Japan Airlines to get state aid June 22, 2009 Japanese finance minister Kaoru Yosano said yesterday the government was preparing a loan for loss-making Japan Airlines (JAL), which has been caught up in the global economic crisis. A Development Bank of Japan official said it would likely provide around 100bn yen (£635m) in emergency financing to JAL. Government support for JAL will encourage commercial [...]
RBS sets up equity capital team June 22, 2009 Royal Bank of Scotland (RBS) has set up a financial institutions-focused equity capital markets team, to take advantage of the need for banks to increase capital.Charles Lucas, who previously ran RBS’s equity capital markets (ECM) business in central and eastern Europe, will head the team.
Third Boris deputy stands down June 22, 2009 London Mayor Boris Johnson has lost his third deputy since he was elected last year, after Ian Clement was been forced to resign over misuse of his corporate credit card. Clement, who was deputy mayor for government and external relations, was reprimanded earlier this month for using the card for personal spending. He was cleared [...]
Super-IPO set for Hong Kong June 22, 2009 China Metallurgical is understood to be preparing double stock market listing in Hong Kong and Shanghai which could see it become the biggest initial public offering of the year so far. The company has already applied to Hong Kong exchange authorities regarding a listing which could raise up to $2.7bn (£1.7bn).
ABI: EU plans could see UK pensions cut June 22, 2009 UK WORKERS could see their pensions cut by 20 per cent under new European Union (EU) plans to tighten pension and investment rules, the Association of British Insurers (ABI) warned yesterday. Peter Vipond, director of financial regulation at the Association of British Insurers (ABI), said he has been in talks with EU regulators over the [...]
HOW WILL SOLVENCY II LEGISLATION THREATEN UK PENSIONS? June 22, 2009 NIGEL CALLAGHAN HARGREAVES LANSDOWNThis is currently draft legislation and insurers, via the ABI, are pretty strongly lobbying the EU that these rules are way over the top. The current UK rules are pretty well developed. The UK is a far more mature market than some of the European countries. The 20 per cent – that [...]
US pours cash into housing plan June 22, 2009 The US Treasury is to plough $268m (£164m) into efforts to create new jobs and provide affordable housing, the department announced yesterday. The cash injection forms part of the American Recovery and Reinvestment Act, aimed at funding housing developments in key states such as Washington D.C. “This initiative will help spur construction and development, create [...]
Anglo’s snub may be a ruse June 22, 2009 ALTHOUGH Anglo American last night rebuffed Xstrata’s bid for a tie-up, industry experts say its brush-off is just a ruse to get more money from the deal. “There’s minimal benefit for Anglo, but maximum for Xstrata as the deal stands. Anglo has good knowledge of any costs and synergies that could be made with a [...]
ANGLO SAYS NO TO XSTRATA MERGER June 22, 2009 ANGLO AMERICAN, led by chief executuve Cynthia Carroll, snubbed rival miner Xstrata’s takeover approach last night, calling its rival’s terms “totally unacceptable”. Anglo said Xstrata’s £40bn plus merger proposal was “unattractive” and would hurt its interests in the platinum, iron ore and diamond markets. Xstrata has strong coal and copper interests. Anglo added that its [...]
Bercow is voted in as Speaker June 22, 2009 CONSERVATIVE MP for Buckingham John Bercow was last night elected as the new speaker of the House of Commons, after a surprise win of over 50 per cent of the House. Bercow won 322 votes in the third round, despite members of the Tory party largely refusing to vote for the maverick former right-winger. But [...]