Swiss state may sieze client data from UBS July 8, 2009 THE Swiss government yesterday vowed to prevent UBS from handing confidential client information to the US authorities, even if the bank is issued with an American court order next week. Bern, which is keen to maintain the country’s reputation for banking secrecy, said it could take the unusual step of confiscating the data on tens [...]
IBM UK pension scheme may close July 8, 2009 IBM said yesterday it might close its final salary pension scheme in the UK in order to become more competitive and make long-term pension costs more predictable. The IT giant started a 60-day consultation with about 5,000 members of its final salary scheme, representing a quarter of its staff in the UK. It is the [...]
Hedge funds outpace the FTSE July 8, 2009 The hedge fund industry comfortably outperformed equity markets in the first half, according to data released yesterday. The Hennessee Hedge Fund Index showed that the average fund was up and 11.74 per cent for the six months to 30 June , outpacing the FTSE 100 which was down around 4.2 per cent. The Hennessee index [...]
Segro offer for Brixton approved July 8, 2009 Industrial property giant Segro will today confirm it has received approval from the company’s board for the final terms of its takeover bid for rival Brixton Estates. The deal which will see the two companies swap 1.75 Segro shares for each Brixton share – is still subject to shareholder approval. Segro is also expected to [...]
Four Seasons’ fate to be decided July 8, 2009 Creditors of care home operator Four Seasons will meet today to discuss the company’s fate, in the wake of its failure to gather support for a debt restructuring. The company, which has £1.5bn in debt, cares for 15,000 people in its 400 homes. Lenders have agreed to four “stand still’ periods since it ran into [...]
Darling gives FSA power to rein in the activity of City firms July 8, 2009 THE FINANCIAL Services Authority (FSA) will share formal responsibility for financial stability with the Bank of England, under a raft of measures included in chancellor Alistair Darling’s white paper on financial regulation. The chancellor rejected Conservative calls for the Bank of England to be given primary responsibility for monitoring dangers to the economy, instead opting [...]
City banker’s death plunge July 8, 2009 A DEUTSCHE Bank stockbroker killed himself by leaping from the roof terrace of Coq d’Argent restaurant on Sunday, two years after another City worker died in a similar incident at the restaurant. Anjool Malde was said to have feared for his job after being told to leave work early on Friday due to an inquiry [...]
Europan Union fines E.on and GDF Suez 1bn for collusion July 8, 2009 UTILITY giants E.On and Gaz De France (GDF) Suez were fined a total of almost £1bn by the European Commission’s competition regulators yesterday, who said the pair had divided up gas markets and deprived customers of price competition. Germany’s E.On and France’s GDF Suez were fined €553m (£477m) each, after it emerged that they had [...]
M&G cashes in on credit gap with loans for UK mid-cap firms July 8, 2009 M&G, the asset management arm of Prudential, said yesterday that it has raised over £1bn for a new fund aimed at lending to mid-cap companies in desperate need of financing after the collapse in bank lending. The launch of the UK Companies Financing Fund (UKCFF) will match companies in need of refinancing with investors such [...]
Council of regulators led by chancellor to monitor risks to the financial system July 8, 2009 A NEW Council for Financial Stability (CFS), composed of representatives from the tripartite authorities, will be handed responsibility for monitoring emerging risks in the financial system, chancellor Alistair Darling announced yesterday. The CFS, to be chaired by Darling himself, will see figures from the Treasury, Bank of England and FSA meet regularly to discuss and [...]