Goldman set to wield axe September 27, 2011 GOLDMAN Sachs could raise its cost-cutting drive by $250m (£159.9m) to $1.45bn by the end of the year. America’s largest investment bank is expected to raise the $1.2bn level of savings, equivalent to around 1,000 jobs, announced by managers in July. Industry conditions have worsened since then with revenues under pressure from market volatility. Goldman [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 27, 2011 FINANCIAL TIMES ANADARKO SOUNDS OUT BRAZILIAN BUYERS Anadarko Petroleum has asked advisers to sound out potential buyers for a collection of its Brazilian oil assets in a deal that could be worth up to $5bn, in the latest attempt by oil and gas explorers in the region to attract investment. The US independent oil and [...]
Senate passes new funding law September 27, 2011 The US House of Representatives is expected to endorse a short-term funding bill tomorrow to avert a government shutdown, a top Republican aide said, as members of both parties drew fire for creating another high-stakes political drama. The Senate yesterday passed the resolution funding the government until 18 November, ending a stalemate over emergency relief [...]
Some Madoff claims thrown out September 27, 2011 A US judge yesterday narrowed a $1bn lawsuit against owners of the New York Mets baseball team by the trustee seeking money for victims of Bernard Madoff’s epic fraud. Manhattan District Judge Jed Rakoff dismissed nine of 11 counts raised in trustee Irving Picard’s 373-page complaint against the Mets owners. But he said the trustee [...]
Melrose quits the bid race for Charter September 27, 2011 INDUSTRIAL investor Melrose abandoned its bid to buy Charter International yesterday after its share price fell too low to make its offer for the engineering group viable. Melrose walked away from its £1.4bn takeover plan despite finishing its due diligence on Charter and saying it had the required debt funding ready to use. “Melrose announces [...]
LCH.Clearnet snubs Markit to leave LSE in pole position September 27, 2011 THE LONDON Stock Exchange looked set to win the bid for sought-after clearing house LCH.Clearnet yesterday after its rival bidder Markit admitted it was out of the running. Markit, a post-trade services specialist, said the LCH board had failed to back its bid to buy the entire company for a reported €15 (£13) per share, [...]
Accenture expects more growth as firms adapt to new regulation September 27, 2011 ACCENTURE reported market-beating quarterly results last night, and the technology outsourcing and consulting company forecast a strong 2012, allaying fears of an industry-wide slowdown triggered by a slowing US economy and the debt crisis in Europe. The firm said while the global economy has become more volatile, increased regulations and the need to adapt to [...]
Greeks vote for taxes but Germans rebel September 27, 2011 THE Greek government managed to persuade its members of parliament to vote for further austerity measures yesterday, a crucial step in securing its next tranche of aid to avoid a default next month. All the ruling Socialist party’s 154 MPs, plus one independent, voted to impose a controversial new property tax that aims to raise [...]
Debt crisis fears push up cost of Italian and Spanish borrowing September 27, 2011 RISING anxiety over the debt crisis meant borrowing rates for Italy and Spain hit their highest level since the financial crisis yesterday. Italy, which held its first government debt auction since it was downgraded by Standard & Poor’s last week, was able to raise its target sum of €14.5bn (£12.6bn) but two-year zero-coupon bond traded [...]
Crédit Agricole may follow its peers in launching asset sale September 27, 2011 Crédit Agricole, France’s third-biggest bank by market value, is expected to follow bigger rivals BNP Paribas and Société Générale in launching asset sales after the sharp falls in their share prices in recent weeks. Retail-focused Crédit Agricole is a different beast from BNP and SocGen. It has already restructured its investment bank and cut high-risk [...]
