GM seeks new bid for EU arm June 24, 2009 General Motors is soliciting rival bids to trump frontrunner Magna’s offer for its European operations, with China’s Beijing Automotive Industry Corporation (BAIC) expected to seek a deal. BAIC is understood to be preparing an offer to be submitted before the end of July, while Belgium-based investor RHJ International may also put in a bid. Canadian [...]
IN&M extends debt ‘standstill’ June 24, 2009 Independent News & Media has reached an agreement with creditors to extend a “standstill” agreement, giving the media organisation more time to negotiate a restructuring of its debt. The company said a deal had been struck with bondholders, allowing more time for talks on how to restructure a €200m (£170m) that was due for repayment [...]
Firms want new code of practice June 24, 2009 A clutch of the UK’s largest firms have called for the code of best practice covering boardrooms to be loosened, to allow them to opt out of guidelines. Companies including British Airways, Marks & Spencer (M&S) and Cable & Wireless want a change to the code’s ethos of “comply or explain” because they believe investors [...]
The gravy train shows no sign of hitting the buffers June 23, 2009 YESTIMOTHY BARBERIF the size of RBS boss Stephen Hester’s pay package wasn’t already invoking the wrath of the new breed of mealy-mouthed ascetics, the news that his bank is spending £300,000 on Wimbledon hospitality has really got them frothing into their sackcloth. These people seem to dream of some shining future in which MPs don’t [...]
Just say no when it comes to pay holidays June 23, 2009 DEAR VEXED, with all this talk of firms asking to take a pay holiday, I am worried that my boss might ask me to work for free. I can’t afford it, but I’m worried that it might be a trick to test our loyalty. Help! Jessica, 26, broker The saying goes that there is one [...]
Breezy RIDER June 23, 2009 IN September last year I waxed poetic about the performance and handling of the 2.0 litre version of this car. It’s a sublime drive, with oodles of torque and finesse and I was impressed. So much so that I thought that they would struggle to better it with the new Golf GTi. In my view, [...]
All change for the law, post downturn June 23, 2009 LAW firms have been hit hard by the recession, and many have been radically slimmed down to survive plummeting demand. Increasingly, it looks that the industry will look dramatically different after this downturn. One area where there will be change will be in terms of leverage structures – the number of junior lawyers per partner. [...]
TURNING THE LAW GREEN, BIT BY BIT June 23, 2009 DESMOND HUDSONLAW SOCIETY CHIEF EXECUTIVEWE are all aware of the dangers of climate change, but the fact is that we spend much of our lives at work. If we are going to tackle the problem, businesses need to do their bit. So is it possible to save the polar bears from the comfort of your [...]
Even neutral news from the Fed will boost the greenback June 23, 2009 FEDERAL RESERVE Chairman Ben Bernanke and the rest of the Federal Open Market Committee (FOMC) have an unenviable job today as they discuss the next steps for US monetary policy against the backdrop of improving global conditions – the decision is due at 7.15pm this evening Since the committee last met on 28-29 April, the [...]
CAPTURING YIELD IN THE FX MARKET June 23, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFTWHICH investment thesis will be proven right – the recovery trade or the return of risk aversion? For the past few months, the recovery trade has dominated, with risk currencies gaining on the US dollar. Recently, however, that rally has stalled and the bears have re-emerged, arguing that the recovery [...]
