IMF: Seven in 10 Eurozone banks are still too weak October 16, 2014 Most Eurozone banks are too weak to give out loans and support any economic recovery, a top International Monetary Fund (IMF) official warned yesterday. The banking sector in the euro area is only just getting to grips with bad debts and inefficiencies, according to Jose Vinals, the director of the monetary and capital markets department [...]
Banana drama as Fyffes knocks back hostile bid from Jose Luis Cutrale and Joseph Safra October 16, 2014 Banana giant Fyffes yesterday moved to block another advance from a Brazilian orange juice tycoon trying to turn the head of its takeover partner Chiquita with his own offer. US-based rival Chiquita agreed to merge with Fyffes in March, but faced doubts on Wednesday when juice magnate Jose Luis Cutrale and billionaire Joseph Safra threatened [...]
David Cameron seeks immigration reform and pledges one last go at EU renegotiation ahead of Referendum Bill debate October 16, 2014 David Cameron has given the strongest hint yet that he will seek tough new measures to curb European immigration if elected next year, ahead of an EU Referendum Bill debate today. During a campaign visit to Rochester and Stroud yesterday, a seat the Tories are trying to hold following the defection of Mark Reckless to [...]
Shire share price falls as AbbVie confirms acquisition is off the table October 16, 2014 Drug-maker Shire saw its share price tumble by a further 10 per cent yesterday, after US company AbbVie confirmed that it had abandoned plans for a $54bn (£32m) acquisition of the firm. Earlier this week, Shire said that it would be owed “a break fee of approximately $1.64bn” if AbbVie shareholders voted against the offer. [...]
Bank of England fires back at Europe’s bid to stamp on bonuses October 16, 2014 Bankers need bonuses to create incentives to behave well, and the EU’s efforts to stamp them out are harming this goal, the Bank of England’s Andrew Bailey said last night. Stepping up the prudential regulation authority’s campaign against the bonus cap, Bailey argued that the cap was a “bad policy”. He told the City of [...]
Investment revenues up 50pc in Goldman’s third-quarter cheer October 16, 2014 INVESTMENT banking revenues rocketed at Goldman Sachs in the third quarter, sending profits up by 50 per cent, according to financial results published yesterday. Net earnings for common shareholders came in at $2.14bn (£1.3bn) for the quarter, up 50 per cent on the $1.4bn a year earlier. Revenues increased 25 per cent to $8.4bn, while [...]
Warren Buffet sells down Tesco stake October 16, 2014 WARREN Buffett, the world’s third richest man, has sold 245m shares in Tesco, just weeks after describing his investment in the troubled retailer as a “huge mistake”. Buffett’s Berkshire Hathaway, which first invested in Tesco in 2006, has reduced its stake from 3.6 per cent to below the three per cent limit at which investors [...]
Entu fully booked for IPO: “We’re very profitable and we’ve got a lot of cash” – CEO Ian Blackhurst October 16, 2014 Good companies find backers even in soured markets Energy efficiency and home improvement group Entu is set to float on London’s Alternative Investment Market later this month in a rare fully subscribed debut, valuing the business at £65.6m. Entu, which emerged out of the common ownership of three holding companies HI Sales, JWD [...]
Arsenal CEO Ivan Gazidis supports Premier League overseas talks October 16, 2014 Arsenal chief executive Ivan Gazidis has welcomed the Premier League’s renewed consideration of controversial plans to take competitive matches between England’s top football teams overseas. Leading clubs are once again exploring the possibility of international expansion, having been encouraged by the league’s ever-increasing global popularity and the successful transplanting to London of American basketball and [...]
Man Group chief Manny Roman wary of volatile markets but funds flow for now October 16, 2014 Man Group boss Manny Roman struck a downbeat note yesterday in the wake of this week’s market fall despite his firm reporting a fifth consecutive quarter of net inflows. “We haven’t seen a Treasury market like this in 16 years,” he said. “It should give everyone in the financial industry some pause in terms of [...]