Galleon probe extends reach October 25, 2009 PROSECUTORS investigating UShedge fund Galleon have issued a subpoena to a former employee of SAC Capital Advisors, broadening the insider-trading enquiry. The subpoena was sent to Richard Grodin, who worked for Stephen Cohen’s SAC Capital, but neither he nor Cohen is accused of any wrong-doing. It is the first indication that the net is widening [...]
Bank of Ireland will not tap shareholders again in 2009 October 25, 2009 BANK of Ireland is unlikely to tap shareholders for cash to shore up its finances this year due partly to problems in setting up Ireland’s new “bad bank”, it emerged yesterday. Delays in passing laws to create the National Asset Management Agency (NAMA) mean Bank of Ireland is not expected to launch a rights issue [...]
Number of US banking failures surges through the 100 mark October 25, 2009 THE number of US banks going bust has passed 100 this year, the highest rate of failure in 17 years. The subprime crisis continues to wreak havoc, with US regulators shutting seven more banks over the weekend. Three banks in Florida alone were wound up bringing the total of failed lenders to 106 in 2009, [...]
UNDER THE HAMMER October 25, 2009 PREMIER League club West Ham is thought to have been put up for sale by its Icelandic owners CB Holdings. Rothschild and Standard Bank have been hired to find a new backer. Former Birmingham owner David Sullivan and a consortium headed by Wall Street executive Jim Bowe are interested.
Matalan explores a sale to private equity firms October 25, 2009 DISCOUNT clothing and homeware retailer Matalan is being circled by several private equity firms interested in taking it over, it was confirmed by the company this weekend. The retailer has appointed PricewaterhouseCoopers (PwC) to advise it after receiving a string of unsolicited approaches by firms, including CVC Capital Partners. Matalan has been given a likely [...]
Oil prices fall to cut profits at UK majors October 25, 2009 Lower oil and gas prices and poor refining performance are set to hit third quarter profits at oil and gas majors BP, Royal Dutch Shell and BG Group this week. Falls in oil prices to about $80 (£49) a barrel last week, from an all-time high of $147 a barrel in July in 2008, are [...]
Just get over it oil giants make a lot of money October 25, 2009 I AM no fortune teller but I want to make a prediction: there will be a wave of righteous indignation at the “obscene” amount of money the oil majors BP and Royal Dutch Shell will make while good honest Britons are struggling their way out of the recession. Now, I’m not accusing some newspapers of [...]
CITY A.M. CELEBRATES A BIRTHDAY IN STYLE October 25, 2009 The Capitalist has been a regular guest at City parties over the past year, but it’s fair to say that none instilled a sense of pride quite like entering The Lamb pub in Leadenhall Market on Friday lunchtime. Friends, colleagues and supporters of City A.M. gathered at the pub – itself a beacon of Square [...]
City now sees slower paced UK recovery October 25, 2009 THE City was left wondering about the future of Britain’s economic recovery following dire and disappointing third-quarter GDP data, which showed a contraction of 0.4 per cent on the previous quarter. Prime minister Gordon Brown may have promised yesterday that the economy will return to growth by the turn of the year but economists warned [...]
Brown says ‘suicidal’ to make abrupt cuts to stimulus plan October 25, 2009 Prime Minister Gordon Brown said it would be “suicidal” to suddenly cut off the government’s fiscal stimulus in the economy, in his weekend podcast. Brown, who was speaking on the 80th anniversary of the Wall Street crash, said “times were still tough” but confidence was beginning to return in some areas of the British economy. [...]
