Bailout cash repayment unlikely September 15, 2009 A report from The International Monetary Fund (IMF) yesterday cast doubts over hopes that the Treasury could recover money it spent on bailing out the banks. The UK’s bank guarantees are equivalent to over a third of GDP, more than any other country the IMF said. The IMFadded that the government should plan the disposal [...]
Lehman and BarCap fight over $8.2bn September 15, 2009 TRUSTEES overseeing the liquidation of Lehman Brothers have accused Barclays Capital of taking $8.2bn (£5bn) more than it should have when it bought the failed bank’s brokerage business a year ago. In court papers filed in a US bankruptcy court yesterday, Lehman Brothers Holdings claimed “critical changes” were made to the sale in between the [...]
Employers hit out at paternity plans September 15, 2009 EMPLOYERS’ groups the British Chambers of Commerce (BCC) and the Federation of Small Businesses (FSB) yesterday hit out at new plans for paternity rights, saying they will cause an administrative nightmare. The new measure, which will let mums who return to work after six months swap their unused six months over to their baby’s father, [...]
FTSE 250 pension shortfall jumps September 15, 2009 The pension shortfall at FTSE 250 companies had hit £12bn by the end of June, widening from £6bn a year before, a report said yesterday. The shortfall would have been even higher if yields on corporate bonds had not gone up throughout the credit crunch, the data from Pension Capital Strategies and Cazenove said. The [...]
Merkel lashes out at bankers September 15, 2009 German chancellor Angela Merkel has hit out at bankers as she steps up her election campaign. “We must make sure that the bankers of this world can never again get up to such things at our cost,” she said. She also promised to push for “clear rules” for the banking system at the G20 meeting [...]
Tullow and Anadarko in oil find September 15, 2009 UK-listed explorer Tullow Oil and US producer Anadarko Petroleum are set to announce they have established a new oil frontier stretching 1,100km along the African coast. The announcement, which could come today, is tied to discoveries at the Venus well Anadarko has been drilling off Sierra Leone. Venus-B lies at the western edge of a [...]
New Ocado FD indicates an IPO September 15, 2009 Online retailer Ocado is today set to announce a seasoned investment banker as its new finance director, suggesting that the group is heading for an initial public offering (IPO) soon. Andrew Bracey will replace Jason Gissing, an ex-Goldman Sachs banker who once said he’d rather shoot himself than be finance director at a listed company.
Brown admits need for cuts in spending… September 15, 2009 PRIME MINISTER Gordon Brown finally admitted yesterday that spending cuts would be necessary if the UK is to rein in its £175bn projected government deficit and put the country back on the path towards fiscal sustainability. In a speech to the Trades Union Congress (TUC) Brown said: “Labour will cut costs, cut inefficiencies, cut unnecessary [...]
…as Tories plan an emergency budget for 2010 September 15, 2009 CONSERVATIVE shadow chancellor George Osborne yesterday revealed he would call an emergency budget within weeks of a Tory victory. The Conservatives, who are widely tipped to gain power at the next election, have promised cuts in public spending, and are thought to be planning £30bn of defence cuts. Osborne also said he would instigate a [...]
King hints at cut in deposit rate at Bank September 15, 2009 STERLING tumbled yesterday, after Bank of England governor Mervyn King said the Bank could cut the rate it pays on commercial bank deposits held at the central bank. Currently, financial institutions are paid 0.5 per cent on deposits held at the Bank. But speaking at the Treasury select committee, King said he did not want [...]
