Standard Life names Nish as its new chief October 19, 2009 STANDARD Life has put an end to months of speculation over who will take over from veteran chief executive Sir Sandy Crombie by naming finance director David Nish as his successor. Nish, 49, had been seen as the most likely candidate to take the job since it emerged that veteran Crombie was to retire from [...]
BAA: anti-trust ruling is biased October 19, 2009 A COMPETITION ruling forcing BAA to sell airports was “riven” with the appearance of bias, the airports group told an appeal hearing yesterday. BAA, majority owned by Spanish infrastructure company Ferrovial, was ordered in March to sell London’s Gatwick and Stansted, as well as either Edinburgh or Glasgow. BAA’s lawyer told the appeals tribunal that [...]
Half of all PEdeals distressed October 19, 2009 HALF of all private equity deals are now being completed under distressed conditions, according to accountants KPMG. But the firm said this is not a surprisingly high level “given the hype around distressed balance sheets”. Michael McDonagh, a partner at the firm, said there were only 17 deals above £10m over the last quarter and [...]
Yell extends due date for debt talks October 19, 2009 Debt-laden publisher Yell Group said yesterday it had extended the deadline for lenders to agree to its refinancing plans, which include a rights issue of at least £500m. The Yellow Pages publisher said it had received an initial favourable response from its creditors, but that it needed to extend the deadline to 26 October. “This [...]
Stagecoach mulls merger with Nat Exp October 19, 2009 British bus and rail operator Stagecoach’s proposed takeover boosted shares in rival National Express but gains were capped by fears that regulatory hurdles and debt deadlines could scupper a deal. Analysts said a tie-up would make a lot of sense for debt-laden National Express and help Stagecoach’s earnings but some suggested National Express might instead [...]
BORIS ATTACKS BANKS IN U-TURN October 19, 2009 BORIS Johnson is prepared to haul bankers into City Hall to berate them over bonuses after he threw away his cheerleader outfit and attacked the City’s culture of “greed”. In a massive U-turn that followed months of outspoken defence of banks and the City, Boris said he would take a harder line with the industry. [...]
Bernanke warns US and Asia on imbalances October 19, 2009 ASIA’S export-promotion policies and the US’s massive budget deficit could refuel global economic imbalances and put efforts to achieve more durable growth at risk if not curbed, US Federal Reserve Chairman Ben Bernanke warned last night. Throwing his weight behind a recent call by leaders of the G20 nations to rebalance the global economy in [...]
EC gets tough on derivatives October 19, 2009 The European Commission (EC) plans to drive more trading in derivatives onto exchanges and under the gaze of regulators, according to a draft of the proposals due to be released this week. Critics have blamed this secretive but lucrative market for helping cause the financial crisis. The European Union’s executive arm now wants to impose [...]
Why Boris is wrong to attack the City October 19, 2009 UNTIL now, I thought that Boris Johnson understood how the City works. Now, however, I’m not so sure: yesterday, he said he understood why so many people view Goldman Sachs “as a giant vampire squid wrapped around the face of humanity”. The reason? Because, says Boris, “instead of planning to hand out gigantic bonuses to [...]
Hilton trades lead to Raj October 19, 2009 Unusual trades in Hilton Hotels stock, detected by the New York Stock Exchange (NYSE), helped lead to billionaire investor Raj Rajaratnam and five others being charged with insider trading last week. Sri Lankan-born Rajaratnam allegedly made a $4m (£2.4m) profit in July 2007 by buying 400,000 shares in Hilton after receiving non-public information about the [...]