Factories hard at work as strong order books buoy global manufacturing data January 4, 2010 MANUFACTURING activity in the world’s largest economies jumped in December, underpinning the tentative signs of recovery from the financial crisis, data showed yesterday. The US manufacturing index grew for a fifth consecutive month to 55.9, beating forecasts of 54.3 and hitting its highest level since April 2006. Meanwhile, factory activity in the UK expanded at [...]
CITY VIEWS: DO YOU THINK ECONOMIC PROSPECTS FOR 2010 ARE BETTER THAN THEY WERE IN 2009? January 4, 2010 ANDY APPELBAUM | DIAGONAL CONSULTING “I hope they don’t raise interest rates too quickly this year because my mortgage would cost more. I think levels of unemployment are going to stay about the same, but I think we’re through the worst of the recession.” BEVERLEY GALLEY | SMBCE “I’m quite optimistic. I think the market [...]
Bank buyers circle as Rock splits off unit January 4, 2010 THE race to snap up the good assets of Northern Rock heated up yesterday, with Virgin Money and National Australia Bank (NAB) emerging as the frontrunners. Clydesdale and Yorkshire Bank owner NAB is understood to have held meetings with potential advisers including Lazard, Citigroup, Credit Suisse and Morgan Stanley ahead of a potential bid for [...]
Irish minister battles cancer January 4, 2010 IRISH finance minister Brian Lenihan will continue to implement his fiscal reform programme but will not perform non-essential tasks for months as he undergoes therapy for cancer, he said yesterday. Lenihan, who has won praise from investors for halting Ireland’s steep budget deficit rise by presenting three budgets in just over a year, is understood [...]
Workers poised to change jobs January 4, 2010 A THIRD of UK workers would quit their current jobs for a new employer, according to research for business advisers PricewaterhouseCoopers. The survey found 33 per cent of workers feel they were not valued by their employers during the recession. Of those respondents who said they did feel appreciated in the downturn, 41 per cent [...]
M Stanley in top M&A spot January 4, 2010 INVESTMENT bank Morgan Stanley beat rival Goldman Sachs to the top spot in the mergers and acquisitions deal value stakes during a tough year, a survey showed. Morgan Stanley advised on deals worth $585.9bn (£363.4bn), compared with Goldman’s $548.6bn, according to the data group Mergermarket’s Global M&A Round-Up for 2009. Goldman topped the table in [...]
Sportech bags £91m funding January 4, 2010 GAMING group Sportech is targeting international expansion of its football pools business after tying up a new £91m funding deal. Sportech’s chief executive Ian Penrose said it is hoping to take the pools into Asia or elsewhere overseas, either on its own or with partners. The company has just renegotiated lending facilities with Lloyds Banking [...]
Car sales rise again due to scrappage schemes January 4, 2010 INVESTMENT bank Morgan Stanley beat rival Goldman Sachs to the top spot in the mergers and acquisitions deal value stakes during a tough year, a survey showed. Morgan Stanley advised on deals worth $585.9bn (£363.4bn), compared with Goldman’s $548.6bn, according to the data group Mergermarket’s Global M&A Round-Up for 2009. Goldman topped the table in [...]
Spyker will make final bid for ailing Saab this week, says chief executive January 4, 2010 Dutch luxury car maker Spyker Cars is working on its final offer for General Motors’(GM’s) Saab assets and will file its bid by a 7 January deadline, Spyker’s chief executive said yesterday. Spyker cars is preparing to revise its bid for GM’s loss-making Swedish carmaker Saab for a third time to address GM’s criticism of [...]
Resort owners sue Credit Suisse for $24bn over luxury property schemes January 4, 2010 Credit Suisse has been sued by property owners who said the Swiss bank schemed to defraud investors in four luxury resort communities, including the bankrupted Yellowstone Club. The lawsuit filed in federal court in Boise, Idaho, seeks $24bn (£15bn) of damages against Credit Suisse and commercial real estate firm Cushman & Wakefield, and class-action status [...]