Good banks leave their weak rivals behind November 10, 2009 THERE are three main messages from Barclays’ and HSBC’s results yesterday. British banks are divided into two groups: strong, private firms that have continued to generate profits during the crisis; and weak players that had to be bailed out. It is simply wrong to claim that all banks are the same. It is also clear [...]
Bear managers acquitted November 10, 2009 TWO former Bear Stearns hedge fund managers were acquitted of fraud charges yesterday. In the first case against players in the US subprime mortgage meltdown that contributed to the financial crisis, a jury in a US District Court in New York found hedge fund managers Ralph Cioffi, 53, and Matthew Tannin, 48, not guilty after [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 10, 2009 FINANCIAL TIMES GM CHIEF PROMISES CASH FOR NEW-LOOK OPELGeneral Motors yesterday promised a more independent Opel and vowed to support its European unit with fresh money as the US carmaker tried to calm the fury sparked by last week’s decision to keep the unit. Fritz Henderson, head of GM, spoke after a series of meetings [...]
Oracle’s Sun takeover hits skids November 10, 2009 Oracle’s proposed £4.4bn takeover of Sun Microsystems was left in doubt yesterday after the European Commission raised objections to the deal. The commission has raised concerns that the takeover could hurt competition in the computer database market. Oracle said it would “vigorously oppose” the EC objections. The EC’s move is in contrast to the US [...]
Madoff winner leaves $200m November 10, 2009 Jeffry Picower, the billionaire beneficiary of Bernard Madoff’s fraud scheme who died last month, has left $200m to his wife in his will. Picower, who died in Florida, was one of the biggest winners in Madoff’s Ponzi scheme. His wife has also been appointed chairwoman of a charitable foundation to be funded with assets from [...]
City airport hit by travel cutbacks November 10, 2009 LONDON City Airport has seen a 15 per cent fall in passenger numbers so far this year, as its customers, who are typically well-heeled financial executives, tighten their belts. The airport, located near the ExCeL centre in the Docklands, has suffered as City institutions cut back on business trips and opt for cheaper alternatives like [...]
Paulson doubles stake in Cadbury after Kraft bid November 10, 2009 Hedge fund star John Paulson, who bet against the US housing market just before its collapse, has doubled his stake in Cadbury. The New York-based hedge fund now owns 28.5m shares, or 2.08 per cent, of Cadbury after spending some £112m on 14.8m shares at 759.59p, according to British regulatory filings. John Paulson ranks as [...]
Britain’s triple-A debt status at risk because of deficit November 10, 2009 THE SORRY state of Britain’s public finances came under renewed fire yesterday after ratings agency Fitch warned that, out of the industrialised nations, the UK is most at risk of losing its coveted triple-A sovereign debt status because of its ballooning public deficit. Only the hope that the next government will implement radical measures to [...]
Nat Exp will launch rights issue today November 10, 2009 NATIONAL Express will today launch a discounted rights issue to raise about £370m after it rejected a series of takeover approaches, City A.M. can confirm. The debt-laden transport group will pitch the cash-call at a discount of around 40 per cent to the theoretical ex-rights price. Shares closed down 3.1p at 338p last night, valuing [...]
ORANGE BREAKS IPHONE RECORD November 10, 2009 ORANGE sold more than 30,000 iPhones yesterday, just hours after it became the first network to break O2’s two year UK monopoly on the phenomenally successful Apple handset. The France Telecom-owned firm said that the level of sales booked by 4pm set a new record for a mobile phone launch in Britain. It is selling [...]
