Housing will feel the loss of bankers October 18, 2009 A WINDFALL tax on banks and a clamp down on bonuses could den the recovery of the ravaged house property market, industry experts said yesterday. Knight Frank head of research Liam Bailey said: “In the recent past bonuses have had the impact of increasing demand for top London properties. A tax on bonuses will undoubtedly [...]
Myners angry at banks as bonus row escalates October 18, 2009 CITY minister Lord Myners yesterday expressed his anger at large banking bonuses, as speculation around future compensation at UK banks threatened to cause the government further embarrassment. Speaking on the BBC’s Andrew Marr show, Myners said: “We are simply not going to tolerate high levels of remuneration which are not justified and earned. The nation [...]
Debenhams chairman set to step down October 18, 2009 DEBENHAMS chairman John Lovering is expected to announce he is stepping down from the high street retailer on Thursday when the group unveils its full-year results. Lovering’s departure from the chain last year has been speculated on since last year, but the famed deal-maker is believed to be making the jump now as the group [...]
DSB seeks 93m for possible rescue plan after takeover talks break down October 18, 2009 DUTCH bank DSB is seeking a state capital injection of 100m euros (£93m) as part of a rescue plan also involving the conversion of savings deposits into stock, after talks with a potential US.buyer broke down. A Dutch court appointed administrators last Monday at DSB at the request of the central bank after a run [...]
NEW HOME FOR HABITAT? October 18, 2009 SWEDISH home furnishings retailer Habitat yesterday confirmed that it was mulling a potential sale of the business. Chief executive Mark Saunders said the group’s parent company, ICAF Antilen, had appointed Lazard as a financial adviser to look at a number of options. Saunders said no decision has been made yet.
London snubs Mayor’s plans October 18, 2009 FURTHER doubts were raised over the feasibility of an airport in the Thames Estuary yesterday, as London’s Chamber of Commerce put out figures showing the City’s scepticism over the project. A survey of London firms found that 63 per cent of those questioned did not think the airport could be built within the next twenty [...]
JPM and Caz close to sealing a takeover deal October 18, 2009 UBS has completed its valuation of Cazenove and is expected to present a figure to JP Morgan, which is mulling a bid for the UK brokerage before the end of the year. JPM appointed Swiss investment bank UBS to execute the valuation, with a view to buying out Cazenove, with which it has a 50-50 [...]
SETTLING?UP October 18, 2009 AMERICAN International Group and its former chief executive Maurice “Hank” Greenberg are in advanced talks to settle their legal disputes, according to the Wall Street Journal. The insurer may pay any penalties and future legal fees in Greenberg’s case with New York Attorney General Andrew Cuomo, the newspaper said, adding that the agreement is not [...]
US Finance firm CIT has a new restructuring plan October 18, 2009 THE STRUGGLING US commercial finance company CIT and a group representing its bondholders have agreed on changes to the company’s proposed restructuring plan as it looks to shore up its finances. The changes, announced by CIT over the weekend, included a mechanism to accelerate the repayment of new notes and the shortening of maturities by [...]
Cadbury will aim to paint a defensive Q3 picture October 18, 2009 CADBURY, currently under siege from a bid by Kraft, will look to paint a picture of growth at this week’s update and try and see off the predator by highlighting its sales, volumes and margin trends. The world’s second largest confectionery group is due to issue a third quarter update on Wednesday after rejecting a [...]
