Nomura cuts exposure to Italian government bonds November 28, 2011 NOMURA Holdings, Japan’s largest investment bank, has cut its exposure to Italian government bonds and other Italian securities to $467m (£301.6m) from $2.82bn in less than two months to reduce its risk in the region’s debt crisis. Nomura said the move was part of a broader reduction of its holdings in Europe. The bank said [...]
Sean Quinn is ordered to pay back state bank November 28, 2011 BANKRUPT billionaire Sean Quinn was yesterday ordered to repay €1.7bn (£1.5bn) to a state-owned bank in the largest judgement ever against an individual in Ireland. Quinn, whose €4bn empire collapsed after a disastrous investment in Anglo Irish Bank before its 2009 nationalisation, was ordered to pay the lender €417m, bringing his total liability to €2.1bn. [...]
CITY VIEWS: IS THE REFINANCING ENOUGH TO SAVE THOMAS COOK? November 28, 2011 JAMES HOLLINS | EVOLUTION Longer-term, the company will have to fundamentally adjust its business model; savagely cut costs; hope for more benign economic conditions; and wish for negligible external shocks such as the current events in Egypt. The required changes are a tall order in a structurally flawed industry. WYN ELLIS | NUMIS We believe [...]
KKR in Capital Safety buyout November 28, 2011 KKR, one of the world’s largest buyout firms, has bought safety equipment maker Capital Safety for $1.12bn (£722m). KKR, which is acquiring the company from private equity firm Arle Capital Partners, said it sees attractive prospects in the fall protection business because of its ties to the energy and infrastructure industries, with potential for growth [...]
German Domino’s bids to go large November 28, 2011 The fledgling German operation of Domino’s Pizza UK & IRL could grow to be twice as big as the UK business, incoming chief executive Lance Batchelor said yesterday. Domino’s, which operates the British and Irish franchises of the global delivery brand and opened its first stores in Germany this year, believes the German market could [...]
AOL not planning to buy Yahoo November 28, 2011 AOL does not plan to buy any of Yahoo’s assets, AOL’s chief executive said yesterday. Tim Armstrong reiterated the company’s strategy of staying independent and growing its ailing brand, known for its dial-up services, into a media powerhouse dependent on advertising revenue. Meanwhile, the New York Times reported last night that a constortium including Microsoft [...]
Dreaming big in Malawi November 28, 2011 OFFERING people financial services as simple as a bank account or affordable business loan for the first time can be life-changing. Take Precious Bambala, a small-time hairdresser based in the village of Limbuli in southern Malawi, where all the money raised in City A.M.’s Christmas charity appeal will be used. In her remote rural area, [...]
£110,000 raised so far November 28, 2011 DONATIONS to City A.M.’s Christmas appeal are still pouring in, and we are delighted that only two weeks into our campaign we have raised more than £110,000 from our generous readers. More than £12,000 has been gifted to our appeal by phone, by text and through our website in the past four days alone, including [...]
CHIEF EXECUTIVE, OPPORTUNITY INTERNATIONAL UK, EDWARD FOX November 28, 2011 I know it’s a cliché, but people are the same the world over. Every time I visit Africa and meet our clients, this universal truth hits home – they’ve got the same fears, the same hopes, the same dreams as you and I. Take education. Those of us with families will know how often this [...]
Judge blocks Citigroup-SEC settlement November 28, 2011 A US FEDERAL judge angrily blocked Citigroup’s proposed $285m (£184m) settlement over the sale of toxic mortgage debt, rebuking the top US market regulator over how it reaches corporate fraud settlements. District Judge Jed Rakoff said the US Securities and Exchange Commission appeared uninterested in actually learning what Citigroup did wrong, and erred by asking [...]
