Clearing call for derivatives June 5, 2011 The world’s top 14 derivatives dealers may need extra cash to handle a surge in transaction clearing, especially in choppy markets, the Bank for International Settlements (BIS) said. Clearing is being favoured by regulators because it is backed by a default fund that ensures a trade is completed even if one side goes bust, as with [...]
Aegis in talks over sale of research arm June 5, 2011 AEGIS is involved in “early stage” talks with Ipsos Mori over the sale of its Synovate market research business, according to people close to the matter. Sources told City A.M. “very preliminary” discussions had taken place but could not confirm when they began. Aegis is expected to issue a statement to the London Stock Exchange [...]
All eyes on Havas chair Vincent Bolloré June 5, 2011 WILL he or won’t he? That is the question that markets will be asking this morning of Vincent Bolloré, the chairman of French marketing group Havas, who is also the biggest shareholder in Aegis. Because if Ipsos Mori’s unsolicited offer for Aegis’ market research arm Synovate is eventually accepted, it makes it more likely that [...]
Portuguese Social Democrats set to topple Socialist government June 5, 2011 PORTUGAL’S centre-right Social Democrats (PSD) appeared on course to secure victory in the country’s general election yesterday, exit polls showed. Led by Pedro Passos Coelho, the party is expected to defeat Prime Minister Jose Socrates’ Socialists after they sought a €78bn (£69bn) bailout that will usher in an era of austerity for the country. Exit [...]
Jane Norman lenders ask PwC to find buyer June 5, 2011 HIGH STREET fashion chain Jane Norman has been put on the block by PwC at the request of its lending syndicate, a source familiar with the process said yesterday. PwC is thought to have sent out sale information on Jane Norman, which is majority owned by a group of 11 banks following the collapse of [...]
Decline in sales and footfall starts to slow June 5, 2011 THE UK high street has reported a drop in sales and footfall after April’s bumper figures, but the latest numbers suggest the underlying decline in retailers’ fortunes is slowing down. Total sales in May fell 0.1 per cent year-on-year, with good weather and seasonal promotions boosting trade, according to the May figures from BDO’s High [...]
HMV nears refinancing deal with its lenders June 5, 2011 EMBATTLED retailer HMV is close to securing a vital refinancing from its lenders, a source close to the company confirmed yesterday. Months-long talks with HMV’s lending syndicate, led by Lloyds Banking Group and RBS, are close to yielding a two-year refinancing of between £210m and £230m, allowing the firm some breathing space to get its [...]
Bean sprouts may be cause of killer bug June 5, 2011 BEAN SPROUTS locally grown in northern Germany have been identified as the likely cause of the E.coli outbreak sweeping across Europe. Gert Hahne, a spokesman for the agriculture ministry in Lower Saxony, said health officials had identified the sprouts as the possible source of the deadly bug. The source of the contamination could have been [...]
Betfred sets out Tote’s future June 5, 2011 SENIOR executives from Betfred will meet with management from the Tote this week to set out the future direction of the company. The bookmaker has assured Tote staff that no more than 150 redundancies will be made when the two firms merge, with jobs instead being cut from head office over the next 12 months. [...]
OPEC likely to boost output to bring down price of crude oil June 5, 2011 GULF Arab OPEC members led by Saudi Arabia will push for an increase in supplies at a meeting of the oil cartel this week, in an effort to support flagging world economic growth by bringing crude prices back below $100 a barrel. Data indicating that economic recovery may be stalling in the West is worrying [...]
