Bid talks end for Candover Investments June 29, 2009 PRIVATE equity firm Candover Investments said yesterday it had ceased takeover talks with a number of potential bidders, as it confirmed extensive cost cutting and the disposal of subsidiary Wood Mackenzie will allow it to meet its debt covenant obligations. The group warned it had run out of cash to invest in its own 2008 [...]
Simon Walker: EU must heed expert advice on regulation June 29, 2009 SIMON Walker, chief executive of the British Private Equity Association (BVCA), has urged European policymakers to pay attention to recent reports from top-rank regulation experts and leave private equity out of their financial rules crackdown. Walker said comments in an EU financial regulatory report by Jacques de Larosière and by Sir James Sassoon, who wrote [...]
Lenders defer Johnston tests June 29, 2009 JOHNSTON PRESS, the regional newspaper publisher, yesterday reached a deal with its lenders to postpone by two months the testing of its covenants, which had been due on 30 June. These tests will now take place on 31 August, after the company holds talks with lenders over the refinancing of its facilities. Earlier this year, [...]
BoA, First Data create joint venture June 29, 2009 BANK of America (BoA), the largest US bank, and First Data Corp have created a joint venture to offer electronic payment services to merchants, the companies said yesterday. The venture will combine BoA’s brand name — and its 240,000 merchant relationships — with First Data’s payment services technology, said Thomas Bell, chief executive of the [...]
Mr Kipling owner Premier Foods sticks to full-year profit guidance June 29, 2009 PREMIER Foods, Britain’s biggest food manufacturer, yesterday said profit forecasts for the full-year remained unchanged after trading in May and June continued in line with trends seen in the first four months. The consensus forecast for underlying pre-tax profit in 2009 currently stands at £176m. The group, whose brands include Mr Kipling cakes, Bisto gravy, [...]
Banks told to comply with tax reforms June 29, 2009 BANKS will be expected to manage their tax affairs in a way that is consistent with the government’s aim to crack down on tax avoidance, under plans laid out by the Treasury in a consultation document on its new code of practice on tax for banks. The voluntary code aims to ensure that banks “comply [...]
We need to rekindle our belief in the free market June 29, 2009 I ASKED my Iranian friends last week while the Twitter revolution burned bright in Tehran whether the fact that Iraq was now a democratic nation – albeit one with security issues – was a factor in the people’s non-acceptance of the election results. I half expected a “Silly American – no not at all” response. [...]
Central bankers want financial products to be ranked like drugs before being sold June 29, 2009 FINANCIAL products should undergo registration like medicines to curb investor access until safety is proven, according to the world’s central bankers. Policymakers were alarmed at how opaque and complex securitised products collapsed in value as the credit crunch began unfolding from mid-2007, despite being highly rated. This sparked huge writedowns by banks that shattered investor [...]
Allied Carpets puts store arm into administration June 29, 2009 ALLIED Carpets, the retail chain that was taken under the control of Hilco earlier this year, is placing the unit that owns the leases on its stores into administration. The administration of Allied Carpets Properties, by City accountancy BDO Stoy Hayward, is part of a wider restructuring that is likely to see the group slim [...]
Q & A : CODE OF PRACTICE ON TAX June 29, 2009 Q.What is the objective of the code?A.The government wants banks to “comply with the spirit, as well as the letter, of tax law”.Effectively, this places the onus on banks not to deny the government tax revenue. Q.What will banks be required to do?A.Banks will have to have a formal, documented strategy on tax, with directors [...]