Tokyo Mitsubishi is in the frame for a stake in Lehman as suitors drop out September 4, 2008 The saga over bids for a stake in Lehman Brothers assets entered a new chapter yesterday, as another potential suitor entered the fray and several parties rumoured to be interested dropped out. Reports from Japan suggested that the country’s banking powerhouse, Tokyo Mitsubishi UFJ, was monitoring the situation closely, with a view to making a [...]
Women must wait 73 years for job equality September 4, 2008 Representation of female bosses in the FTSE 100 has increased slightly – to 11 per cent – since last year, the newly launched “Sex and Power” report from the Human Rights Commission revealed yesterday. However, women will still be “waiting in the wings” for an estimated 73 years to achieve equal status to their male [...]
Dresdner sale gets interest of UK broker September 4, 2008 British broker Collins Stewart is circling Dresdner Kleinwort, after Commerzbank admitted it would shrink the investment bank as part of its €9.8bn (£7.9bn) deal for fellow German bank Dresdner. Collins Stewart, itself the subject of a takeover approach from Japanese group Nomura Holdings, is thought to be eyeing several Dresdner Kleinwort businesses, including its advisory [...]
Blue Oar looks to the future September 4, 2008 Blue Oar, the UK investment bank and stockbroker, told its 160 staff yesterday not to expect their end-of-year bonuses this year unless there was a “dramatic improvement” in the markets but remained buoyant about the future. The company, whose bonuses are tied to profits, reported a pre-tax loss of £1.1m for the first half of [...]
Auto maker GM mulls UK output cuts September 4, 2008 Troubled US carmaker General Motors said last night it is closely monitoring the UK, Spanish and Irish markets, to see whether it should cut production due to the economic turmoil. GM Europe vice president of sales and marketing Brent Dewar said: “The economic headwinds in these three markets are concerning. We have already cut production [...]
Lehman and KDB ready for lengthy talks September 3, 2008 Speculation surrounding Lehman Brothers reached fever pitch yesterday as Korea Development Bank (KDB) confirmed it was in talks to buy a stake in America’s fourth-largest securities firm. The CEO of KDB, Min Euoo-Sung, formerly head of Lehman’s Seoul branch, confirmed yesterday that the state-run bank was in talks with Lehman, led by CEO Dick Fuld. [...]
InBev plans £1bn deal September 3, 2008 Belgian brewer InBev is planning to put its South Korean beer business up for sale, sources said yesterday. The move is an effort to shed a noncore asset and raise what could be roughly £1bn for its purchase of US brewer Anheuser-Busch. Deutsche Bank and JPMorgan Chase will run the auction for the business, called [...]
Inexperience is no bad thing in business and politics September 2, 2008 If anyone needed more evidence that the 21st century was going to be one where women take on new levels of prominence, Sarah Palin’s nomination as Vice Presidential candidate on John McCain’s ticket was there to bring home the point. What an odd choice you say? A heart beat away from the Presidency and no [...]
Business hit by wave of receiverships September 2, 2008 Business failures in Britain are set to soar to 17,000 this year. Government statistics for the first six months of 2008 show them rising by a staggering third over last year’s total of 12,507. And some of Britain’s most well-established companies are among the earliest victims. Those going into receivership, having traded for at least [...]
Atticus sees £2.7bn losses as downturn hits it hard September 2, 2008 Atticus, the high-profile New York hedge fund involved in the failed Barclays bid for ABN-Amro, has lost more than $5bn (£2.8bn) this year after its funds were battered by steep falls in financial stocks. The activist fund saw assets under management fall to around $14bn at the end of July, down from $20m last year [...]