ADDICTS, INCEST AND ORGIES: HOW THE STOCK EXCHANGE DOES DRAMA May 26, 2009 EXTRA-curricular activities (of the character-building, not reputation-trashing, sort) have become rather popular in the City since improving one’s CV became more of a necessity than an idle pastime. And in that spirit, keen Square Mile theatregoers will be happy to learn that SEDOS – the Stock Exchange Dramatic and Operatic Society – have been hard [...]
GM ON THE BRINK OF BANKRUPTCY May 26, 2009 CAR giant General Motors (GM) was last night teetering on the brink of bankruptcy, as it failed to win enough support for a $27.2bn (£17bn) debt-for-equity deal with its bondholders. Creditors had until midnight US time last night to accept a deal which would give them 10 per cent in a restructured GM, in return [...]
Facebook in $200m deal May 26, 2009 FACEBOOK chief executive Mark Zuckerberg said last night that Russian internet investment group Digital Sky Technologies (DST) had made a $200m (£126m) investment in the social networking site. DST will receive a 1.96 per cent stake in preferred stock, valuing the company at $10bn – $5bn less than when Microsoft bought its stake in 2007.
Shell set for a shake up May 26, 2009 SHELL is preparing for a massive shake-up under its incoming chief executive Peter Voser. The changes are expected to include the merging of the gas and power, and exploration and production divisions of the company. The news comes as gas and power boss Linda Cook unexpectedly stood down under “mutual consent”.
Provident: no to clawback May 26, 2009 ONE of the companies that suffered a dramatic shareholder revolt over executive pay earlier this month has said it has no plans to claw back directors’ pay. Provident Financial, the specialist lender which got into trouble with shareholders after it awarded a 19.6 per cent pay rise to its chief executive Peter Crook and a [...]
US housing collapse: lessons for the UK May 26, 2009 IF you thought Britain’s house price collapse has been dramatic, wait until you look at America’s. The latest US house price figures reveal that the once booming city of Phoenix, Arizona, has suffered an astonishing 53 per cent collapse in prices since their peak in June 2006. Prices in Las Vegas are also down by [...]
Treasury in payout threat May 26, 2009 PUBLIC finances could take a further hit, it emerged last night, if multinationals succeed in securing several billion pounds in tax refunds from the Treasury. The European Court of Justice is set to soon rule on whether Britain’s “stamp duty reserve tax” (SDRT) regime flouts European Union law. The challenge under EU law of the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 26, 2009 FINANCIAL TIMES CHEVRON EXPECTED TO COME UNDER FIRE OVER LAWSUIT IN ECUADORChevron is expected to come under fire from shareholders over its environmental record in Ecuador, which has left the world’s third-largest oil company facing potential liabilities of $27bn. Investors, as well as indigenous and farming communities from Ecuador’s Amazon, are set to attack Chevron [...]
Gilt buyback hit by low demand May 26, 2009 Investors’ willingness to sell long-dated gilts to the Bank of England fell to its lowest level for long-dated gilts since it started its asset purchase scheme in March. The central bank yesterday bought £3.44bn of government debt, but was offered £5.191bn of gilts at the reverse auction, equivalent to an offer-to-cover ratio of 1.51. The [...]
Homeserve snaps up SFG May 26, 2009 Domestic maintenance group Homeserve, bought French appliance warranty provider SFG, yesterday for £24m confirming last week’s decision to move away from the emergency services business.