Greece agrees new cuts as troika leaves August 5, 2012 GREECE has made some progress in finding budget cuts needed to continue its bailout programme but not all work is done and international inspectors will return next month for a final verdict, officials said yesterday. Inspectors from the International Monetary Fund, the European Commission and the European Central Bank – known as the troika – [...]
Spain is in no rush to secure EU rescue plan August 5, 2012 SPAIN has time to wait for clarity on what a full European rescue would involve as it has already covered the majority of its debt needs for the year, economy minister Luis de Guindos said in a newspaper interview published yesterday. “We will find out the details and then we will draw up a precise [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 5, 2012 FINANCIAL TIMES Greek bank head sent savings abroad A political row has erupted in Athens after the former head of a big Greek state bank admitted to transferring €8m (£6.4m) of personal savings abroad to buy a London property months before his Agricultural Bank headed towards insolvency. Theodoros Pantalakis, former chief executive of Greece’s Agricultural [...]
Troubled Knight Capital nears a deal for funding August 5, 2012 US EQUITY traders will today give their verdict on stricken deal maker Knight Capital following an audacious last minute bid to save the firm, which last week lost $440m (£281m) due to a technical trading glitch. Several parties were locked in talks last night to provide a financing deal for the market maker, whose algorithmic [...]
WorldSpreads administrators look to courts August 5, 2012 THE ADMINISTRATOR for defunct spread betting firm WorldSpreads yesterday said it was collecting evidence ahead of potential legal action to recover money owed to the firm’s creditors. A forensic accounting team from KPMG has been appointed to pore over 24 terabytes of data including emails recovered from WorldSpreads to try and piece together how the [...]
Second top HMV executive set to leave the firm August 5, 2012 THE FINANCE chief of HMV is to step down from the ailing music entertainment chain, just days after its chief executive Simon Fox resigned. The retailer is looking for a replacement for David Wolffe, who joined HMV from ITV Studios in January last year, according to sources familiar with the company. Russell Reynolds Associates is [...]
Windfall for Mouchel chairman August 5, 2012 THE CHAIRMAN of struggling infrastructure firm Mouchel stands to pocket £650,000 for his work in a restructuring deal that will see shareholders’ investment virtually wiped out. Under the debt-for-equity deal announced last week, David Shearer will be paid £150,000 a year for his role as chairman, plus £100,000 to his consultancy firm Buchanan Shearer for [...]
Land Securities plans Moorgate development in new City move August 5, 2012 LAND SECURITIES has eyed a new City development as it nears completion of its flagship projects in the Square Mile. Britain’s biggest listed landlord by market capitalisation is believed to be the front-runner to secure the deed to 21 Moorfields, above Moorgate underground station. Land Securities is looking to expand its portfolio in the City [...]
Advent’s $3bn mattress deal gives buyout market a bounce August 5, 2012 A GROWING appetite for secondary buyouts was underscored yesterday as Advent International has agreed to acquire a majority stake in mattress company AOT Bedding Super Holdings, in a deal that values the firm at $3bn (£1.9bn). Current investors in the mattress manufacturer are Ares Management LLC and the Ontario Teachers’ Pension Plan, which will retain [...]
Manchester United due to float August 5, 2012 Manchester United is set to float on the New York Stock Exchange this week, in what is shaping up to be a bumper week for the US initial public offering market. The football club is looking to raise $300m (£192m) to help pay down debts. Diner chain Bloomin’ Brands, which owns Outback Steakhouse, is also [...]
