Portuguese banks tap state bailout money June 5, 2012 THREE of Portugal’s biggest lenders are to receive a €6.6bn (£5.3bn) bailout, mostly from the country’s €78bn EU/IMF rescue money, after failing to make ends meet. Millennium BCP, Banco BPI and Caixa Geral de Depositos have all asked the government for help in meeting the emergency capital requirements set out by Europe’s banking regulator, the [...]
Barclays caught up in UniCredit tax prosecution June 5, 2012 ITALY is to prosecute several Barclays bankers alongside former UniCredit chief executive Alessandro Profumo, who is now chairman of one of the world’s oldest banks, Banca Monte dei Paschi di Siena. Profumo, who is being prosecuted alongside 19 others including a handful of Barclays bankers, is being targeted for allegedly authorising a scheme that allowed [...]
Former MF Global boss may face claims worth millions of dollars June 5, 2012 THE former chief executive of failed broker MF Global has been warned he could face legal action. James Giddens, trustee for the broker-dealer unit, said he may bring civil claims against Jon Corzine and other former MF Global executives for negligence and breach of duties to customers. Giddens also said he was prepared to sue [...]
Accelerating demand for luxury cars in China lifts BMW and Audi June 5, 2012 BMW, the world’s biggest luxury car maker, said yesterday its group vehicle sales in China soared by 31.5 per cent in May, accelerating from 30.8 per cent in April. Over the first five months of this year, its sales in China rose 34.4 per cent to 135,026 vehicles, BMW said in a statement. BMW has [...]
FANNIE MAE NAMES NEW CHIEF EXECUTIVE June 5, 2012 FANNIE Mae, the largest backer of loans in the US housing market, last night named Timothy Mayopoulos as its new chief executive. Mayopoulos will succeed Michael Williams, who notified the company of his intention to step down earlier this year. Mayopoulous is currently executive vice president at the lender, and was previously general counsel at [...]
Wonga criticised as it looks at American dream of a flotation June 5, 2012 WONGA is set to float in the US in a listing that could value the controversial payday loans firm at more than £1bn. It is considering joining Nasdaq or the New York Stock Exchange next year in another blow to the London stock exchange. It is believed to be choosing an investment bank to help [...]
SHELL CHIEF SAYS OIL PRICE HAS FURTHER TO FALL June 5, 2012 OIL prices will weaken more in the second half of 2012 as demand reacts to the slowing global economy and international tensions ease, Royal Dutch Shell chief executive Peter Voser said yesterday. “Global demand is softening, we have got recessionary elements in Europe, a small slowdown in Asia Pacific,” he said. “At the same time [...]
Qantas shares nosedive after profit warning June 5, 2012 QANTAS Airways yesterday warned of its first annual net loss since it was privatised in 1995, blaming deep losses at its international operations, weak travel demand and soaring fuel costs, sending its shares down by a fifth to a record low. The forecast comes two weeks after the Australian airline unveiled a plan to separate [...]
Starbucks aims to make dough from its $100m Bay Bread buy June 5, 2012 COFFEE chain Starbucks plans to buy La Boulange Bakery owner Bay Bread in a deal that takes aim at what long has been seen as its biggest weakness: food. The $100m (£65.1m) cash deal is Starbucks’ biggest move yet outside its main focus of coffee. The world’s largest coffee chain said its first priority is [...]
Sony chiefs to forgo bonuses after big loss June 5, 2012 SONY’S new boss and six other top executives will return their performance-based bonuses for the past fiscal year, the Japanese company said yesterday after posting on Friday its fourth consecutive annual loss. Chairman Sir Howard Stringer and chief executive Kazuo Hirai are among the top dogs who will not receive their bonuses, which in the [...]
