Jittery banks park cash at ECB June 3, 2010 Nervous European banks parked just over €320bn at the European Central Bank’s overnight deposit facility, a new record that reflects heightened loan-loss and default fears spreading through the banking system. ECB data yesterday gave more evidence of steady increases in the funds that banks would rather store at the central bank than loan to other [...]
Accounting delays criticised June 3, 2010 Michel Barnier, European Union internal market commissioner, has criticised the way in which the world’s top accounting rule makers have handled their decision to delay the deadline for creating a single global accounting standard.
Morgan Stanley focuses on retail June 3, 2010 Morgan Stanley has formed a new retail products group to offer a wider choice of funds, according to Bloomberg. The unit will be led by Laya Khadjavi, who previously ran Morgan Stanley’s markets business. It will hire 35 new employees.
Think-tank: CGT hike won’t make tax fair June 3, 2010 A LEADING economic think tank has rubbished the coalition government’s claims that proposals to alter capital gains tax (CGT) would improve the fairness of the UK’s tax policy. Business secretary Vince Cable yesterday told the Commons that the reforms would “lift very large numbers of low-earners out of tax” and “make the tax system fairer”. [...]
Pru tries to soothe investors as AIA goes back into play June 3, 2010 PRUDENTIAL was trying to mend bridges with its main shareholders yesterday, as the US government began exploring other options for offloading AIG’s Asian arm, AIA. Prudential chairman Harvey McGrath has spent the past three days scrambling to save his and chief executive Tidjane Thiam’s positions after their $35.5bn (£24.3bn) tilt at AIA was shot down. [...]
Baird Capital sees bid flurry as trade buyers flex muscles June 3, 2010 BAIRD Capital Partners Europe, the mid-market buyout firm, has received bids on all but one of its 12 portfolio companies as trade buying activity increases. The private equity firm, an arm of Milwaukee-based Baird Holding, said it had sold one investment and was looking to exit several more at attractive valuations. Last week it handed [...]
Crozier gets £2.4m in last year at Mail June 3, 2010 THE main postal union reacted with “outrage” yesterday to the news Adam Crozier, Royal Mail’s former boss, was paid £2.42m in his final year with the group. The figure was revealed in Royal Mail’s annual report, which said Mr Crozier got a basic salary of £633,000. On top of this he had a bonus of [...]
Osborne mulls stripping FSA of its powers June 3, 2010 THE Financial Services Authority (FSA) looks set to lose the majority of its powers, with George Osborne understood to be determined to push through plans to bring City regulation back to the Bank of England. The move, which is sure to anger business secretary Vince Cable who has voiced support for the watchdog, could be [...]
Facebook rules out an immediate float June 3, 2010 FACEBOOK chief executive Mark Zuckerberg yesterday said he had no date in mind to take the Internet social networking company public, and defended changes to the service that have provoked privacy concerns. The world’s largest social network last week unveiled a set of features to give its nearly half-billion users better control over what data [...]
Washington Post secures four bids June 3, 2010 AT least four interested parties appear to have submitted bids for Newsweek, the magazine that The Washington Post put up for sale on 5 May. Newsmax Media and Thane Ritchie, chief executive of Ritchie Capital Management, said they submitted bids. Private equity firm OpenGate Capital and Sidney Harman, the founder of audio equipment company Harman [...]
