Brit drops its Chaucer bid June 23, 2009 BRIT Insurance withdrew its bid for rival Lloyd’s of London insurer Chaucer Holdings yesterday, as private equity group Pamplona ramped up its assault on Chaucer by further boosting its stake. Brit said the board of Chaucer had decided not to recommend its £220m offer – worth almost a third less than for the group’s book [...]
Turner is right to reject Glass-Steagall June 23, 2009 TO my surprise, I found myself agreeing with a lot – though not all – of what Lord Turner, chairman of the Financial Services Authority (FSA), had to say to the Treasury Select Committee yesterday. He is right that it is impossible to impose maximum size limits on banks. He was also right that we [...]
Further delays at Boeing June 23, 2009 BOEING put a rain check on the first test flight of its troubled 787 Dreamliner for the fifth time yesterday, and blamed a structural problem for the latest blow to the company’s credibility. The planemaker declined to give a new date for the flight, or to confirm when the first delivery – which will also [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 23, 2009 FINANCIAL TIMES GCL-POLY TO BUY SOLAR ASSETS FOR $3.4BNGCL-Poly Energy, a Hong Kong-based power plant operator, said yesterday it would pay HK$26.4bn (£2bn) to acquire solar assets from its chairman as it seeks to expand in the green energy sector. The company said it would buy Jiangsu Zhongeng, a supplier of polysilicon and wafers used [...]
Russian shares drop sharply June 23, 2009 Shares in Russia slid further yesterday, extending losses to more than 20 per cent this month, confirming its reputation of one of the world’s most volatile markets. While the FTSE All World Emerging index fell 9.7 per cent from its 1 June peak, Russia’s RTS has tumbled 21 per cent since 2 June, including a [...]
Intel and Nokia team up June 23, 2009 Intel and Nokia have revealed plans to work together to create the next generation of mobile computing. The move brings Intel closer to a breakthrough in the mobile phone market and the potential adoption of its chips in handsets. Intel’s microprocessors run about 80 per cent of the world’s personal computers but the firm has [...]
Anglo braced for more bids from abroad June 23, 2009 ANGLO AMERICAN’S share price recovered from initial losses yesterday on market speculation that China’s Chinalco and Brazil’s Vale could emerge as potential suitors and make a bid for the company. Investors had started to dump their Anglo shares, following its rebuttal of rival miner Xstrata’s all-share, nil-premium bid for it earlier this week. “We were [...]
US in green boost for Ford and Nissan June 23, 2009 FORD, Nissan and start-up company Tesla will reap the benefits of a $25bn (£15bn) loan programme from the Obama administration, designed to help them overhaul their US factories and make more eco-friendly cars, it emerged yesterday. The news came as Nissan unveiled plans to mass-produce electric vehicles at its Tennessee plant. Chief executive Carlos Ghosn [...]
LIVERPOOL WALK ON June 23, 2009 ROYAL Bank of Scotland yesterday confirmed it is close to reaching a refinancing deal with Liverpool over the football club’s debt. The club’s co-owners, Tom Hicks and George Gillett, took out a £350m loan from RBS when they took over the club in 2007. The loan was due to be repaid by 24 July.
RBSrisk director nets share deal June 23, 2009 Royal Bank of Scotland admitted yesterday that its new head of risk Nathan Bostock will get a share bonus unrelated to group performance. Bostock, who was appointed as head of restructuring and risk earlier this year, was awarded 1.18m shares, worth £463,000 at the time he joined the bank. RBS said Bostock was being given [...]
