Tyrie: Vickers commission is too secretive June 29, 2011 MAJOR reforms to the UK banking system should not be debated in secret, according to senior Tory MP Andrew Tyrie, who used an industry conference to call for more openness in the Vickers commission process yesterday. Tyrie, who chairs the influential Treasury Select Committee, said that the changes under consideration are too important to be [...]
BBA CONFERENCE | HIGHLIGHTS June 29, 2011 The British Bankers’ Association (BBA) annual conference took place at the Guildhall yesterday. Here are some of the highlights: • BBA chief executive Angela Knight (pictured, bottom right) said that some of the many regulations being introduced “simply don’t work right, don’t fit together, are not coherent”, such as the requirement to hold more capital [...]
Lookers takes a tumble as bid collapses June 29, 2011 SHARES in the car dealership group and parts supplier Lookers tumbled yesterday after an announcement revealing that a consortium led by veteran investor Jack Petchey had pulled out of a takeover deal. Shares in Lookers fell by 18 per cent to 57p, a level it last seen in April before news of a possible bid [...]
Farmville creator Zynga set to file for $2bn float June 29, 2011 THE social gaming giant behind FarmVille plans to raise up to $2bn (£1.25bn) in an IPO and is expected to file paperwork with US regulators as soon as today. Sources close to the firm say it plans to float around 10 per cent of its shares, giving the company a market capitalisation of as much [...]
US debt ceiling must be raised, the IMF warns June 29, 2011 THE International Monetary Fund (IMF) piled pressure on US lawmakers yesterday, with the group urging parties to end their political feud and quickly raise the nation’s debt ceiling. “The federal debt ceiling should be raised expeditiously to avoid a severe shock to the economy and world financial markets,” the IMF said. The US Treasury already [...]
Stagecoach reports mega rise in profits June 29, 2011 STAGECOACH has reported a 27 per cent jump in full-year profits, saying that rising petrol prices and increasing road congestion has encouraged more people opt for public transport instead of taking their car. The British bus and rail group posted a pre-tax profit of £205.7m while group revenues rose from £2.2bn to £2.4bn for the [...]
Fuel price woe is a boon for bus firms June 29, 2011 YOU might not know it from clapped-out trains that break down in the wrong type of snow or, more recently, heat – but we are living in a golden age for public transport. Higher prices at the petrol pump and the recession have combined to force more and more people to ditch the car and [...]
OSBORNE’S PR ADVISER GOES BACK TO BLACK June 29, 2011 ALL CHANGE in George Osborne’s advisory team, as The Capitalist hears the Chancellor’s head of press, Jean-Christophe Gray, will be replaced by Jonathan Black as the Treasury’s top spinner by the end of the week. Gray, the man responsible for briefing the media throughout the banking crisis, will help the Treasury control costs as he [...]
Minerva accepts its £202m takeover bid June 29, 2011 MINERVA has finally accepted a £202.6m takeover bid from a consortium of investors, in a deal which may spell the end of London’s best-known property developer as a public company. The board has recommended a 120.5p a share cash offer from Jupiter, a joined venture set up by US investor Area Property and Jamie Ritblat’s [...]
News Corp nets just $35m for Myspace June 29, 2011 NEWS Corp has sold social media site Myspace for about $35m (£21m) to online advertising company Specific Media, according to a source familiar with the transaction. The deal, announced yesterday, calls for News Corp to retain a minority stake in the website that it purchased six years ago for $580m, the companies said. They did [...]
