BoA overtakes UBS in wealth manager league July 5, 2009 BANK OF AMERICA (BoA) has officially overtaken Swiss rival UBS as the number one wealth manager for rich investors thanks to its merger with rival Merrill Lynch, a survey has said. The group now oversees a giant $1.5 trillion (£921bn) in assets, slightly more than UBS that has suffered heavily from client withdrawals of funds [...]
CIRCLING FRIENDS July 5, 2009 Internet entrepreneur Peter Dubens is on the shortlist to buy Friends Reunited from ITV. The broadcaster, which paid £175m for Friends, may sell it for as little as £20m. Dubens runs a private equity arm called Oakley Capital.
CBI calls for stay-at-home pay July 5, 2009 Industry leaders have suggested new legislation allowing firms to pay staff small amounts to stay at home for a fixed period, instead of making them redundant. The “Alternative to Redundancy” proposals by the CBI of a low-paid “limbo” for staff would allow firms to retain employees rather than losing them altogether when times get tough. [...]
Wall Street to trade state IOUs July 5, 2009 IOUs being issued by the US state of California are set to be traded on Wall Street, with interest already mounting from bodies like hedge funds and government bond traders. Teams are being set up to broker the IOUs, which Bank of America and Wells Fargo have agreed to accept as deposits after the government [...]
Qinetiq: 1.3bn shortfall plugged July 5, 2009 A group of defence firms led by Qinetiq has said there is no longer a £1.3bn gap in a military training programme. The group, known as Metrix, has said the issue over the project, a £12bn plan to centralise technical training in Wales, has been resolved. The shortfall came to light after a Ministry of [...]
Tax code may become law if banks resist July 5, 2009 THE GOVERNMENT’S code of practice for banks on tax could become law if financial institutions do not behave in a manner consistent with the voluntary scheme, Treasury sources said yesterday. The code, unveiled by financial secretary to the Treasury Stephen Timms last week, asks banks to act in a manner consistent with “both the letter [...]
BT denies its new executive pay plan is in response to investor pressure July 5, 2009 TROUBLED telephone operator BT has denied its programme of cutting base salaries for its executives to below the industry standard is designed to head off a shareholder revolt at a shareholder meeting this month. The group said its remuneration committee began the changes as early as 2007, and they are designed to motivate staff to [...]
O’Toole: we’ll keep hold of UK franchises July 5, 2009 NATIONAL EXPRESS, the troubled transport group, will not give up its hold on its remaining franchises, defying transport secretary Lord Adonis. In the latest twist in a saga which has seen National Express’ chief executive Richard Bowker stand down and the government announce a nationalisation of the company’s east coast rail line, the group’s acting [...]
Vasanta closes in on rescue bid as PwC hovers July 5, 2009 OFFICE supply group Vasanta has said it is at an “advanced stage” of discussions over a restructure of its debts, and dismissed “alarmist and misleading” speculation it is on the brink of bankruptcy. Chief executive at the firm, which is struggling after having its credit insurance to key suppliers withdrawn, Richard Martin said it still [...]
JJB Sports set to raise extra funds July 5, 2009 Struggling sportswear retailer JJB Sports has confirmed it is considering selling shares to raise extra funds. The group, which has been undergoing a rescue turn-around led by retail veteran Sir David Jones, confirmed it was “reviewing a range of possible options to provide additional capital.” It is understood that JJB Sports is looking to raise [...]
