FSA outlines measures to protect mortagage borrowers in arrears January 26, 2010 THE Financial Services Authority (FSA) yesterday outlined new rules to help protect mortgage borrowers who get into arrears with their home loan payments. The City watchdog is proposing to stop lenders charging heavy fees for customers who miss payments as well as making action to repossess homes only a last resort. Last year the FSA [...]
Buyout houses circle Kabel DE January 26, 2010 TWO pairs of private equity groups are believed to be preparing bids of up to €5bn (£4.4bn) for German TV and broadband operator Kabel Deutschland. A joint offer from CVC Capital Partners and Carlyle or an approach from Advent International and BC Partners would pre-empt the initial public offering being planned by Kabel Deutschland’s owner [...]
Wills & Co future called into doubt January 26, 2010 WILLS & Co, the 127-year-old City stockbroker, is locked in talks with the Financial Services Authority after surrendering all its clients over to a rival pending the outcome of an ongoing investigation by the regulator. Wills is well underway with the transfer of its 19,000 customers to Pritchard Stockbrokers, a move group chief executive Peter [...]
S&P cuts Irish banks’ ratings January 26, 2010 Standard and Poor’s rating agency has downgraded Ireland’s banking sector as doubts continue about the fallout from the country’s property crash. S&P downgraded the credit ratings of Bank of Ireland and Allied Irish Banks (AIB). It said the economic climate “will exert significant pressure on Irish banks’ asset quality and earnings”. The outlook for Bank [...]
Novartis chairman quits as CEO January 26, 2010 Daniel Vasella is stepping down from his role as chief executive of European pharmaceuticals company Novartis to concentrate on the chairmanship. He will be succeeded by Joe Jim enez, the American head of the group’s core pharmaceuticals division. The high profile executive has defended his role as both chief and chairman, but Swiss corporate governance [...]
LIDDELL RESIGNS FROM PANMURE January 26, 2010 DAVID LIDDELL, who has been finance director at stockbroker Panmure Gordon since the firm reversed into smaller rival Durlacher five years ago, will resign at the end of March, the company said yesterday. Liddell said his intention was to “pursue other business interests”. Chief operating officer Nik Joint will take on the finance director’s responsibilities [...]
Bank DLR to re-open January 26, 2010 A VITAL transport artery into the heart of the City will re-open at the start of next month after an overhaul to allow longer trains to run, Transport for London (TfL) said yesterday. The Docklands Light Railway station at Bank, which has been closed since Christmas Eve for expansion and modernisation works, will re-open on [...]
Greece reveals plans to sell more bonds January 26, 2010 GREECE said yesterday it will sell more bonds in February, emboldened after its first debt issue of the year was heavily oversubscribed, but the high price will raise pressure for unpopular spending cuts. Strong uptake for Monday’s €8bn (£7bn) bond soothed immediate concerns about Athens’ ability to finance itself in the short term, despite market [...]
ICG profits bring cheer for buyouts January 26, 2010 PRIVATE equity firms and smaller companies breathed a sigh of relief yesterday as mezzanine lender Intermediate Capital Group (ICG) said it would begin deploying fresh cash after an 18-month hiatus. Intermediate Capital, which offers financing for leveraged buyouts, said it would reel out between £150m and £200m annually after the completion of its first transaction [...]
T-Mobile: we must join up with Orange January 26, 2010 T-MOBILE needs to merge with Orange or the two groups will struggle to compete with the biggest operators, the boss of the German firm’s British arm said yesterday. Speaking at the Telecomfinance 2010 conference in London, T-Mobile UK managing director Richard Moat also said he thought a regulatory examination by Brussels would be faster than [...]
