its site in the UK in the first quarter of next year. Examiner.com, a citizen journalist site with over 15,000 contributors, has tripled [...]
Tough times ahead, warns Hargreaves Lansdown chair September 2, 2009 INVESTMENT broker Hargreaves Lansdown reported a 20 per cent rise in full-year pre-tax profits yesterday as record levels of stockbroking activity boosted revenues by 10 per cent. The firm booked a profit of £73.1m, compared to £60.9m last year, on the back of revenues of £132.8m. Chairman Stephen Lansdown said the company’s “resilient” business model [...]
Calzedonia swoops on undie store September 2, 2009 ITALIAN fashion company Calzedonia yesterday bought its flagship London underwear store Tezenis from landlords Great Capital Partnership for £22.9m. The Spirella House store, on the busy shopping corner of Regents Street and Oxford street, was sold at a price 12.5 per cent above its March 2009 book value. It comprises a retail unit over three [...]
BEST OF THE BROKERS September 2, 2009 ARRIVANomura downgraded its 2009 earnings estimates for Arriva, but upgraded its estimates for 2010, saying 2009 “looks set to be the earnings low point”. The broker said that the first half results highlighted a solid performance across divisions, and has a “neutral” stance on the stock with a price target of 473.4p. JD WETHERSPOONInvestec said [...]