Anglo Irish gets state funding June 29, 2009 Anglo Irish Bank said yesterday it had received a ¤3bn (£2.5bn capital injection from the Irish government, after the EU granted approval for state aid last week. The bank said it may receive a further ¤1bn, depending on the outcome of discussions to be held with the Department of Finance on a debt repurchase programme. [...]
Oil demand to flatline until 2012, says IEA June 29, 2009 THE International Energy Agency (IEA) cut its five-year forecast for worldwide oil demand yesterday, saying consumption won’t return to the same levels as last year until 2012, due to the downturn. In its medium-term oil market report, the body slashed oil forecasts for every year to 2013 by 3m barrels a day. By 2012, consumption [...]
Pensioners face 10-week wait for savings June 29, 2009 SOME pension companies are forcing investors to wait as long as ten weeks before transfering their funds to an annuity provider, according to research from the Annuities Clearing House (ACH). The group has named and shamed “The Good, the Bad and the downright Ugly” groups over delays before releasing savings, showing Windsor Life, Winterthur Life [...]
BEST OF THE BROKERS June 29, 2009 ADMIRALCredit Suisse said that Admiral is ideally positioned to take advantage of the improving price conditions in the UK personal car market and upgraded the stock from “neutral” to “outperform” with a target price of 1,097p. The broker said the firm offers a defensive alternative within the insurance sector. DSG INTERNATIONALJP Morgan upgraded its earnings [...]
REVEALED: THE LOVELIEST CITY LADIES June 29, 2009 1. SARAH DAVISONRBS SEMPRA METALSIt’s finally official – the gorgeous Miss Davison, who has graced the pages of City A.M. several times since her initial appearance on the front cover last year, is the loveliest lady the business world has to offer. Sarah has worked as a metals trader for RBS Sempra Metals for around [...]
VODAFONE PLANS BID FOR T-MOBILE June 28, 2009 MOBILE network operator Vodafone is considering launching a daring bid to buy smaller rival T-Mobile UK, in plans that could bring it face-to-face with competition regulators. The world’s largest mobile network by revenue is kicking the tyres at underperforming T-Mobile UK, which has an estimated enterprise value of around €4bn (£3.4bn). Such a deal would [...]
State set to spend 50% of UK GDP June 28, 2009 GOVERNMENT spending is set to account for half of Britain’s GDP by next year, up from 41.1 per cent last year. While the South East has relatively low public spending, forecast to rise from 32.4 per cent of regional GDP in 2007-08 to 40 per cent next year, Northern Ireland and Wales’ state spending is [...]
Madoff learns his fate today June 28, 2009 BERNARD Madoff, who became a symbol of greed in the financial crisis for masterminding Wall Street’s biggest investment fraud, faces the rest of his life in prison in one of the stiffest punishments for white-collar crime when he is sentenced today. The courtroom drama will unfold with the swindler hearing angry defrauded investors speak of [...]
Ofcom should stop persecuting BSkyB June 28, 2009 REWARDS for failure, we all agree, need to be eradicated. Everybody has had their fill of those – in the City, in government and elsewhere – who have pocketed a fortune while failing to deliver or even destroying institutions. But successful, entrepreneurial firms that have risked their owners’ capital, taken huge gambles and delivered vastly [...]
Dubai’s property merger June 28, 2009 DUBAI-BASED property giant Emaar has outlined plans to merge with three real-estate units controlled by the emirate’s ruler, Sheikh Mohammed bin Rashid Al Maktoum. Shares of Emaar Property, the largest listed Arab developer, fell 10 per cent on the statement by chairman Mohammed Alabbar yesterday, amid fears about the value of the assets owned by [...]