New York Times considers fees July 9, 2009 US publishing giant the New York Times is considering bringing in a $5 a month fee for access to its news website. The group said results of a survey of its print subscribers suggest the fee would go down well. The group is keen to bring in new revenue streams after its income through online [...]
Rio’s packaging talks continue July 9, 2009 Australian packaging group Amcor is still in discussions with global miner Rio Tinto to buy parts of its packaging assets, Amcor said in a statement last night. “Those discussions continue to be incomplete in nature, and there can be no assurance that any binding proposal or transaction will result,” Amcor said.
Credit Suisse u-turn boosts Four Seasons July 9, 2009 FOUR Seasons, the care home company, last night came back from the brink after convincing its senior lenders to back its latest restructuring proposal. The group is currently struggling with its £1.5bn debt pile and has proposed a restructuring plan that would have seen most of its lenders’ debt converted to equity. And earlier this [...]
Citigroup reshuffle aimed at smoothing asset sales July 9, 2009 WALL Street giant Citigroup yesterday unveiled a boardroom shuffle as it continues efforts to sell off non-core parts of the business. Chief financial officer (CFO) Edward “Ned” Kelly will become vice chairman with responsibility for strategy, as well as mergers and acquisitions, which will in practice mean disposing of assets from Citi’s “bad bank”, Citi [...]
Buffett talks of new US stimulus July 9, 2009 Legendary investor Warren Buffett said yesterday unemployment in the US could hit 11 per cent and a second stimulus package might be needed as the economy struggles to recover from recession. Buffett, the billionaire founder of Berkshire Hathaway, said Americans suffered “a shock to the system” from the economic difficulties in the final quarter of [...]
Cerberus in hedge fund solution July 9, 2009 Private equity firm Cerberus is to place investors seeking withdrawals from one of its hedge funds into a special purpose vehicle, a source said yesterday. The firm has sent a letter to clients stating the vehicle will sell assets over time and make cash distributions. For investors remaining in the fund, fees will be reduced. [...]
More Corus jobs under threat July 9, 2009 Another 366 jobs are under threat at the Scunthorpe unit of giant steelmaker Corus, the group’s Indian owner Tata Steel warned yesterday, as it pushed ahead with plans to align its employment costs with expected steel demand. Tata, the world’s sixth-biggest steelmaker, said consultations with employees at the plant have begun, and it will seek [...]
Segro agrees Brixton offer July 9, 2009 INDUSTRIAL landlord Segro said yesterday it agreed an offer for warehouse specialist Brixton in a deal worth £109.4m. The planned combination will give Segro – formerly known as Slough Estates – a property portfolio worth £5.5bn based on May valuations. Segro is accompanying the Brixton deal with a £250m share issue, half of which will come [...]
Bond insurers obliged to pay out over Bradford & Bingley July 9, 2009 COMPANIES that provide insurance against bond defaults will have to pay out to cover the recent non-payments by nationalised building society Bradford & Bingley (B&B), following a key ruling yesterday. The International Swaps and Derivatives Association (ISDA) ruled that B&B’s failure to keep up with payments on £325m of Tier 2 bonds constituted a “credit [...]
STANFORD DENIED BAIL July 9, 2009 ALLEN Stanford, the Texas financier, will remain in jail after a federal judge yesterday denied his request to reconsider detention pending trial. Stanford, who faces criminal fraud charges, was initially granted bail by a judge, but federal prosecutors successfully argued before US District Judge David Hittner that the billionaire was a serious flight risk who [...]