Bernanke hints at more easing March 27, 2012 Federal Reserve boss Ben Bernanke said yesterday that it is too soon to declare victory in the US economic recovery, as surveys revealed a slight dip in consumer confidence and ongoing troubles in the housing market. “We have a long way to go, a lot of work to do, and we’re going to keep doing [...]
Banks chiefs cheer a better start to 2012 March 27, 2012 SENIOR executives at Barclays and HSBC signalled a strong start to the year yesterday while shares in Royal Bank of Scotland jumped on hopes of investment from the Abu Dhabi ruling family. Bob Diamond, chief executive of Barclays, said investment banking volumes had shown a “pleasing increase” while the retail business had performed well. “Two [...]
Mack is back: former Morgan Stanley chief signs up to KKR March 27, 2012 JOHN Mack, the former chief executive of Morgan Stanley and Credit Suisse, has joined an exclusive club of current and former business leaders by signing up as a senior advisor to Kohlberg Kravis Roberts. The Wall Street veteran, dubbed Mack the Knife for his zealous approach to cost-cutting, will join the private equity house’s senior advisory team. [...]
Takeover extensions drop under new rules March 27, 2012 THE NUMBER of deadline extensions granted by the Takeover Panel has almost halved since the launch of new UK takeover rules last September, according to a six-month review of how the reforms are affecting deals. Research by City law firm Linklaters shows that since the traditional put-up-or-shut-up deadline – the time in which a potential [...]
Resolution falls as breakup plan splits investors March 27, 2012 INVESTORS reacted badly to news that insurance firm Resolution plans to split itself in two, pushing shares in the FTSE 100 firm down by over five per cent. Resolution also shelved a promised £250m handout to shareholders because falling bond and stock prices had dented its finances. The developments signal a change in focus for the [...]
Rio Tinto decides that diamond mines are not forever March 27, 2012 DEMAND for diamonds is booming. Tiffany, the luxury jeweller that is famous for using the precious stones in its pieces, earlier this month said its worldwide sales jumped 15 per cent in 2011 and warned that supplies were struggling to keep up. Gem Diamonds, which counts Tiffany as one of its biggest clients, reported a [...]
Takeover hopes fade for Omega March 27, 2012 Omega, the Lloyd’s of London insurer that rejected three takeover bids last year, yesterday disappointed the market by providing scant details of a possible takeover offer. The firm said yesterday it “confirms that it continues to review possible options to increase value for its shareholders, which include an offer for the company”. Its shares, which [...]
Sony offers EMI deal concessions March 27, 2012 The Sony-led consortium bidding to buy EMI’s music publishing unit has offered concessions to Brussels as it pushes for approval of the takeover. Details were not given, but it is thought Sony would be willing to sell off some divisions or commit to certain business practices to protect the $2.2bn deal. Sony, alongside Blackstone, Abu [...]
HSBC shuts Slovakian business March 27, 2012 HSBC is planning to close its Slovakian operations by the end of the third quarter, the banking group announced yesterday, as part of its efforts to refocus on its core Asian markets. HSBC will stop taking new business in the country immediately but will provide services for existing clients until the closure later this year. [...]
Bumi removes Rothschild from chairman’s role March 27, 2012 INDONESIAN coal miner Bumi yesterday tried to draw a line under a damaging spat between former chairman Nat Rothschild and investors whose credentials on corporate governance he publicly questioned. In line with announcements made last month, coal entrepreneur Samin Tan, who became a major investor alongside the Bakrie family last year, has become chairman. Tense [...]