Bernanke will testify in court July 29, 2013 FEDERAL Reserve chairman Ben Bernanke has been ordered to testify in a high profile court case centred on the US government’s multi-billion bailout of AIG. Bernanke will give evidence in a case brought by AIG’s former chief executive Hank Greenberg. Judge Thomas Wheeler threw out the government’s plea to exempt Bernanke. “The court cannot fathom [...]
Deloitte mulls appeal as tribunal confirms MG Rover shortcomings July 29, 2013 A TRIBUNAL ruled yesterday that Deloitte fell short of ethical standards when advising MG Rover and four of its directors ahead of the car company’s collapse in 2005. Deloitte lost its appeal against the Financial Reporting Council’s ruling and is facing an unlimited fine, to be set out as early as today, as well as [...]
Frontrunner for Israel bank job pulls out July 29, 2013 THE ISRAELI Prime Minister’s nominee to be the next Bank of Israel governor withdrew his candidacy for the role yesterday. Jacob Frenkel, who previously held the top job at the Bank during the 1990s, was expected to return for another stint. Yet his candidacy has been hit by newspaper allegations that he had taken a bottle [...]
US drugmaker Perrigo buys Elan for $8.6bn July 29, 2013 IRISH biotech firm Elan yesterday accepted an $8.6bn takeover offer from US drug maker Perrigo, just weeks after batting off a hostile approach from Royalty Pharma. Perrigo will pay $6.25 per share in cash plus $10.25 per share in stock for Elan, in a deal that will see the Michigan firm almost halve its [...]
Bottom Line: Right prescription for all parties July 29, 2013 JOE PAPA’S maths may leave something to be desired – he said yesterday the Perrigo-Elan tie-up was a case of one plus one making at least three – but his dealmaking can’t be faulted. After waiting in the wings while Royalty Pharma repeatedly threw itself at the Irish biotech group, Papa yesterday revealed himself [...]
Aberdeen hit by fund pull back July 29, 2013 FUND manager Aberdeen Asset Management yesterday revealed its first quarterly outflow for nearly two years as investors took out cash during last month’s market tumble. The money manager said investors pulled £3.4bn from funds in the third quarter, with about £2.5bn of this taken out in June as investors headed for the exit door over [...]
Metro Bank gains customers and branches but posts a loss July 29, 2013 METRO Bank made another loss in the first half of the year, the high street lender said yesterday, in part because of the ongoing costs of its expansion. The three-year-old bank has deposits of £870m, an increase of more than 50 per cent since the start of this year. And lending has more than doubled [...]
Schauble backs bondholders as Troika reports July 29, 2013 THE TRIO of Greece’s international lenders, known as the Troika, published their third review of the country’s ongoing bailout yesterday. German finance minister Wolfgang Schauble told media in his home country that the Greek government must fulfil its obligations, and that bondholders would not undergo further haircuts. The Troika, which is made up of the [...]
Hiscox boss says insurers must not rely on investment income July 29, 2013 INSURERS must concentrate on their core business and ignore investment income if they want to make a profit, the chairman of Hiscox said yesterday. “The investment area is going to remain turbulent,” Robert Childs told City A.M. “No insurer or reinsurer should be looking to rely on anything but underwriting profit at the moment.” Insurers invest premiums [...]
LV= boss warns car costs to rise July 29, 2013 DRIVERS should expect to pay more for car insurance next year, the boss of LV= told City A.M yesterday. Mike Rogers, chief executive of the mutual, said he is worried recent price cuts prompted by a ban on referral fees may have “gone too far”, unless claim levels start to fall. He was speaking as the [...]
