WHAT THE OTHER PAPERS SAY THIS MORNING June 3, 2009 FINANCIAL TIMES BANKRUPTCIES SET TO RISEThe number of corporate bankruptcies is set to surge by 35 per cent this year, turning the world economy into a “burial ground” for businesses, according to a study by Euler Hermes, the credit insurer. In a study published today the Paris-based unit of Allianz, says the rate of corporate [...]
Porsche asks for a state loan June 3, 2009 Porsche said it had asked the German government for a loan, raising fresh questions yesterday over its ability to manage a debt mountain that has already forced it to abandon a takeover of Volkswagen. Porsche racked up about ¤9bn of net debt trying to swallow its much bigger rival Volkswagen before the financial crisis turned [...]
Arcelor lays off Spanish workers June 3, 2009 ArcelorMittal, the world’s largest steelmaker, said it has sealed a deal with the Spanish government allowing temporary layoffs among its 12,000 Spanish workers in response to falling global demand for steel. The agreement is valid until the end of the year and may be extended until June 1, 2010, depending on market conditions, ArcelorMittal said.
Murdoch recruits top lieutenant June 3, 2009 News Corp named DirecTV chief executive Chase Carey as Rupert Murdoch’s top lieutenant, marking the return of one of the media mogul’s most trusted veterans. He will replace Peter Chernin as chief operating officer.
Barclays ends final salary pension plan June 3, 2009 BARCLAYS told staff yesterday that it is to close its final salary pension scheme, prompting a furious response from unions, who accused the bank of stabbing its employees in the back. The bank said it was closing the scheme as a result of the mounting cost of financing pensions for some 18,000 staff. Members of [...]
Premiership regains place as world’s most profitable league June 3, 2009 CHAMPIONS Manchester United yesterday set the trend for Premier League football clubs after announcing a lucrative shirt deal on the day when record-high revenue figures were announced. The Old Trafford club agreed to a four-year sponsorship deal with insurance giant Aon Corporation, replacing that of troubled AIG, which was bailed out by the US government. [...]
Hedgies could leave Britain June 3, 2009 LONDON’S hedge fund managers have told the Treasury that they will be forced to quit the UK unless proposed European legislation is altered significantly. Hedge fund managers gathered en masse at the Treasury earlier this week to coordinate the fight back against the plans to crack down on the alternative investment industry. According to a [...]
Indebted Debenhams to raise up to 400m in rights issue June 3, 2009 BRITAIN’S second biggest high street retailer Debenhams is expected to announce today that it is raising up to £400m through a placing and open offer. The high street bellwether is hoping to raise between £300m and £400m to cut its £1bn debt pile. Debenhams was controversially floated in 2006 by private equity firms IPG and [...]
HSBC to close sub-prime units June 3, 2009 HSBC said it plans to close 100 high street branches of its sub-prime division Beneficial Finance yesterday, putting 450 jobs at risk. It blamed the slowdown in the economy for the move. The group said the remaining 25 branches will close to new business. It said the unit, which includes Beneficial Finance, known as HFC, [...]
ABI: Don’t punish other sectors June 3, 2009 Regulators and politicians must be careful not to punish other industries for the mistakes of bankers, the Association of British Insurers (ABI) warned yesterday. The ABI argued in a report entitled Restoring Market Confidence that any move to remedy flaws in banking should not affect other sectors