Tesco wages war on British banks April 19, 2011 TESCO’S new chief executive yesterday set the retail giant on course for a showdown with Britain’s banks, as he made growing his financial services unit one of his top priorities. Philip Clarke, who replaced Sir Terry Leahy at the helm of Britain’s top supermarket last month, said Tesco’s bank would become a “big part” of [...]
Nasdaq bid for NYSE sweetened April 19, 2011 US STOCK exchanges Nasdaq OMX and IntercontinentalExchange raised the heat on NYSE Euronext yesterday, tabling an aggressive revised bid to derail its planned link-up with Deutsche Boerse. Nasdaq-ICE, whose $11.3bn (£7bn) bid to merge with NYSE Euronext was rejected this month, offered to pay a $350m reverse break fee should US competition authorities veto its [...]
Wasps suspend Powell and Payne April 19, 2011 RUGBY UNION: Wasps have handed suspensions to forwards Andy Powell and Tim Payne. The club confirmed that the Welsh international Powell and former England prop Payne will not play for the club whilst an internal investigation takes place.
How Tesco could shake up banking April 19, 2011 THERE is a simple way to increase competition in banking: unleash the supermarkets. Only they have the firepower, brand and distribution to grab a meaningful market share in basic retail financial services quickly. So it was heartening to hear from Phil Clarke, Tesco’s promising new boss, that boosting his banking offering is one of his [...]
Banks sued in Libor case April 19, 2011 A EUROPEAN asset manager yesterday sued twelve US, European and Japanese banks, accusing them of conspiring to manipulate Libor, a benchmark used to set interest rates on hundreds of trillions of dollars of securities. Vienna-based FTC Capital and two funds it operates in Luxembourg and Gibraltar accused the banks of conspiring to artificially depress Libor, [...]
Canada weighs LSE deal April 19, 2011 A KEY inquiry into the London Stock Exchange’s merger with Canada’s TMX Group has recommended the Toronto bourse appoint more directors, but did not oppose the proposed tie-up marking the first hurdle for its approval. The Ontario government committee reviewing the deal plans said an equal number of directors should be appointed. Under the current [...]
WHAT THE OTHER PAPERS SAY THIS MORNING April 19, 2011 FINANCIAL TIMES EXXON CHIEF CLAIMS BP LOST TIME BP lost valuable time at the height of its devastating accident in the Gulf of Mexico last year pursuing solutions to contain the oil spill that were never going to succeed, the chief executive of ExxonMobil has claimed. In a sharp criticism of the handling of the [...]
Yields rise on Greek debt… April 19, 2011 GREEK authorities managed to sell €1.625bn (£1.425bn) of 13-week Treasury bills yesterday, at a record 4.1 per cent yield. Despite the cost, the sale was regarded in some quarters as a success, defying fears that a restructuring of Greek debt is inevitable. Today all eyes turn to Spain, which will issue 10 and 13 year [...]
News Corp eyes F1 takeover April 19, 2011 Rupert Murdoch’s News Corp is in early talks to buy Formula One motor racing, a source confirmed to City A.M. last night. The global media firm, which is currently in the process of acquiring the shares it does not already own in British satellite broadcaster BSkyB, has hired the US bank JP Morgan to advise [...]
Bank of America to exit private equity April 19, 2011 BANK OF AMERICA (BoA) is plotting an exit from private equity, as it looks to wind down its flagship $5bn (£3bn) buyout fund. Bank of America will spin off BAML Capital Partners into its own unnamed firm and then manage the bank’s private equity assets for a fee – winding those positions down over time [...]
