Emerging markets M&A high September 19, 2010 Mergers and acquisitions (M&A) in emerging markets has pushed above the European level of deal-making for the first time. This year, emerging market targeted M&A volume is up by more than two-thirds to $575.7bn (£368bn) while the European level has increased by just 20 per cent to $550.2bn, according to Dealogic data. Figures show emerging [...]
US TARP cases set to continue September 19, 2010 The US Treasury’s $700bn bailout fund officially expires in two weeks, but Neil Barofsky, the top cop for the Troubled Asset Relief Programme, is still hard at work. He is hiring new staff and opening four regional branch offices to pursue TARP-related fraud cases and monitor remaining taxpayer investments for years to come. Barofsky, the [...]
HSBC nearing a verdict on chairmanship September 19, 2010 A SUCCESSOR to HSBC chairman Stephen Green could be announced as soon as next week, it emerged over the weekend. Former Goldman Sachs investment banker John Thornton is still widely tipped as one of the favourites to step into Green’s shoes after he resigned to become trade and investment minister in the coalition government. However, [...]
Unite to clash with BMI in High Court September 19, 2010 BMI, the British carrier, is to come face to face with trade union Unite in the High Court today over a pay freeze dispute. Unite, which has also launched legal action against British Airways, is taking the BMI to court for a “breach of contract” over failure to increase pay for 3,000 BMI staff. The [...]
Investec plans to launch £250m securitisation to test the market September 19, 2010 SOUTH African banking group Investec plans to test the market with a £250m securitisation of “non-standard” mortgages, including some subprime loans. If it is successful, the deal would mark the first time subprime mortgages have been securitised in Europe since the financial crisis. People familiar with Investec’s plans said they had lined up a selection [...]
Commission prepares to reveal agenda September 19, 2010 SIR John Vickers, the chairman of the government’s independent commission on banking, has privately outlined his desire to tone down the “fictional and emotive” nature of the banking debate ahead of the release of an issues paper this week. Vickers, the former boss of the Office of Fair Trading, believes that presenting a logical and [...]
Default risks keep cost of lending high September 19, 2010 AN INCREASE in financial institutions’ perceived riskiness and their need to shore up balance sheets in the wake of the credit crisis has kept the cost of borrowing high despite the Monetary Policy Committee (MPC) slashing headline interest rates to historic lows, the Bank of England will say today in its latest quarterly bulletin. Despite [...]
Amazon set to make £200m buyout tender for LoveFilm September 19, 2010 AMAZON has moved one step closer to muscling in on the UK’s home entertainment industry after putting in an offer to buy out online movie rental service, LoveFilm. It is understood that Amazon, which is currently expanding its business rapidly, has made an approach for LoveFilm, valuing the company at around £200m. In 2008, Amazon [...]
London Stock Exchange looks to provide a clearing service to City September 19, 2010 THE London Stock Exchange (LSE) has entered into discussions with a raft of European and Wall Street banks about funding and building a clearing house in London, it is understood. LSE chief executive Xavier Rolet, who took over from Clara Fuse in May last year, is thought to be at the forefront of the discussions. [...]
CEBR: Growth slows but no new recession September 19, 2010 THE GLOBAL economy will not face a double-dip recession, according to research by the Centre for Economic and Business Research (CEBR) out today, though the slowdown in US growth has caused the body to lower its forecasts. CEBR now predicts a 3.4 per cent rise in global GDP next year, down from the 4.1 per [...]
