RBS cash call looks weak to City analysts September 21, 2009 THE CITY yesterday poured cold water on news that Royal Bank of Scotland (RBS) is considering launching a further cash call to limit the government’s control over the bank, arguing that the plans are not radical enough to stir shareholders into action. RBS is mulling a rights issue of between £3bn and £5bn as it [...]
US body supports network neutrality September 21, 2009 INTERNET service providers in the US should not be allowed to restrict access to rival services such as Google Voice and Skype, the head of the Federal Communications Commission (FCC) said yesterday. In a move that will be lauded by “net neutrality” advocates, FCC chairman Julius Genachowski said operators should not be able to discriminate [...]
AIGshares surge on hopes that its bailout terms may be relaxed September 21, 2009 AMERICAN International Group (AIG) shares closed up over 21 per cent yesterday on hopes that the terms of the insurer’s government bailout may be eased after a proposal by former chief executive Hank Greenberg. Greenberg’s plan would cut the US government’s stake from 80 per cent, trim interest rates on AIG’s lifeline government loan and [...]
Caution hurts Alliance Trust September 21, 2009 ALLIANCE Trust, the blue-chip investment trust headed by Katherine Garrett-Cox, has said it performed worse than rivals after the manager took a cautious view on the recent equity-market rallies. The Dundee-based trust, which is listed on the FTSE 100 index, has said it is now ranked 36th out of a total of 44 investment-trust rivals [...]
Britain’s bosses want to charge students more September 21, 2009 THE CBI yesterday called for students to pay more towards the cost of university, including increased tuition fees and higher student loan interest rates. The CBI also called for cuts to grants and said the savings were necessary to tackle the funding crisis in the higher education sector which it said had been thrown into [...]
Santander to raise billions in Brazil IPO September 21, 2009 SANTANDER is to raise up to $7.3bn (£4.5bn) via an initial public offering of shares in its Brazilian subsidiary, the bank said yesterday. The Spanish bank – the world’s second largest – said it would sell shares constituting 16.2 per cent of the division, which will trade on the Brazilian stock exchange and the New [...]
SocGen chief seeks deals amid reforms September 21, 2009 SOCIETE Générale (SocGen) is on the lookout for a large-scale acquisition in private banking, chief executive Frédéric Oudéa said yesterday, as he warned that the landscape in the financial sector is set to change immeasurably with new capital requirements. SocGen’s chief executive of private banking Daniel Truchi signalled a major acquisition, saying that the unit [...]
Northern Foods finance director in shock departure September 21, 2009 FOX biscuits maker Northern Foods yesterday stunned the City when it said its finance director Andrew Booker would stand down in December, just under a year after joining the company. The group, which also makes Goodfella’s pizzas, said Booker will be replaced by Simon Herrick, a former finance director from electricals firm Kesa. Herrick last [...]
City of London Police launch appeal to capture organised crime group September 21, 2009 THE City of London Police yesterday appealed for the public to help catch two men believed to part of an organised crime group responsible for ten of thousands of pounds worth of theft. The force responsible for law and order in the Square Mile said that the men were caught on CCTV stealing nearly £5,000 [...]
GM to discuss plant’s future September 21, 2009 GM Europe is forming a group to discuss the future of Opel's plant in Antwerp, Belgium and will give details on its restructuring plan after talks are concluded, it said yesterday. Magna and Russian partner Sberbank struck a deal to buy a majority stake of Opel from GM two weeks ago. They plan to cut [...]
