MStanley in race to repay TARP funding June 2, 2009 MORGAN Stanley became the latest Wall Street bank to raise capital in an effort to meet the US government’s criteria for paying back state rescue funds yesterday, announcing that it plans to sell common stock worth $2.2bn (£1.3bn). Ten US banks were told to raise new capital earlier this year, after stress testing by regulators [...]
Citigroup to end payouts to its departed executives June 2, 2009 CITIGROUP is to halt the severance payments it makes to departed executives, including its former head of investment banking Michael Klein. Senior figures at the Wall Street bank were promised severance packages paid in cash instalments when they parted company with Citigroup last year, including $42m (£25.3m) in cash and stock to be paid to [...]
CITY’S GOT TALENT: ON THE HUNT FOR HOTTIES June 1, 2009 ISN’T it about time we started to lighten up and have a bit of fun, now that the sun has got his hat on after months of credit crunch doom and winter gloom? In that spirit, The Capitalist is proud to present a celebration of the more, erm, fickle delights of the world of business [...]
CITY EYE June 1, 2009 SHADOWY figures gaze out at the vista over the river to St Paul’s Cathedral from the restaurant at the Tate Modern, on a day when temperatures in the capital reached a scorching 27 degrees Celsius.
Life’s a Picnic June 1, 2009 WITH summer looking likely to pull through for us this year, numerous picnics and hours spent in parks and gardens lie in wait. If you yearn for something more than grass stains on your bum and swigging bubbly out of the bottle, look no further. Here are some ways to make your picnicking, lounging experience [...]
Sweet lift for Finsbury on takeover talk June 1, 2009 CAKE maker Finsbury Foods yesterday confirmed it had received a preliminary bid approach, stirring investors and its share price. But the firm said that talks were in the very early stages and said there was “considerable doubt that an offer will be forthcoming from this party”. The group, which owns the rights to Weight Watchers’ [...]
WPP facing vote on bonus scheme June 1, 2009 WPP could today be the latest FTSE 100 company to feel shareholder backlash against bonuses, as it asks investors to approve a new scheme that could see chief executive Sir Martin Sorrell bank around £60m. Concerns that such a large sum could be paid to a single executive prompted the Association of British Insurers (ABI) [...]
Sterling hits seven month high against the US dollar June 1, 2009 STERLING gained against a broadly falling US dollar yesterday, as share prices rose on expectations for the global economy to stabilise, prompting investors to cautiously shift towards riskier assets. The pound rose to a seven-month high against the dollar, while it also gained against the euro and the yen. The dollar fell broadly, hitting its [...]
Factory order books show signs of life June 1, 2009 THE British manufacturing sector contracted at its slowest pace in a year in May according to the monthly purchasing managers’ index (PMI) published yesterday, fuelling further optimism that an economic recovery could be on its way. The CIPS/Markit index rose for the third month in a row to 45.4 in May, above April’s figure of [...]
Markets lifted by Chinese manufacturing expansion June 1, 2009 NEWS that China’s manufacturing sector expanded in May for the third consecutive month boosted optimism and lifted world markets yesterday. China’s official purchasing managers’ index (PMI) fell to 53.1 from 53.5 in April, but remained above the critical 50 level, which separates expansion from contraction. Investors were relieved that the pace of contraction was slowing [...]