CITY VIEWS: DO YOU THINK GREECE WILL CUT SPENDING AS IT HAS PLEDGED? February 13, 2012 BEN BALLARD | CITY OF LONDON “Yes, I think they will follow through with the government spending cuts, despite the public feeling. It is their only possibility to survive.” MICHAEL SCOTT | SJ BERWIN “I do not think they will be able to; the government doesn’t have sufficient par to follow through. Realistically they will [...]
Economists: Merlin data is worthless February 13, 2012 ECONOMISTS have dismissed the government’s Project Merlin figures as bearing no relation at all to the availability of credit in the economy. The government struck a deal with banks last year under which they agreed to boost lending in return for less anti-bank rhetoric from ministers. The Bank of England released figures yesterday showing that [...]
New payout for clients of failed broker MF Global February 13, 2012 THE administrators of the British arm of MF Global said payments to clients of the defunct brokerage will reach $31m (£19.6m) in the coming days. KPMG said $19m will be released this week after it agreed on Friday to hand back $12m. The interim payouts will affect about 1,900 clients in total. Staff from KPMG [...]
Lords demand facts on EU veto negotiations February 13, 2012 A PARLIAMENTARY committee has slammed the government’s inability to explain what “safeguards” it was demanding from European nations when Prime Minister David Cameron vetoed an EU treaty in December. The House of Lords EU Committee said that it has “repeatedly” asked ministers what exactly was at stake at the summit and has yet to get [...]
Confirmed: Vodafone eye on CWW deal February 13, 2012 SHARES in Cable & Wireless Worldwide (CWW) soared 45 per cent yesterday as Vodafone admitted it was weighing up the benefits of a bid to buy the dwindling telecoms group. Following reports over the weekend, Vodafone released a statement confirming it is in “the very early stages of evaluating the merits of a potential offer [...]
Google gets EU and US green light over Motorola takeover February 13, 2012 GOOGLE has won the approval of US and European regulators for the $12.5bn (£7.9bn) purchase of Motorola Mobility. Both the US Justice Department and European antitrust authorities both warned, however, that they would monitor how patents are used to ensure they comply with antitrust rules. Antitrust enforcers on both sides of the Atlantic are concerned [...]
FACEBOOK UNDER FIRE FOR STOCK STRUCTURE February 13, 2012 Facebook’s proposed shareholder structure, outlined ahead of its forthcoming IPO, has failed to impress Institutional Shareholder Services. The proxy advisory group criticised the social network’s dual-class stock – which will give Zuckerberg (pictured) voting control of 57 per cent of Facebook – for diminishing shareholder rights. ISS also condemned the limited board accountability at Facebook, [...]
MEET THE ADVISERS February 13, 2012 Both Vodafone and Cable & Wireless Worldwide have been quick to maintain that there is, as yet, no deal on the table. But, should Vodafone serve an offer, CWW has its usual advisory team – comprising Barclays Capital and Rothschild – at the ready. Heading the BarCap squad is Will Peters, who has been at the [...]
France and Belgium end shorting ban February 13, 2012 REGULATORS in France and Belgium have finally lifted the bans on the short-selling of certain financial stocks, six months after they were introduced as markets plunged on Eurozone debt fears. The separate decisions, by French watchdog AMF and Belgium’s Financial Services and Markets Authority (FSMA), come after a boost to market sentiment and are expected [...]
Swiss are global leaders for 2012 cross-border takeovers February 13, 2012 SWISS corporations have taken a global lead in international acquisitions during 2012 and are responsible for 16 per cent of cross-border takeovers this year. The relative strength of the nation’s financial sector has allowed Switzerland to surge the top of the M&A rankings, with outbound acquisitions by Swiss firms totalling $12.8bn (£8.1bn) in 36 deals [...]
