INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
US consumer cheer dives June 30, 2009 CONFIDENCE among US consumers dived unexpectedly low in June, despite encouraging signs the worst of the housing slump may be over. The Conference Board’s sentiment index fell to 49.3 in June from 54.8 in May, suggesting the economy is still firmly in the grip of recession. The lack of consumer confidence reflects a weak labour [...]
Let’s celebrate a better second quarter June 30, 2009 IT is now clear that the first quarter of this year was utterly, devastatingly bad for the British economy. Revised figures yesterday showed that it shrank by 2.4 per cent between 1 January and 31 March. At an annualised rate, that was a drop of 10 per cent, the sort of implosion last seen during [...]
Arcandor to get bailout June 30, 2009 ARCANDOR, the biggest shareholder in tour operator Thomas Cook, is set to receive €50m (£40m) of state aid, it emerged yesterday. The German government agreed with state ministers from Bavaria and Saxony to provide the bailout for the Quelle mail order unit of the company, which will see €25m come from the federal government, and [...]
Tesco Finance linked to bid for Northern Rock June 30, 2009 TESCO has emerged as a potential bidder for nationalised bank Northern Rock. Britain’s biggest retailer has shown provisional interest alongside private equity funds and Richard Branson’s Virgin Group. Tesco is eager to cash in on growing disillusionment with traditional banks and in March announced plans to open bank branches in 30 of its stores. Buying [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 30, 2009 FINANCIAL TIMES EON WARNS ON EU EMISSION COSTSThe European Union risks driving industry out of the region if it continues to push for deeper cuts in carbon dioxide emissions than other economies, according to the chief executive of Eon, one of the world’s biggest renewable energy companies. Wulf Bernotat, Eon’s chief executive, told the Financial [...]
Bowker quits as National Express boss June 30, 2009 RICHARD BOWKER, the chairman of bus and rail operator National Express, stood down last night after a tumultuous month for the company, City A.M. can confirm. Bowker, once group commercial director of Virgin Group and co-chairman of Virgin Rail, quit ahead of today’s update regarding the operating terms on the east coast main line, which [...]
Sir Keith Mills intensifies his bitter battle with Coutts June 30, 2009 SIR Keith Mills, the founder of the Air Miles and Nectar loyalty programmes, is today launching an advertising campaign alleging Coutts gave him faulty advice to deposit £65m of his savings in an AIG fund. AIG later ran into severe trouble, forcing the US government to bail it out. On 15 September AIG suspended the [...]
The Pirate Bay sold June 30, 2009 Swedish software company Global Gaming Factory yesterday agreed to buy free file-sharing website The Pirate Bay for 60m Swedish crowns (£4.7m) and said it would find ways to compensate copyright owners for downloaded material. The four Swedish men behind the website were sentenced in April to one year in jail and ordered to pay more [...]
Carlyle has $1bn for Asian fund June 30, 2009 Carlyle Group, the US private equity group, said yesterday it had raised $1.04bn (£607m) for its fourth Asian growth capital fund, a 46 per cent increase from the previous fund size. The funds invest in high growth private companies in China, India, Korea and other Asian markets.
