We must learn from financial history January 24, 2010 SPEAKING to this newspaper last night, Lord Myners, the City minister, points out that banks’ proprietary trading and investments in hedge funds and private equity were “in no way central” to the problems which led to the global financial crisis. I agree: Barack Obama’s plan to ban banks with retail arms from those activities – [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 24, 2010 THE SUNDAYS The Sunday Telegraph TCHENGUIZ BROTHERS IN £2BN BANK CLAIMS Companies linked to Robert and Vincent Tchenguiz, the property entrepreneurs, have filed creditors’ claims totalling £2.26bn against Kaupthing, despite being among the failed Icelandic bank’s biggest borrowers. It emerged last summer that Robert Tchenguiz had borrowed €1.7bn (£1.5bn) from the bank and Vincent Tchenguiz [...]
HBOS extends hotel loan January 24, 2010 A CASHFLOW crisis threatening luxury hotel group the Rocco Forte Collection has been averted by a £300m loan extension from HBOS, part of Lloyds Banking Group. The 18-month extension, which pre-empts a long-term solution, follows urgent talks between owner Sir Rocco Forte and the bank, the Times reported. It is understood the hotel group, whose [...]
Vodafone to resurrect Otelo January 24, 2010 Vodafone plans to resurrect its German Otelo brand as a no-frills mobile product to grab market share from rivals and boost revenue, the company said.
Centrica wants more protection January 24, 2010 Centrica chairman Roger Carr is urging the government to consider protection for the owner of British Gas from foreign predators, The Mail on Sunday said. Carr was quoted, saying: “I’m going to tell them (the government) that if they don’t decide that this (Centrica) is a strategic asset then there is the possibility of the [...]
KSF administrator mulls sale January 24, 2010 The administrator to Kaupthing Singer & Friedlander (KSF), the British division of Kaupthing, the Icelandic bank that collapsed in 2008, is considering selling what is left of the bank’s operations. “The administrators objective is to realise KSF’s business and assets for the benefit of the creditors and therefore they review the range of options available [...]
Davos will see bankers fight Obama plans January 24, 2010 THE slopes of Davos will be the unlikely setting for the start of a fightback against the draconian measures being touted by the White House. Bankers from the world’s most powerful financial institutions will begin the mammoth task of lobbying regulators against Barack Obama’s anti-bank legislation at the World Economic Forum, which kicks off on [...]
Citi resume Haiti operations January 24, 2010 Citigroup has resumed operations in Haiti but has relocated operations after the massive earthquake on 12 January damaged its main building and killed five employees. Citi, which has been in Haiti since 1971, said it will serve corporate customers out of the ScotiaBank Building in Petion-Ville. The company said its main building in Port-au-Prince had [...]
Infineon’s Wucherer confident January 24, 2010 German electronic chipmaker Infineon’s director Klaus Wucherer does not expect UK pension fund Hermes will be able to stop his election as chairman of the supervisory board. He said: “I anticipate the proposal of the supervisory board to elect me will be accepted.” Supported by several other investment funds, Hermes is campaigning for ZF Friedrichshafen [...]
Tube Lines’ legal bid fails January 24, 2010 The company responsible for upgrading the Jubilee and Northern lines has failed in a bid to extract an extra £327m from London Underground. An independent adjudication “dismissed in its entirety” a claim by Tube Lines that the London Underground was in breach of its PPP contract. The ruling, by an independent QC, confirmed London Underground’s [...]
