CIT in crisis as US regulators at odds over bailout plan for lender July 13, 2009 THE survival of CIT Group, a key source of financing for thousands of small and medium-sized companies in the US, became ensnared in disagreements between regulators in Washington yesterday. The Federal Deposit Insurance Corp, which insures deposits at US banks, opposed an attempt by the Treasury Department and Federal Reserve to rescue the struggling lender [...]
Geithner says end in sight July 13, 2009 THERE is a strong chance America and other leading economies around the world will start growing again over the next few quarters, but big risks to the outlook remain, US treasury secretary Timothy Geithner said yesterday. Geithner, speaking after talks in London with Prime Minister Gordon Brown and chancellor Alistair Darling, said support measures were [...]
Red faces at C&C after cider group gets its figures wrong July 13, 2009 THE new management team at cider company C&C Group suffered a blow to its credibility yesterday when it announced a correction to a positive trading statement it issued just four days ago. C&C said last week that revenue for the four months to end-June was up three per cent on the year due to good [...]
Four Seasons creditors use their force to push through proposals July 13, 2009 FOUR Seasons’ senior creditors were yesterday thought to be looking at legal options to force through a restructuring proposal – without the backing of junior lenders. On Friday, City A.M. revealed that the care home company had convinced senior creditor Credit Suisse to support its latest restructuring plan for its £1.5bn debt pile. Without backing [...]
CANTERBURY TRIES BUT FAILS July 13, 2009 THE European arm of rugby shirt maker Canterbury yesterday fell into administration, with the loss of 72 jobs in the UK. Canterbury Europe supplies teams including the London Wasps, Leinster and the Scottish national side. Administrators KPMG said all contracts with clubs have now been cancelled. The rest of Canterbury Group, including the global Canterbury [...]
England salvage Ashes draw July 12, 2009 ENGLAND mustered a final-day batting performance of supreme defiance to rescue the unlikeliest of draws from the first Ashes Test in Cardiff yesterday. After the home side had lost three quick wickets in a disastrous start to the day all-rounder Paul Collingwood frustrated Australia with a heroic 245-ball stint that lasted almost six hours. And [...]
Strauss pays tribute to hero Colly’s rescue job July 12, 2009 ENGLAND captain Andrew Strauss heaped praise on Paul Collingwood after the all-rounder’s marathon stint at the crease helped earn a draw in the opening Ashes Test. Collingwood faced down 245 deliveries in 343 minutes to stabilise the home side’s second innings following the loss of three key wickets before lunch. And his knock proved the [...]
Fuming Barrichello berates own team for ruining his chances at German GP July 12, 2009 FURIOUS Brawn GP driver Rubens Barrichello accused his own team of destroying his chances at yesterday’s German Grand Prix. Barrichello took the lead at the first corner but had to settle for sixth place after being hampered by Brawn’s three-stop strategy and a pit-lane cock-up. The Brazilian’s failure helped Mark Webber lead home team-mate Sebastian [...]
Webber tastes glory at last as Red Bull outmuscle Brawn July 12, 2009 RED BULL’S Mark Webber overcame a drive-through penalty to record a maiden grand prix win at the 130th attempt yesterday in Germany. Webber was punished for causing a collision with Brawn GP’s Rubens Barrichello at the Nurburgring’s first turn but still led home team-mate Sebastian Vettel in a Red Bull one-two. Ferrari’s Felipe Massa took [...]
Ex-Sunderland director wants to buy Newcastle July 12, 2009 FORMER Sunderland director Charlie Chawke admitted yesterday that he is plotting to buy bitter local rivals Newcastle. Chawke, part of the Drumaville consortium that bought Sunderland in 2006, said he had opened talks about buying the Magpies from sportswear tycoon Mike Ashley. The Irish publican faces competition from several other groups, with Malaysian and American [...]
