CITY VIEWS: ARE THE CONSERVATIVES RIGHT TO PROMISE TO ABOLISH THE FINANCIAL SERVICES AUTHORITY? July 21, 2009 SANDY BRUCE COMMERZBANK“No. I don’t really see what is wrong with the FSA in its current form. There has to be some kind of impartiality there and the FSA is external to the government. This is probably more about David Cameron’s need to try to drum up votes, taking advantage of the fact so many [...]
Hedgie assets up $100bn on stellar gains July 21, 2009 HEDGE funds assets grew for the first time in a year in the second quarter, according to data released yesterday, on the back of improved investment performance and a reduction in client withdrawals. Hedge funds controlled $1.43 trillion (£871bn) in assets at the end of the quarter, up $100bn from a quarter before, according to [...]
CIT warns of bankruptcy risk July 21, 2009 CIT GROUP yesterday warned it could still file for bankruptcy if a cash tender offer for its outstanding notes fails, one day after securing $3bn (£1.8bn) in emergency financing from its bondholders. The 101-year-old company, which lends to nearly a million small and mid-sized businesses, also forecast a second-quarter loss of more than $1.5bn. In [...]
Government told to face up to failings over Equitable Life at the High Court July 21, 2009 THE GOVERNMENT was yesterday told it can not “evade reality” over its obligations to victims of the Equitable Life crisis. The criticism, made by a group of policyholders who lost out due to the near-collapse of the firm, came at the start of a landmark High Court case. The Equitable Members Action Group of 21,000 [...]
CITY MOVES WHO’S SWITCHING JOBS July 21, 2009 Julius BaerMarion Williams has joined the Swiss wealth management firm to promote its product range to UK clients and focus on third party relationships, including fund platforms and distributors. Williams joins the team from Threadneedle, where she worked with life companies, platforms, fund of funds, stockbrokers, IFAs and private banks. Prior to that, she was [...]
VOLVO SKIDS TO A LOSS July 21, 2009 SWEDISH vehicle firm Volvo – the world number two truck manufacturer, whose chief executive said this global downturn is the worst ever – skidded to a hefty 6.7bn crown (£533m) operating loss and forecast that the recession would cause its main markets in the US and Europe to shrivel this year.
Playtech slowed by William Hill July 21, 2009 Online gambling software provider Playtech yesterday issued a profit warning after its joint venture with William Hill made a slower than expected start to the year. Playtech, which is one of the biggest firms on Aim and which last year took a 29 per cent stake in William Hill Online, said the joint venture was [...]
Governator agrees state budget July 21, 2009 California governor Arnold Schwarzenegger and lawmakers yesterday agreed to close a $26.3bn (£15.9bn) deficit in the state’s budget in a deal that includes $15.5bn in spending cuts, they said. The government of the most populous US state, also the world’s eighth-largest economy is facing the massive shortfall because of a plunge in revenues caused by [...]
UK is the spot for distress July 21, 2009 The UK has consistently had the most distressed companies in western Europe over the past two years, according to a report by Close Brothers. The UK has had nearly a quarter of all distressed companies so far this year, compared with 14 per cent in Germany, 12 per cent in Italy and six per cent [...]
Savvy traders look to profit from surge in takeover deals July 20, 2009 FOLLOWING a dearth of mergers and acquisitions (M&A) activity during the depths of the financial crisis, upbeat figures released last Friday by Thomson Reuters showed that UK target M&A is up 39 per cent year-to-date compared to the same period last year. There has been a recent pick-up in global M&A activity with London dominating [...]
