Ageing population adds to UK’s woes March 25, 2010 OUR panel of City and business professionals’ verdict on the Budget makes grim reading for Alistair Darling: the average grade given was 3.8 out of 10, as we report on pages 1 and 19. Members of the City A.M./PHI panel, produced with PoliticsHome.com, rubbished Darling’s growth forecasts for 2011-12 and slammed his new 50p tax [...]
Tory lead back at four March 25, 2010 The Conservative lead has returned to a four-point margin, according to the latest YouGov/Sun Poll. The Tories gained one point to 37 points, Labour dropped one point to 33, while the Lib Dems increased one point to 18. This lead will come as a relief to the Conservatives who were yesterday seen to be struggling [...]
US plans securities sale March 25, 2010 The US central bank is a step further towards gradually selling some of its $1.25 trillion portfolio of mortgage securities. Ben Bernanke at a House hearing yesterday said: “I anticipate that at some point we will, in fact, have a gradual sales process.” Bernanke’s stand on the issue is important to millions of US homeowners [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 25, 2010 FINANCIAL TIMES CHINESE COMPANIES DEBATE LINKS WITH GOOGLE A wave of Chinese businesses are reconsidering their ties with Google in the wake of the US internet company’s move to confront their government over internet censorship. The decision for companies like Sina, the web portal, or China Mobile, the telecoms operator, on whether to stay with [...]
Dubai unveils $26bn debt restructuring March 25, 2010 Dubai has unveiled plans to restructure the crushing $26bn (£17bn) debt of its troubled property arms, four months after it was forced to beg for a repayment freeze. It says it will inject $9.5bn in new cash into state-run property firms Nakheel and Dubai World. Beleaguered Nakheel will receive the lion’s share at $8bn and [...]
Camelot bought out by Canadian pension fund March 25, 2010 CAMELOT, more famously know as the National Lottery operator, has been sold to Ontario Teachers’ Pension Plan for £389m. The Canadian pension fund beat a rival offer from private equity firm CVC Capital Partners. Camelot said it had been informed by its shareholders – Cadbury Holdings, De La Rue Holdings, Fujitsu Services, Royal Mail Enterprises [...]
RBS unveils a £1.25bn boost to its finances March 25, 2010 ROYAL Bank of Scotland (RBS) yesterday unveiled a plan to restructure up to £15.8bn of debt in a balance sheet overhaul that will generate a £1.25bn gain for the bailed-out bank. RBS, 84-per cent government-owned after it was rescued at the height of the financial crisis, flagged the move last month. It said yesterday it [...]
FSA insider suspect hires Leeson’s brief March 25, 2010 KINGSLEY Napley partner Stephen Pollard has been retained by Julian Rifat of Moore Capital, one of seven people arrested on Tuesday in connection with an insider dealing probe. He is one of the first legal counsel to be instructed on the matter. As City A.M. learnt of Pollard’s appointment, it emerged that lawyers close to [...]
Network Rail staff to strike March 25, 2010 BRITAIN’S railways are set to descend into chaos in the four days immediately after Easter, after rail union RMT yesterday called a crippling national rail strike for the first time in 16 years. Strikes are set to go ahead on each of four days between 6am and 10am and between 6pm and 10pm, starting on [...]
Jarvis reaches the end of the line as administrator called in March 25, 2010 RAIL maintenance contractor, Jarvis is set to appoint Deloitte as administrator after the firm said earlier yesterday it had run out of cash. It is understood that four partners at the professional services firm, including Neville Kahn, will be handed the task of sorting through the struggling company’s finances. Jarvis filed for administration yesterday morning [...]
