Tullett, BGC return to High Court after evidence from City veteran Terry Smith November 15, 2009 THE High Court battle between inter-dealer brokers Tullett Prebon and BGC Partners will resume today after a weekend in which the court was left to ponder evidence given on Friday by colourful City veteran Terry Smith. Smith, Tullett’s chief executive, who denied calling his former chief operating officer Tony Verrier a “dead gladiator” and saying [...]
ROLLS-ROYCEMOTORSON November 15, 2009 Rolls-Royce has won a $1.5bn (£897m) order with Air China to power 20 aircraft, and a second order with Ethiopian Airlines worth $480m. Speaking at the Dubai Airshow yesterday, the engine maker said the aircraft will be delivered to Air China from 2011 and that Ethiopian Airlines’ planes will enter service in 2017.
Biggest bank in Japan set to raise $11bn November 15, 2009 JAPAN’S biggest bank Mitsubishi UFJ Financial Group (MUFG) is set to launch the biggest-ever cash call by a Japanese financial firm. Mitsubishi is believed to be preparing to issue about $11bn (£6.6bn) in new shares to meet stricter capital requirements and boost lending in Asia. The share issue of about one trillion yen is believed [...]
US and China are set in spending and saving habits November 15, 2009 Alistair Darling has played host to the world’s most important money men (and women) a few times already this year, most recently in his native Scotland, but he might be forgiven for feeling a bit envious as the world looks to where the really important decisions are being made this week: at the Singapore meeting [...]
Evolution ups private client ante November 15, 2009 EVOLUTION group chief executive Alex Snow is today set to confirm the hire of private banker Philip Howell to head up its wealth management business, Williams de Broë. Howell, who formerly ran Fortis private bank’s operations in the UK, Channel Islands, Italy, Spain, Gibraltar and Monaco, will become chief executive of the division. He takes [...]
Lloyds left 1.3bn out of pocket from Kenmore demise and Admiral swap November 15, 2009 Kenmore Property Group, which collapsed into administration last week, owes more than £700m to Lloyds Banking Group. Kenmore, which controlled £1.8bn of assets, was put into administration last Thursday by Grant Thornton, after becoming incapable of meeting any of its existing business obligations as a result of falling home sales. Owned by one of Scotland’s [...]
Mining firm raises $25m to expand in Sierra Leone November 15, 2009 TITANIUM Resources, the AIM-listed miner, has raised $25m (£15.1m) to fund an expansion at its operations in Sierra Leone. The company will announce today that 151.2m shares were placed at 10p a share in its recent capital raising. Titanium, which is digging up one of the world’s biggest deposits of rutile (titanium dioxide), said it [...]
BEST OF THE BROKERS November 15, 2009 MARSTON’SUBS said that the fall in the Marston’s share price had triggered a review and its rating upgrade from “sell” to “neutral”, but added that uncertain prospects and the lack of an immediate catalyst mean the shares are not yet a “buy”. The broker commented that the group’s managed pub results have been relatively strong [...]
House prices fall in run up to Christmas November 15, 2009 ASKING prices for homes in England and Wales are expected to see three months of price falls as sellers postpone moving until after the Christmas period, property website Rightmove will say today. The 1.6 per cent monthly fall in November marks an end to the buoyancy that has characterised the property market during the autumn [...]
BCC: access to funds tough November 15, 2009 MORE companies had difficulty accessing finance over the past quarter, according to a survey by the British Chambers of Commerce (BCC). Despite the Bank of England flooding the economy with £200bn, banks are still being tight-fisted, posing a “serious problem for British businesses”, according to the BCC Its Monthly Business Survey, published today, found a [...]
