EMERGENCY STOP FOR CHRYSLER SALE June 7, 2009 THREE Indiana state pension and construction funds asked the US Supreme Court to block Chrysler’s sale to Fiat yesterday, as they seek to appeal the sell-off. The news comes after a US appeals court gave the sale the green light last month. If the deal goes ahead, Fiat will own 20 per cent of Chrysler, [...]
Sterling falls on political uncertainty June 7, 2009 WITH all the uncertainty going on in Downing Street, economists and currency experts have been trying to predict what it all means for the value of sterling over the next few months. “The situation means that the investors are a bit more worried and so they’re less likely to buy British assets, which will have [...]
HAS THE UNCERTAINTY RUFFLED THE MARKETS? June 7, 2009 JAMIE DANNHAUSER LOMBARD STREET RESEARCHThe current political uncertainty has had very little immediate impact on the economy. It will be interesting to see whether the Tories will choose to use spending cuts or higher taxes to address the UK’s growing fiscal deficit. But so much of the growing deficit is structural that it will be [...]
Alliance Boots woos HBOS’s Andy Hornby June 7, 2009 FORMER HBOS chief executive Andy Hornby is poised to become the new chief executive at high street giant Alliance Boot, giving him the chance to restore his reputation. Andy Hornby resigned from HBOS in October 2008, waiving a £1.6m bonus after the bank’s near collapse. Italian billionaire Stefano Pessina has been running Alliance Boots as [...]
GPE executives get big bonuses while slump hits profits June 7, 2009 GREAT Portland Estates, the West End property group, has handed out a total £1.3m in executive bonus payouts, despite sinking to a £436m pre-tax loss last year. The property group is expected to face clashes when it meets shareholders at its annual meeting next month. Since the downturn bonuses have been in the spotlight as [...]
IS ANDY HORNBY THE RIGHT MAN FOR ALLIANCE BOOTS? June 7, 2009 GAVIN GEORGE ERNST&YOUNGAlliance Boots will be looking at the top heavy-weight contenders for the role. But the problem is there aren’t that many experienced retail chief executives who are available on the market. Despite HBOS, Hornby’s reputation remains undiminished in retail circles. JOHN STEVENSON KBC PEEL HUNTHornby’s Asda background definitely lends itself to the Boots [...]
UK blames bankers for crisis June 7, 2009 83 per cent of Britons lay the blame for the economic crisis at the banking industry’s door, a survey by market analysis firm Datamonitor has shown. 82 per cent also said they blamed the government and the Financial Services Authority, with the majority of those feeling that the lack of regulation was symptomatic of a [...]
Lloyds: Business confidence up June 7, 2009 Business confidence rose for a third consecutive month in May, according to the latest Lloyds TSB Business Barometer report. The bank hails “promising signs” in May, claiming 44 per cent of firms now predict better business conditions this year compared to 35 per cent in April.
Iceland and UK in savings deal June 7, 2009 Details have been finalised on how UK savers who left deposits in the offshore branch of collapsed Icelandic bank Landsbanki are to be compensated. Icelandic Prime Minister Johanna Sigurdardottir said yesterday: “The settlement of this very difficult issue is an important first step for us in regaining our credibility and the confidence of the international [...]
Rio under fire for BHP tie-up post Chinalco June 7, 2009 A BACKLASH began over the proposed tie-up between mining giants BHP Billiton and Rio Tinto this weekend, as steel producers worldwide expressed their dismay, saying the marriage would allow the two companies to set the world price for iron ore. Members for the industry have called on the European Commission (EC) to intervene in the [...]