Taiwanese Ponzi fraudster dies September 13, 2009 Financier Danny Pang, who was accused by US securities regulators of perpetrating a massive Bernard Madoff-style “Ponzi” scheme on mainly Taiwanese investors, has died, a family spokesman said on Saturday. Pang, 42, was taken to a California hospital near his home on Friday and later died, spokesman Charles Sipkins said. The cause of death was [...]
Thomson Reuters buys Abacus September 13, 2009 Thomson Reuters has said it is to buy tax-software firm Abacus Enterprise from Deloitte, in a deal expected to be worth around $45m (£27m). The group has snapped up the London firm, which supplies tax products to half the firms in the FTSE 100, as part of ongoing expansion of its professional services activities. Thomson [...]
Yell investors put pressure on its lenders September 13, 2009 AILING directories publisher Yell is sounding out its shareholders for a rights issue of up to £500m, it emerged yesterday, as the company seeks to refinance its £3.8bn debt mountain. But investors will only support an equity raising if banks agree to relax the terms of a debt repayment programme, it is understood. In June, [...]
Financial institutions need fair global regulation September 13, 2009 A YEAR on from the collapse of Lehman Brothers I am taking the City’s hefty “policy” briefcase to New York for talks with Mayor Bloomberg and representatives of the financial community about how we move ahead. I will also be spending a day in Boston where much of the US’s asset management industry is based. [...]
BlackRock wants own trading platform September 13, 2009 BLACKROCK plans to create its own global trading platform which could help save its clients significant amounts of money in trading fees. The asset manager, set to become the world’s largest money manager with roughly $3 trillion (£1.79 trillion) in assets when it buys Barclays Global Investors (BGI) later this year, is in the early [...]
Private equity-owned businesses have out-performed rivals, says new report September 13, 2009 THE PRIVATE equity industry achieved healthy levels of profit growth in the bigger companies it sold off last year, according to a study by Ernst & Young. The industry, which often finds itself fighting a reputation for “asset stripping” companies and making staff redundant to slash costs, actually boosted profits at large firms that were [...]
Asia’s largest airline is US rivals’ target September 13, 2009 DELTA Air Lines and American Airlines, the world’s two largest carriers, are said to be considering making rival bids for a stake in Japan Airlines (JAL). Asia’s largest airline by revenue recently posted quarterly losses of 99bn yen (£654m), and is 721bn yen in debt. Despite cutting jobs and unprofitable routes, JAL is still in [...]
Let’s help UK economy by reining in our jealousy September 13, 2009 Jealousy is the tribute mediocrity pays to genius, according to Fulton J Sheen. Now whilst it is hard to argue that there is much genius in a financial community that a year ago brought us to the brink of global financial meltdown, it is important to not let our jealousy get in the way of [...]
3i’s venture arm sold in 130m deal September 13, 2009 LISTED private equity fund 3i Group has sold most of its venture portfolio of smaller-sized European companies to a consortium of rivals, in a transaction that has netted it around £130m. The move is part of 3i chief executive Michael Green’s plans to exit the group’s so-called venture and small minority investment portfolios as it [...]
CITY MOVES WHO’S SWITCHING JOBS September 13, 2009 Berwin Leighton PaisnerThe law firm has hired Russell Clifford as an asset finance partner and David Irving, pictured, as a director in the trusts and private tax team. Clifford, who was previously at Allen and Overy, specialises in structured asset finance, particularly rolling stock financing transations. Irving, who formerly ran a private equity and real [...]
