Russian bank pounces for Austria’s VBI September 8, 2011 RUSSIAN lender Sberbank has snapped up Austrian multinational Volksbank International (VBI) in its second multi-million euro purchase of the year. An adviser on the deal said that it provides an example of how Western European banks are missing out on growth opportunities due to being embroiled in the region’s debt crisis. At a stroke, the [...]
Osborne agrees deal for UK as renminbi hub September 8, 2011 CHANCELLOR George Osborne agreed to develop London into an offshore trading centre for China’s renminbi currency after meeting Chinese vice-president Wang Qishan yesterday. The move gave official Treasury support for the City’s push to trade the renminbi, a market expected to grow rapidly for trade, foreign exchange and bond issuance. The step reflects efforts by [...]
Yahoo faces calls for board to step down September 8, 2011 THE DEPARTURE of Carol Bartz appears to have done little to steady the ship at Yahoo, with a major investor yesterday calling for “sweeping” changes on the company’s board, including getting rid of the chairman. Activist hedge fund manager Daniel Loeb, who revealed he has amassed a 5.15 per cent stake in Yahoo, applauded the [...]
Singapore comes under fire over Man United IPO September 8, 2011 THE SINGAPORE stock exchange has come under fire for its decision to wave through the controversial share structure proposed in the Manchester United IPO. It is understood the Old Trafford club will create a tiered structure whereby stock held by its US owners the Glazer family will have twice the voting rights of the new shares. [...]
Anger as SFO drops its probe into hedge fund September 8, 2011 INVESTORS and liquidators have reacted with shock after the Serious Fraud Office dropped a two-and-a-half-year probe into a hedge fund that collapsed with $639m (£399.86m) under management. The SFO said there was “not a reasonable prospect of conviction” after studying evidence on London-based Weavering Capital (UK), which went into administration in 2009. The move comes [...]
WHY PROBE CAR INSURANCE? September 8, 2011 Q.WHY HAS THE OFT LAUNCHED THIS INVESTIGATION? A.The competition regulator is concerned that steep rises in car insurance rates in recent years could be due to insurers levying unnecessary charges or selling products wrongly. Q.WHAT IS THE OFT CALLING FOR EVIDENCE ON? A.The investigation covers areas where insurers charge motorists additional amounts, such as for [...]
Car insurers hit by probe into rate rises September 8, 2011 SOARING car insurance costs are at the centre of a new investigation by the UK’s competition watchdog, to assess whether insurance firms are raising premiums unnecessarily. The Office of Fair Trading yesterday said it was so concerned at signs that premiums rose up to 40 per cent in the year to March that it launched [...]
CITY VIEWS: IS THERE ENOUGH COMPETITION IN THE UK’S CAR INSURANCE MARKET? September 8, 2011 KATY TANN | RBS “Car insurance is very expensive at the moment but I do feel as though there is enough competition between companies. I’m just very grateful for the fact that I’m not a new driver buying an insurance premium now.” CHRIS DAVIS | RK HARRISON “I understand that some might not feel there [...]
NIGHT AT THE MUSEUM LAUNCHES LORD FINK’S GLOBAL FUNDRAISER September 8, 2011 THE NATURAL History Museum last night took on a global theme for the World Wide Launch Party for The Global Party – the 24-hour international party next Thursday and Friday that will link together 80 parties in 73 cities in 42 countries. More than 2,000 guests helped The Global Party get off to a flying [...]
Redrow beats forecasts in profits surge September 8, 2011 HOUSEBUILDER Redrow has posted better than expected pre-tax profits, thanks to a 14 per cent rise in revenues, but warned of a tough outlook for the property market. The Wales-based company posted a pre-tax profit of £25.3m in the 12 months to the end of June, compared with £700,000 the year before, beating a consensus [...]
