End our smoke and mirrors economy March 15, 2010 AMERICANS are great at producing lengthy, blow-by-blow investigations into crises, debacles and disasters. Last week’s 2,200 pager into the Lehman Brothers collapse from US examiner Anton Valukas is a case in point. His revelations about how Lehman was able to downplay the size of its balance sheet are especially riveting. It is clear that the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 15, 2010 FINANCIAL TIMES RBS eyes £10bn debt buy-back as it plans balance sheet shake-up Royal Bank of Scotland is planning a vast balance sheet restructuring in an attempt to boost its capital strength and its standing with bond investors. The move could involve at least £10bn (€11bn) of the bank’s £28bn of debt being bought back [...]
Polls differ over Tory lead March 15, 2010 There are mixed messages for the Tories today, with a trio of opinion polls differing on the party’s lead over Labour. A YouGov poll in the Sun today has the Tories on a five point lead, but an ICM poll for The Guardian gives them a nine per cent advantage. An Opinium poll for the [...]
ICG chief to step down today March 15, 2010 The chief executive of Intermediate Capital Group Tom Attwood will step down today as Europe’s biggest specialist mezzanine lender places greater emphasis on third-party fund management. The move comes after the London-listed company had to repair its balance sheet by raising £351m from a rights issue last July and by cutting new lending to the [...]
E&Y set to be quizzed over Lehman role March 15, 2010 ERNST & Young (E&Y) has said it will co-operate fully with the Financial Reporting Council (FRC) after it was asked to hand over audit information in relation to Lehman Brothers in the UK. The professional services firm was asked yesterday by the FRC to hand over any audit information regarding Lehman Brothers so it could [...]
Eurogroup says it will help reduce Greece debt March 15, 2010 EUROGROUP chairman Jean-Claude Juncker said eurozone finance ministers will help Greece to reduce its debt pile as they studied options facing the struggling country yesterday. Although he did not go into detail, Juncker said the support will most likely come in the form of bi-lateral loans and that the final decision would be up to [...]
Ofcom rules will allow BT to offer free football TV March 15, 2010 BT is allowed to offer free Premier League football as Ofcom has already withdrawn restrictions preventing the firm offering “bundle” deals. The former state operator was governed by strict laws aimed at improving competition. But recent changes mean BT would be allowed to tie up Premier League matches with its broadband and fixed-line services. The [...]
More cash for football clubs March 15, 2010 THE Premier League is planning a radical shake-up of its funding for the lower leagues in a bid to help stop clubs hitting the financial rocks. Portsmouth’s woes have dominated the headlines but it is the plight of Championship sides without bumper Premier League revenues that is troubling analysts. Now sources close to the matter [...]
Daimler and Renault weigh up closer ties over small cars March 15, 2010 Germany’s Daimler and French rival Renault are in talks about a possible equity swap, according to a research note put out yesterday. The two firms are talking about a wide-ranging development deal that would also include Renault’s Japanese partner Nissan, said Sanford Bernstein analyst Max Warburton. A Daimler tie-up with Renault-Nissan would help Daimler develop [...]
Consol agrees deal to purchase Dominion’s gas fields for $3.5bn March 15, 2010 Consol Energy agreed to buy US rival Dominion Resources’ Appalachian natural gas properties for $3.48bn (£2.31bn) in cash, giving Consol a leading position in the growing Marcellus Shale field. Consol said it plans to issue $4bn in debt and equity to fund the purchase. The deal is the latest sign that energy companies are targeting [...]
