Blank’s exit won’t end Lloyds’ troubles May 17, 2009 IT was always Sir Victor Blank, one of the Labour Party’s favourite businessmen, who was most likely to be Lloyds Banking Group’s sacrificial lamb. It was he, after all, who was the main driver of Lloyds TSB’s ill-fated takeover of HBOS; he first discussed the idea of the deal with Gordon Brown over drinks in [...]
Fund star hits out at rivals May 17, 2009 FORMER New Star hedge fund heavyweight Alan Miller has issued a blistering attack on some of his peers, ahead of the launch of his wealth management boutique today. Miller, part of the original team that ditched Jupiter to join John Duffield’s New Star, said a number of fund managers are locking in their clients’ funds [...]
Clegg: Martin should go May 17, 2009 PRESSURE on Michael Martin to step down as Speaker of the House of Commons was mounting last night, after Liberal Democrat leader Nick Clegg called for his resignation over his handling of the MP expenses scandal. In an unconventional move for a party leader, Clegg said that the Speaker is a “dogged-defender” of the status [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 17, 2009 THE SUNDAYSTHE SUNDAY TELEGRAPHINDEPENDENT BEGS A MONTH TO SORT OUT DEBTIndependent News & Media (INM) is close to a standstill pact with its bondholders which would give the company a month’s breathing space to reorganise its debt. The future of the owner of The Independent newspaper has been in serious doubt after the group failed [...]
Deal nears on trains to Germany May 17, 2009 German transport operator Deutsche Bahn is nearing a deal with Eurotunnel, that would enable the German national railway to offer direct services from Germany to St Pancras. Safety regulations – which specify that only trains with a special Eurostar configuration can use the channel tunnel leg of the journey – have so far thwarted the [...]
Qinetiq workers vote on action May 17, 2009 Key British military equipment programmes could be disrupted as workers at Qinetiq move a step closer to strike action today. Unions representing almost half of the defence research company’s 8,000 employees will send out ballot papers, after discussions over pay broke down last week. Unions are condemning an “autocratic” decision by management to freeze basic [...]
West Brom denies it is in loans crisis May 17, 2009 WEST Bromwich Building Society yesterday denied that it is on the brink of failure after reports emerged that the Financial Services Authority (FSA) was seeking a “white-knight” bidder in a last-ditch effort to save the 160-year-old mutual. The regulator was said yesterday to have been so alarmed after seeing an early version of the lender’s [...]
FOCUS ON HBOS: HOW A LANDMARK DEAL WENT BAD May 17, 2009 OctoberBlank and Lloyds chief executive Eric Daniels call HBOS chief executive Andy Hornby to discuss the possibility of a takeover, as HBOS struggles with its burdensome property assets. 15 September 08Gordon Brown approaches Blank at a cocktail party and assures him that competition law will not be an obstacle to any potential takeover of HBOS. [...]
SIR VICTOR BLANK May 17, 2009 SIR VICTOR BLANKCHAIR, LLOYDS BANKING GROUP EDUCATED at Stockport Grammar School and Oxford, Blank began his career with Clifford-Turner (now Clifford Chance), where he became an expert in takeover law and was made partner in 1969, at the age of 26. Blank joined Charterhouse in 1981 as head of corporate finance, rising to serve as [...]
M&S set for dividend cut as slump bites May 17, 2009 STUART Rose, executive chairman of Marks and Spencer, will today meet with the rest of the board to discuss an expected dividend cut, a decision that could propel the group into a battle with its investors. Analysts expect M&S’ total dividend payout to be slashed to just 17.4p, a reduction of 23 per cent, just 12 months [...]