JPMorgan eats up 1bn Caz leftovers November 18, 2009 US INVESTMENT bank JPMorgan Chase & Co is expected to seal its £1bn buyout of the remainder of Cazenove today. JPMorgan will pay around 500p per share for the last 50 per cent of the 190-year-old British brokerage, valuing the total business at £2bn. The deal will land a multi-million pound windfall for many Cazenove [...]
Obama warns of second recession as borrowing soars November 18, 2009 PRESIDENT Barack Obama has warned the US economy may slip into a “double-dip recession” unless urgent steps are taken to bring government borrowing under control. In his sternest warning yet on the state of America’s public finances, Obama said his administration faced a difficult balancing act of trying to encourage job creation while reducing the [...]
Guy Hands: West faces zero growth unless bad debts are written off November 18, 2009 THE private equity industry is on a collision course with the banks amid calls for hundreds of billions in leveraged loans to be restructured to avoid Japanese-style economic stagnation. Outspoken private equity boss Guy Hands yesterday accused banks – particularly the bailed out institutions – of failing to act on bad debts to avoid admitting [...]
Paulson makes new bet on gold November 18, 2009 John Paulson, the investor who famously notched up $20m (£12m) profits for his hedge fund betting against the housing market between 2007 and 2009, is launching a gold fund. The vehicle will buy up mining shares, gold-related derivatives and other bullion-related investments, according to three sources close to the plan. Paulson said he expects to [...]
$1bn lifeline for Japan Airlines November 18, 2009 Japan Airlines has been offered $1bn (£598m) emergency funding from Delta Air Lines and its SkyTeam partners, as Tokyo refused to rule out allowing the carrier go bust. The package includes a $500m equity injection, a revenue guarantee worth $300m and $200m in asset-backed funding. JAL’s shares plunged to an all-time low on news the [...]
Goldman ‘saved by AIG bailout’ November 18, 2009 Goldman Sachs could have taken a serious financial hit if the US government had not intervened to support American International Group, according to a report by the inspector general. The report raises doubts over Goldman’s claim to have hedged against potential AIG losses, saying it would have struggled to liquidate its trading positions.
The Queen’s Speech starts election race November 18, 2009 THE government yesterday laid down battle lines for the next general election with a politically charged Queen’s Speech that the Conservatives and Liberal Democrats dismissed as “pointless”. The legislative programme outlined by the Queen in the House of Lords contained moves including a widely-expected Financial Services Bill, which will allow regulators to veto bankers’ bonuses [...]
Why bonds are a boon for investors November 18, 2009 FOLLOWING his appointment as the CEO of the London Stock Exchange (LSE) this summer, Xavier Rolet announced plans to open a retail bond market here in the UK. He said: “There is a clear need, particularly in the SME sector, for a lot of companies to be able to tap the bond market, particularly for [...]
How you can get a pay rise, even in a recession November 18, 2009 1 DO YOUR RESEARCHIt’s important you find out how your salary compares to that of other people working in your sector – if you’re paid at or above the average for people in your position, demanding a pay rise is going to be unrealistic, especially in the current climate. There are a number of online [...]
CAREERS CLINIC November 18, 2009 I think my shyness is holding me back. I’m an analyst for a fund manger, and though I’m technically on the ball, I know I’m quieter than those around me and people don’t notice what I say, particularly at meetings and networking events, which I dread. How can I have more personal impact? A lot [...]
