Mandelson meets with Magna June 11, 2009 Business Secretary Lord Mandelson met with Magna bosses and German ministers yesterday, as fears grew over the future of Vauxhall jobs in the UK. Magna, which is expected to take over General Motors (GM) Europe – Opel and Vauxhall – was expected to favour German factories over the UK’s, leading to worries that plants at [...]
EU push on derivatives rules June 11, 2009 The European Union wants over-the-counter derivatives to be cleared by a central body , a top European securities regulator said yesterday. Regulation of derivatives, financial instruments often used as a hedge against price fluctuations, is being targeted for reform after a type of derivative nearly toppled US insurer AIG.
3i issue boosts private equity June 11, 2009 3i is today expected to announce that around 95 per cent of its shareholders subscribed to their rights in its recent share issue, suggesting that investors are regaining their enthusiasm for buy out deals.
Permira boss to stand down June 11, 2009 THE chairman of Permira, the renowned private equity group, is to stand down, it emerged last night, to focus on turning around its ailing portfolio of companies. It is understood that Damon Buffini will search for new deals, seeking to add to the firm’s holdings in his new position. The news ends speculation that the [...]
Don’t expect miracles in housing market June 11, 2009 IT is beginning to look as if house prices won’t be falling much further. This won’t be of any use to the one in ten Brits that have already been plunged into negative equity, however; and even if the market reaches bottom this year, it will struggle in 2010. We must hope, for the sake [...]
Setanta pair in sell-off bid June 11, 2009 Setanta founders Michael O’Rourke and Leonard Ryan were yesterday mulling the break-up of the business and the sale of its profitable US and Irish operations. The move could keep the business out of the hands of administrators, but City experts remained dubious that the UK business could remain a going concern.
De Dietrich deal close for Baxi June 11, 2009 Boilermaker Baxi is on the verge of completing a €1.7bn (£1.4bn) tie-up with De Dietrich Remeha Group, a small Dutch rival, it emerged last night. The deal will allow Baxi to deal with its debt problem. Talks are expected to finish this summer. Baxi will end up with just less than half a stake after [...]
Darling warns on recovery June 11, 2009 Chancellor Alistair Darling said yesterday that Britain’s economic recovery could be held back by rising oil prices and a failure by other European countries to clean up their banks. He said he was “confident but cautious” in an interview with the Financial Times.
FSA attacked over Iceland June 11, 2009 MPs HAVE accused the Financial Services Authority (FSA) of deliberately misleading a Select Committee over the failure of Icelandic banks. The Communities and Local Government Committee, which is investigating why local authorities put over £1bn into Icelandic banks before they collapsed, criticised the regulator in a hard-hitting letter for being “unhelpful to the point of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 11, 2009 FINANCIAL TIMES GAZPROM IN IRAN PIPELINE TALKSGazprom is in talks with Iran and Pakistan to build a large section of a long-awaited gas pipeline between the two countries, a senior Iranian energy official says. The participation of Russia’s state-controlled energy group could kick-start the pipeline project, which has been delayed because of disagreements that have [...]
