IMF boss says further pain may lie ahead June 15, 2009 DOMINIQUE Strauss-Kahn, the head of the International Monetary Fund (IMF), has spoken out after recent reports of “green shoots”, warning the worst of the global financial crisis may not yet be behind us. Speaking on a visit to Kazakhstan, he said the IMF needed to be cautious about calling an economic recovery, although he said [...]
Hedge funds back on track, says report June 15, 2009 HEDGE funds are once again performing favourably now that outflows have stabilised, according to a report. In its latest investment outlook, Swedish financial group SEB says that the hedge fund industry is over the worst, following its toughest year on record in 2008. The report predicts that strong hedge funds will be able to strengthen [...]
AIG is at war with ex-chief June 15, 2009 AIG began a legal fight with former boss Maurice Greenberg in a New York federal court yesterday, in a bitter fight over disputed assets worth $4.3bn (£2.6bn). Greenberg, chairman of privately-held Starr International, is accused by AIG of snatching the assets unlawfully in 2005. He is due to take the stand to testify this week. [...]
Premier League issues warning to Setanta over rights payments June 15, 2009 THE Premier League warned yesterday that it will put the rights held by troubled broadcaster Setanta back up for sale if the Irish group does not pay its next instalment due on Friday. The Premier League said that it would terminate the existing agreement “if Setanta does not meet certain contractual requirements of the Premier [...]
CITY VIEWS: IS THE WORST OF THE DOWNTURN OVER? June 15, 2009 DANIEL OLLIVER LIFE ASSURANCE“I think we are coming out of the downturn, but that recovery will be slow. Everyone is nervous about saying we’re coming out of the slump, as they don’t want to be seen overreacting to a market blip.” DOUGLAS CHU NYSE EURONET“The institutional credit market still isn’t working, and until it does [...]
EU SLAMMED OVER CITY POWER GRAB June 14, 2009 THE EUROPEAN Commission (EC) is being too hasty in its drive for pan-European regulatory reform, a House of Lords committee will warn this week, as fears mount in the City over encroachment from Brussels on the UK financial services sector. The House of Lords sub-committee on economic and financial affairs will say that the pace [...]
London oil firm Addax in deal talk June 14, 2009 CHINESE state-owned refiner Sinopec is making a brazen £4.8bn bid for Addax Petroleum, outbidding competitors including the Korean National Oil Corporation. Sinopec is understood to still be in early talks with London-listed Addax, in the latest move by China to buy into global oil reserves, as it seeks to secure assets to fuel its unprecedented [...]
Lessons for Britain from California’s crisis June 14, 2009 IT was not that long ago that David Cameron, the Tory leader, was holding up California as the economic model he most wanted to emulate. One of his closest aides, Steve Hilton, is based in Silicon Valley, where his wife works for Google; and the more radical Cameroons thought they had discovered the perfect cocktail [...]
Woolies boss will try again June 14, 2009 WOOLWORTHS’ former boss Sir Geoff Mulcahy is working to raise the collapsed retailer from the ashes with a bid to open 200 similar stores. Mulcahy is part of group, headed by former managing director Tony Page, hoping to make another “Woolworths type” high street brand. The group aims to buy the majority of the stores [...]
Paris show’s bumpy ride June 14, 2009 AEROPLANE makers expect to be displaying heavily cut order lists at the Paris air show this week as the recession bites further into the travel industry. With airlines set to lose up to $9bn (£5.5bn) this year, aircraft and engine makers expect many orders to be cancelled or deferred. The recent Air France Airbus crash [...]