Strikes could cost £500m November 24, 2011 NEXT week’s sweeping public sector strikes could cost the economy up to £500m, the Treasury claimed yesterday, although the figure was swiftly branded “fantasy economics” by the Trades Union Congress (TUC). The Treasury said that if two to three million union members join next Wednesday’s industrial action, the hit to public sector output and additional [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 24, 2011 FINANCIAL TIMES TERRA FIRMA SEEKS €1BN SOVEREIGN FUND POOL Guy Hands’ Terra Firma Capital Partners is looking to raise up to €1bn (£860m) from a sovereign wealth fund to retain its ability to do deals after the investment period of its buy-out fund runs out next year. The private equity group has been approached by [...]
AT&T sees merger deal failing November 24, 2011 AT&T said yesterday it would take a $4bn (£2.6bn) charge in case its takeover of T-Mobile USA fails, a tacit recognition of the dwindling chances that the deal will get through US regulators who say it would destroy jobs and curb competition. The US telecommunications group and T-Mobile owner Deutsche Telekom said they would continue [...]
Foster’s takeover deal approved November 24, 2011 Australia’s government gave SABMiller the green light to proceed with its A$11.5bn (£7.2bn) takeover of brewing rival Foster’s last night, but imposed conditions requiring the company to keep brewing operations within the country. The approval is the final regulatory condition to be cleared ahead of the Foster’s shareholders vote set for 1 December, which is [...]
Legal errors delay eviction effort at UBS November 24, 2011 ATTEMPTS by UBS to evict protesters from its disused City offices have been delayed after the Occupy group challenged mistakes in the legal papers. The Swiss bank will make a second effort to have the activists removed on Monday, after initially serving a notice on the group last Friday. City A.M. understands the paperwork had [...]
Lloyds private equity bid for UK manufacturer in trouble November 24, 2011 THE PRIVATE equity arm of taxpayer-owned Lloyds bank has run into trouble in its bid for a family-owned British manufacturer in a deal worth about £70m, City A.M. can reveal. The family that owns Benson Group, which produces packaging for well-known brands sold in Asda, Tesco and Boots, has been trying to sell out of [...]
Ernst & Young chief to retire November 24, 2011 JAMES Turley, the global chief executive of Ernst & Young, is to retire in June 2013, the group said yesterday. Turley told the firm’s worldwide partners on 10 November that he would retire at age 58, on 30 June, 2013, the firm said. A replacement will be named by April 2012. Turley, who became chairman [...]
Olympus loses three top staff November 24, 2011 THREE executives of scandal-hit electronics maker Olympus resigned with immediate effect yesterday ahead of a boardroom showdown with ousted chief executive Michael Woodford. Former president and chairman Tsuyoshi Kikukawa; former vice-president Hisashi Mori and internal auditor Hideo Yamada, tendered their resignations from the board. All three were blamed for playing critical roles in the cover-up [...]
Merkozy to seek closer fiscal rules November 24, 2011 LEGAL changes may be on the way to force overspending nations back into line, after crisis talks between German Chancellor Angela Merkel, French President Nicolas Sarkozy and new Italian Prime Minister Mario Monti yesterday. The three want to change European treaties to make sure states only run small deficits in future. “Each country has its [...]
Dexia taps emergency funds November 24, 2011 TROUBLED Franco-Belgian bank Dexia is drawing on emergency liquidity funds, a banking source said yesterday, as its host governments rush to finalise a long-awaited deal to provide guarantees on its debt. A French finance ministry source said an interim agreement to guarantee Dexia’s financing would be signed “within days” and would be based on the [...]
