JPM Cazenove tie-up created a force to be reckoned with November 15, 2009 WHEN US investment bank JP Morgan struck a deal to buy out half of Cazenove back in November 2004, many in the City felt it would be the beginning of the end, with the Queen’s stockbroker losing its reputation as a consummately professional independent dealmaker. In fact, quite the opposite has proved the case; despite [...]
Obama delays deal on climate change November 15, 2009 US PRESIDENT Barack Obama has acknowledged that time has run out for securing a binding deal for tackling global warming at next month’s Copenhagen summit. But he and other world leaders have rallied around plans to avert a failure at the climate summit that would delay legally binding agreements until 2010 or even later. “We [...]
Deloitte hits back after Woolworths’ former board blames firm for failing November 15, 2009 City accountancy firm Deloitte yesterday hit back at claims from Woolworths’ former directors holding it responsible for the high street retailer’s demise. Woolworths’ former chairman Richard North, and former chief executive Steve Johnson complained that Deloitte’s dual role as both adviser to Woolworths and administrator to the business when it collapsed last November constitutes a [...]
Reshaping finance sector a marathon, not a sprint November 15, 2009 AS a keen long-distance runner, having completed sixteen marathons, I feel in my bones that attempts to restore public confidence in the financial services industry during my year in office will be a marathon, not a sprint. That is not to say that we will be slow to address past failings. Far from it. Policymakers [...]
Tories could give Sky the Ashes back November 15, 2009 Shadow Culture Secretary Jeremy Hunt said yesterday that a Tory government could overturn Labour’s decision to return a host of sporting events to free-to-air channels. Last week, a government-appointed panel – led by former Football Association chief executive David Davies – recommended that the Ashes cricket, international football World Cup and European Championship qualifying matches, [...]
Bernard Madoff’s belongings are sold for almost $1m to help Ponzi victims November 15, 2009 BERNARD Madoff’s possessions raised almost $1m (£599,000) when they went under the hammer to help victims of the disgraced fund manager’s $65bn Ponzi scheme. Auctioneers raised twice the amount expected, as around 500 bidders crammed into Manhattan’s Sheraton Hotel to buy a piece of Wall Street history. Top sellers included Madoff’s Mets baseball jacket, which [...]
ECONOMICS GURU MAGNUS WOWS THE CROWDS ON SPEAKER CIRCUIT November 15, 2009 GEORGE Magnus, senior economic adviser to investment bank UBS, has a fair few accolades to his name – not least the dubious honour of having predicted the most severe financial crisis since the Great Depression in an uncannily prophetic research paper. But I hear the dapper 60-year-old has recently earned himself a new title, that [...]
BILL OF THE WEEK November 15, 2009 IN SPITE of the return of the monster bonus, it seems bankers are still keen to show they’re savvy when it comes to watching the pennies. This, of course, is all relative, since most people wouldn’t consider forking out £1,017.28 on dinner for three as tantamount to saving money. But one banker in the party [...]
Former Boots boss launches Matalan bid November 15, 2009 Former Boots chief executive Richard Baker is at the forefront of a £1.5bn private equity bid for out-of-town retailer Matalan. Advent International, where Baker was recently hired as an operating partner, is the latest name to be added to the string of private equity firms believed to be circling the retailer. Matalan, which specialises in [...]
Shoe Zone mergers kick the crunch November 15, 2009 SHOE ZONE, the bargain retailer that saved the Stead & Simpson and Shoe Express chains from administration, recorded an £8.1m pre-tax profit last year. Although overall operating profit was down from £8m to £6.9m, accounts show the company’s recent acquisitions – Stead & Simpson, which it snatched from the jaws of closure and Shoefayre, the [...]
