Irish in 54bn rescue November 1, 2009 A LONG-AWAITED law that will set up a “bad bank” in Ireland to pay for banks’ risky commercial property loans is expected to be passed by parliament by mid-November. In the biggest financial rescue package in Ireland’s history, the government will pay out €54bn (£48bn) to take the toxic loans off the books of its [...]
Virgin Media: Why City A.M. is wrong about TV market November 1, 2009 IN his article last Friday about the pay TV market, City A.M.’s David Crow suggested that, by forcing Sky to wholesale its premium sports and movie channels to competing pay TV retailers, media regulator Ofcom is punishing Sky’s success. He compares Sky’s investment in sports and movies to car maker Toyota’s investment in hybrid fuel [...]
Creditors give Christmas deadline for INM bond November 1, 2009 Creditors have given Independent News & Media until 23 December to finalise plans on the payment of a bond originally due in May. After being granted several extensions to the deadline on the €200m (£179m) bond, INM last month agreed a deal with bondholders that could give them a 47 per cent stake in the [...]
Quintain set for a 180m rights issue November 1, 2009 QUINTAIN Estates, which recently sold its stake in the O2 Arena, hopes to raise up to £180m from shareholders to shore up its finances and fund its development plans in the Greenwich peninsula. The rights issue, which is expected to be announced this week, is thought to have the backing of major shareholders and will [...]
Danish bank announces rights issue in bid to resist having to accept state aid November 1, 2009 DENMARK’S second biggest bank, Jyske Bank, intends to raise nearly 1.2bn Danish crowns (£144m) by issuing new stock to its existing shareholders, it announced yesterday. The bank, which accounts for around seven per cent of the Danish banking market, hopes the rights issue will strengthen its capital base and fend off the need for government [...]
Airlines slam departure tax hike as prices go up November 1, 2009 THE cost of flying increased yesterday, as the first of two rises in UK airport departure tax was introduced. Business and first class travellers have been hit hardest with the air passenger duty, with the tax on premium journeys over 6,000 miles goeing up to £110 from £80. Duty on short flights has gone up [...]
Withdrawing the stimulus early would be mistake November 1, 2009 So not bad at all! Historically the two most volatile months for stocks – October and September – have passed in the most benign fashion. September crackled by rounding off the FTSE 100’s best ever quarterly performance and in October the index has been almost flat. No gremlins there but of course investors now want [...]
BAEBIDDINGWAR November 1, 2009 BAE Systems, the defence giant, will bid this week for the first stage of a £4bn contract to build armoured reconnaissance vehicles for the British army. The bid for the order to replace the Scimitar scout vehicle, vulnerable to roadside bombs, will pit BAE against US rival General Dynamics. The winner of the bid will [...]
Magna wants Demel as Opel boss November 1, 2009 Canadian car parts maker Magna wants Herbert Demel, the head of its Austrian car development and assembly plant, to become head of Opel. Carl-Peter Forster, the current head GM Europe, had been touted to become the head of Opel’s operating business with Demel assuming management of the Opel holding company.
Barclays extends its sponsorship November 1, 2009 Barclays agreed to extend its sponsorship of the Singapore Open until “at least” 2012 and keep the prize money at $5m (£3bn) while expanding the field, tournament organisers said yesterday. As Briton Ian Poulter was sinking the winning putt for a one-stroke victory on the 72nd hole of this year’s tournament, Barclays were finalising the [...]