Moody’s downgrades 25 Spanish banks and puts Banco Santander under review June 15, 2009 MOODY’S yesterday cut the senior ratings of 25 Spanish banks, citing expectations of further capital pressures. And Banco Santander remains under review for possible downgrade, the ratings agency said. As well as broader economic pressures, the banks’ asset quality indicators continue to point towards a further significant deterioration, Moody’s said. The non-performing loan rate had [...]
BEST OF THE BROKERS June 15, 2009 WORKSPACE GROUPPanmure Gordon upgraded its 2010 estimated dividend per share and net asset value for Workspace Group. The broker was encouraged by Workspace’s final results and feels it is de-risked following its rights issue, debt restructuring and ongoing disposal programme. The analysts rate the stock as a “buy” with a target of 20p. BRITISH AIRWAYSBA’s [...]
AIC: Leave investment trusts out of tax haven crackdown June 15, 2009 A MAJOR trade body has told Michael Foot, the mandarin running the government’s review of UK tax havens, not to damage the offshore investment trust sector by recommending heavy-handed tax rules. The Association of Investment Companies (AIC) has said offshore funds contribute over £300m a year to the UK economy and their domiciles should not [...]
Upbeat view at JPMorgan June 15, 2009 THE dramatic recovery in risk appetite should mean more mergers and capital raisings, and a wave of flotations later this year, according to senior European investment bankers at JPMorgan. However, JPMorgan also said its investment banking rivals, like investors, were again getting a taste for danger, echoing the “foolishness and foolhardiness” in the years leading [...]
Citi chair says no timetable for repaying its $45bn Tarp loans June 15, 2009 CITIGROUP fully hopes to pay back the $45bn (£28bn) it borrowed from the US Treasury’s banking bailout program, but there is no timetable, the bank’s chairman said yesterday. Richard Parsons said the fact that Citi has been unable to repay its loans puts it at a disadvantage in terms of attracting and retaining key talent. [...]
Serviced offices are Godsend June 15, 2009 ALEXIS de Tocqueville, a 19th Century French political thinker and historian, explored the rising equality of social conditions for the individual and the state in western societies. Tocqueville wrote: “Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.” We are obsessed with customer service too. Created [...]
Porsche: China will usurp Germany in three years June 15, 2009 CARMAKER Porsche said yesterday that emerging superpower China could usurp Germany as its second-largest market in less than three years, as wages in the country go up and demand for its sports sedan rockets. “All premier manufacturers in China are showing good results,” Porsche’s China boss Helmut Broeker said. The carmaker is planning to add [...]
For the daddy who has (nearly) everything June 15, 2009 CHANCES are, your father doesn’t make a song and dance about the items on his wish-list. Desperate for new cufflinks, more single malt or a nice new pen? He might be, but you’ll be hard pressed to know it. This is a chance to surprise him with his unspoken wish. First, there are items that [...]
FATHER’S DAY SPA TREATMENTS June 15, 2009 THESE days spas and pampering are not just for women. So what better time to treat your dad to a refreshing facial or a professional shave? This year, there is a wide choice for men. Spa at Chancery Court (www.spachancerycourt.com) on High Holborn is offering a range of Father’s Day-inspired treatments, available as gift vouchers. [...]
60,000 drivers take up scrappage offer June 15, 2009 MORE than 60,000 orders for new cars have been made under the government’s scrappage scheme, in a rare piece of positive news for the struggling sector. The drive to encourage spending on motors, which began in May, offers consumers £2,000 on cars over 10 years old. Half of the incentive money is supplied by the [...]