Lisbon bailout to be in place by June vote April 12, 2011 PORTUGUESE voters will have a fully negotiated bailout package ready before their June elections, said finance minister Fernando Teixeira dos Santos yesterday, giving them the chance to accept or reject it at the polls. The loan is likely to be around €80bn (£71.2bn) with conditions based on the austerity package that was rejected by parliament, [...]
BP faces US shareholder revolt at AGM April 12, 2011 CALPERS the biggest US public pension fund, and its Florida equivalent have said they will vote against management ahead of BP’s annual general meeting tomorrow, over anger at the Gulf of Mexico oil spill. Calpers and the Florida State Board of Administration, which between them own almost 83m shares, or 0.4 per cent of BP’s [...]
Signal work goes to Metronet partner April 12, 2011 TRANSPORT for London has chosen its preferred bidder to overhaul the Tube signalling system, handing work worth an estimated £25m a year to one of the firms involved in the collapsed Metronet operator. The award came on a day of severe delays on the Underground following a signal failure on the District Line. Bombardier Transportation [...]
Retailers at risk of going under are on the increase April 12, 2011 THE NUMBER of retailers at risk of going under shot up for the second consecutive month in March, according to insolvency firm RSM Tenon. The number of companies deemed to be at high risk of insolvency jumped by four per cent in March, compared to the month before, and jumped two per cent compared to [...]
German lenders expected to fail EU stress tests April 12, 2011 TWO German public-sector lenders are set to fail European stress tests, should they be unable to find a way round new rules on core capital ratios. NordLB and Helaba survived the financial crisis without state aid, yet hold low levels of capital once special subordinated debt they hold is discounted. The banks must restructure their [...]
LONDON DEPUTY MAYOR DIES April 12, 2011 LONDON mayor Boris Johnson yesterday paid tribute to his deputy mayor and chief of staff Sir Simon Milton, who has died at the age of 49 after a short illness. Johnson said: “He was a wonderful colleague and friend and will be much missed.” Milton led Westminster City Council for eight years and was appointed [...]
Leicester Tigers consider IPO April 12, 2011 Leicester Tigers are plotting an initial public offering (IPO) to raise more than £4.4m to develop their stadium. Rugby league’s Aviva Premiership champions had planned an IPO two years ago, but are now reviving the plans to pay for work at their Welford Road ground. The fundraising would help to build a multi-storey car park [...]
Cisco to close Flip camera arm April 12, 2011 Networking firm Cisco is to close its embattled consumer products business, as it looks to revive its fortunes. The firm will close down its Flip video camera business, the portable device it acquired through buying manufacturer Pure Digital in 2009. Closing the arm will help it to refocus on its core business network, as part [...]
Citi ordered to pay out $54m April 12, 2011 An arbitration panel has ordered Citigroup to pay a group of investors $54.1m (£33m) for losses from municipal securities funds that cratered between 2007 and 2008, the biggest award yet involving the funds in a long series of legal claims against the bank. The products were sold as low-risk, yet plaintiffs alleged they were misled.
Star investor builds stake in IG Group April 12, 2011 A STAR New York investor has emerged as a significant shareholder in London-based spread-betting firm IG Group. William von Mueffling, one of Wall Street’s so-called “hedge-fund elite”, has seen his holding in the firm rise above five per cent. Placed through his Cantillon Capital investment vehicle, the 5.01 per cent stake is worth £80m at [...]
