West Brom in eleventh hour creditor deal June 11, 2009 WEST Bromwich Building Society has avoided collapse by convincing creditors to swap the money they lent it into equity-style holdings, enabling it to boost its depleted capital levels. The mutual asked creditors to let it swap £182.5m of subordinated debt into “a new instrument, which will qualify as tier one capital”. If the debt swap [...]
Lebedev eyes Independent June 11, 2009 RUSSIAN oligarch, and Evening Standard majority stakeholder, Alexander Lebedev is understood to be mulling a deal to buy The Independent and Independent on Sunday. Simon Kelner, the Independent titles’ managing director, and Lebedev have been in discussions over a possible deal for some months, but the process is said to have been accelerated this week. [...]
King Cantona plays it for laughs in Ken Loach charmer June 11, 2009 FilmLOOKING FOR ERIC AS everyone knows, this film stars Eric Cantona, but the Eric of the title is not the famous French footballer. It is Eric Bishop, a Mancunian postie in his forties whose life is falling apart as he loses control of the two stepsons he is bringing up after his second wife left [...]
Lord Carter to quit the government June 11, 2009 COMMUNICATIONS minister Lord Carter is to quit the government, it emerged last night, in the latest high-profile resignation to hit Prime Minister Gordon Brown. Carter, who was made a peer following a brief spell coordinating strategy at Number 10, is thought to be planning a return to the private sector once he has published his [...]
Mandelson meets with Magna June 11, 2009 Business Secretary Lord Mandelson met with Magna bosses and German ministers yesterday, as fears grew over the future of Vauxhall jobs in the UK. Magna, which is expected to take over General Motors (GM) Europe – Opel and Vauxhall – was expected to favour German factories over the UK’s, leading to worries that plants at [...]
EU push on derivatives rules June 11, 2009 The European Union wants over-the-counter derivatives to be cleared by a central body , a top European securities regulator said yesterday. Regulation of derivatives, financial instruments often used as a hedge against price fluctuations, is being targeted for reform after a type of derivative nearly toppled US insurer AIG.
3i issue boosts private equity June 11, 2009 3i is today expected to announce that around 95 per cent of its shareholders subscribed to their rights in its recent share issue, suggesting that investors are regaining their enthusiasm for buy out deals.
Permira boss to stand down June 11, 2009 THE chairman of Permira, the renowned private equity group, is to stand down, it emerged last night, to focus on turning around its ailing portfolio of companies. It is understood that Damon Buffini will search for new deals, seeking to add to the firm’s holdings in his new position. The news ends speculation that the [...]
Don’t expect miracles in housing market June 11, 2009 IT is beginning to look as if house prices won’t be falling much further. This won’t be of any use to the one in ten Brits that have already been plunged into negative equity, however; and even if the market reaches bottom this year, it will struggle in 2010. We must hope, for the sake [...]
Setanta pair in sell-off bid June 11, 2009 Setanta founders Michael O’Rourke and Leonard Ryan were yesterday mulling the break-up of the business and the sale of its profitable US and Irish operations. The move could keep the business out of the hands of administrators, but City experts remained dubious that the UK business could remain a going concern.
