WHAT THE OTHER PAPERS SAY THIS MORNING February 14, 2012 FINANCIAL TIMES PRESSURE RISES ON PRIVATE EQUITY BOSSES’ TAX Pressure is rising across the globe to raise taxes for private equity bosses, with German and Swedish authorities pushing for legislative changes and a leading US pension fund investor calling the 15 per cent rate in America “indefensible”. HSBC SETS TARGET OF 800 BRANCHES IN CHINA [...]
Britain defiant on triple-A February 14, 2012 THE GOVERNMENT is highly confident that Britain will keep its triple-A rating despite Moody’s warning there is a 30 per cent chance of a downgrade, according to a person familiar with Treasury thinking. The source said there is “no expectation” of an actual downgrade and it is business as usual, despite the more cautious official [...]
Yahoo investor calls for new board February 14, 2012 Yahoo activist investor Daniel Loeb, of the hedge fund ThirdPoint, last night launched a campaign to install his own slate of directors on the embattled internet firm’s board, highlighting the turmoil engulfing the one-time online pioneer. His move came after talks between Yahoo and China’s Alibaba over the US internet giant’s Asian assets hit an [...]
Paulson sells his BAML stake February 14, 2012 Veteran hedge fund manager John Paulson sold his entire stake in Bank of America Merrill Lynch in the last quarter, according to filings last night. Bank of America shares fell 15 per cent during the fourth quarter, but it is not clear when Paulson offloaded his 64m shares. Bank of America’s losses helped turn 2011 [...]
Rothschild’s rivals to take fight to board February 14, 2012 NAT Rothschild will have to affirm his loyalty to the FTSE 250 miner Bumi in order to get the full support of its board after rival shareholders in the company dropped a call for an emergency investor vote to oust him. Rothschild is likely to lose his title of co-chairman to new Indonesian shareholder Samin Tan [...]
Lloyd’s losses from Thailand reach £1.4bn February 14, 2012 LLOYD’S of London has estimated its net claims from last year’s Thai floods will hit $2.22bn (£1.4bn), the third biggest loss in the market’s history. The initial estimate is based on a projected worldwide cost to the insurance industry of $15bn–20bn and could change, but Lloyd’s is financially strong enough to cope according to chief [...]
RBS Insurance to be renamed Direct Line in advance of sale February 14, 2012 RBS Insurance is to be rebranded as Direct Line Group, after the firm’s best-known consumer brand, as part of the preparations for the division’s sale. The bank was ordered to dispose of its insurance business as part of the conditions attached by the European Union when it approved state aid given to RBS Group in [...]
Marsh & McLennan insurance broker beats profit predictions February 14, 2012 THE PARENT company of insurance broker Marsh yesterday beat expectations to announce an improved fourth-quarter profit. Net income at Marsh & McLennan, the professional services group that includes the world’s second-largest insurance broker, rose to $256m (£163m), compared with $203m a year ago. Total revenue rose four per cent to $2.9bn. Most of the increased [...]
Buyers circle Misys as deadline looms February 14, 2012 MISYS shares jumped six per cent to 308.4p yesterday on reports that the banking software provider has sparked interest from potential buyers in the wake of its proposed merger with Temenos. No offers are on the table yet, but potential acquirers have until 6 March to declare interest in the British financial software maker. Bids [...]
Carlyle cashes in with £650m sale of Talaris February 14, 2012 PRIVATE equity house Carlyle Group provided a ray of light for the buyout industry yesterday when it agreed to sell cash-counting equipment firm Talaris to a Japanese rival for £650m. Glory, Japan’s largest money-handling machine maker, has agreed to buy Talaris in its largest acquisition so far. It marks a quick exit for Carlyle, which [...]