Paulson holds his ground July 16, 2009 HANK Paulson, the former US Treasury Secretary, defended his role in pressuring Bank of America (BofA) executives to complete the takeover of Merrill Lynch that saved the investment bank. In a second gruelling day at a hearing over the deal Paulson once again stood firm, stating that allowing BofA to back out of the takeover would [...]
Walker’s way: evolution, not revolution July 16, 2009 WHENEVER anything goes wrong in British business, governments wheel out the corporate governance experts. Most of the time, this achieves absolutely nothing. Yesterday’s report by Sir David Walker, which is far from revolutionary, will achieve some – but not much – good. There are two main reasons why Walker won’t satisfy the ridiculously high ambitions [...]
Google profit fails to excite July 16, 2009 GOOGLE’S quarterly profit beat Wall Street expectations, but the weak economy and slump in advertising spending took a toll on sales growth and the price of its search ads. Shares in Google, led by chief executive Eric Schmidt, fell 3 per cent after the results which exceeded average forecasts but failed to live up to [...]
SPORT IN BRIEF July 16, 2009 Cavendish keeps green jerseyCYCLING: Britain’s Mark Cavendish retained the top sprinter’s green jersey after Nicki Sorensen won yesterday’s 12th stage of the Tour de France.Saxo Bank rider Sorensen claimed his maiden stage win in his 10th year as a professional, while overall leader Rinaldo Nocentini kept hold of the yellow jersey after finishing in the [...]
Downing: Villa move will aid my World Cup dream July 16, 2009 ENGLAND winger Stewart Downing insists he had to quit Middlesbrough for Aston Villa in order to boost his prospects of playing in next summer’s World Cup. Downing completed a £12m transfer yesterday, signing a four-year contract with Martin O’Neill’s improving Premier League outfit. It ended the left winger’s long association with his hometown club, which [...]
Chelsea get Terry boost but Cole injury setback July 16, 2009 CHELSEA and England midfielder Joe Cole will miss the club’s pre-season trip to America after suffering a setback in his recovery from a knee injury. Cole had hoped to return to first-team action next month, shortly after the start of the new Premier League season, but now looks likely to be out until September. The [...]
US LENDER CIT TEETERS ON THE BRINK July 16, 2009 CIT Group, the US bank that lends to a million small- and medium-sized businesses, was on the brink of collapse last night after President Obama’s administration refused to come up with an emergency bailout. Shares of the 101-year old firm slid as much as 80 per cent to 31 cents amid fears that CIT would [...]
Jimenez in charge as wily Watson rolls back the years July 16, 2009 FIVE-TIME champion Tom Watson rolled back the years with an scintillating opening round 65 to take him to within a shot off the overnight night in the Open Championship. Just two months short of his 60th birthday, the American renewed his love affair with the Turnberry course with five birdies in a bogey-free round to [...]
JP MORGAN REPORTS BUMPER EARNINGS July 16, 2009 JP MORGAN Chase, the investment banking giant, said earnings soared 36 per cent in the second-quarter, boosting hopes of a recession-defying earnings season for Wall Street. The bank unveiled bumper revenues yesterday of $27.7bn (£16.9bn) in the three months to the end of June, thanks in part to strong investment banking revenues. Earnings rose to [...]
Q&A: SALES July 16, 2009 Russell HuntMANAGING DIRECTOR, PROPERTY HUNTQ. I keep missing out on properties as they’re selling very quickly. What tips can you give me? A. If you are getting a mortgage then you must make sure that you can get your finances agreed in principle before you start looking. Remember that you will be coming up against [...]
