Strauss-Kahn case begins June 5, 2011 FORMER IMF chief Dominique Strauss-Kahn will today plead not guilty to charges he tried to rape a New York hotel maid, an accusation that has wrecked his chance of becoming France’s next president. Strauss-Kahn, 62, is facing up to 25 years in prison if convicted on charges of a criminal sexual act, attempted rape, sex [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 5, 2011 FINANCIAL TIMES PAULSON FUND FALLS 6PC IN MAY Paulson & Co, the world’s third- largest hedge fund, saw the value of its flagship fund drop close to 6 per cent in May, echoing losses across the industry. The loss tops negative returns in the first quarter at the $37bn (£22.5bn) New York-based money manager, famed [...]
Royal Mail may cut 40,000 jobs June 5, 2011 The Royal Mail could slash 40,000 jobs over the next five years in order to revamp its business model in the face of falling post volumes and impending privatisation. The postal service is in the middle of a modernisation drive, agreed with the Communication Workers Union. The programme includes about 24,000 job cuts. But as [...]
Clearing call for derivatives June 5, 2011 The world’s top 14 derivatives dealers may need extra cash to handle a surge in transaction clearing, especially in choppy markets, the Bank for International Settlements (BIS) said. Clearing is being favoured by regulators because it is backed by a default fund that ensures a trade is completed even if one side goes bust, as with [...]
Aegis in talks over sale of research arm June 5, 2011 AEGIS is involved in “early stage” talks with Ipsos Mori over the sale of its Synovate market research business, according to people close to the matter. Sources told City A.M. “very preliminary” discussions had taken place but could not confirm when they began. Aegis is expected to issue a statement to the London Stock Exchange [...]
All eyes on Havas chair Vincent Bolloré June 5, 2011 WILL he or won’t he? That is the question that markets will be asking this morning of Vincent Bolloré, the chairman of French marketing group Havas, who is also the biggest shareholder in Aegis. Because if Ipsos Mori’s unsolicited offer for Aegis’ market research arm Synovate is eventually accepted, it makes it more likely that [...]
Portuguese Social Democrats set to topple Socialist government June 5, 2011 PORTUGAL’S centre-right Social Democrats (PSD) appeared on course to secure victory in the country’s general election yesterday, exit polls showed. Led by Pedro Passos Coelho, the party is expected to defeat Prime Minister Jose Socrates’ Socialists after they sought a €78bn (£69bn) bailout that will usher in an era of austerity for the country. Exit [...]
Jane Norman lenders ask PwC to find buyer June 5, 2011 HIGH STREET fashion chain Jane Norman has been put on the block by PwC at the request of its lending syndicate, a source familiar with the process said yesterday. PwC is thought to have sent out sale information on Jane Norman, which is majority owned by a group of 11 banks following the collapse of [...]
Decline in sales and footfall starts to slow June 5, 2011 THE UK high street has reported a drop in sales and footfall after April’s bumper figures, but the latest numbers suggest the underlying decline in retailers’ fortunes is slowing down. Total sales in May fell 0.1 per cent year-on-year, with good weather and seasonal promotions boosting trade, according to the May figures from BDO’s High [...]
HMV nears refinancing deal with its lenders June 5, 2011 EMBATTLED retailer HMV is close to securing a vital refinancing from its lenders, a source close to the company confirmed yesterday. Months-long talks with HMV’s lending syndicate, led by Lloyds Banking Group and RBS, are close to yielding a two-year refinancing of between £210m and £230m, allowing the firm some breathing space to get its [...]