Blockbuster bidding auction begins April 5, 2011 A bankruptcy auction for movie rental chain Blockbuster began with a $284m (£174.4m) bid from Dish Network yesterday, quickly topped by rival groups led by billionaire Carl Icahn and hedge fund Monarch Alternative Capital. The Icahn group bid $291.4m, while Cobalt Video, a hedge funds led by Monarch, offered $290m, said Blockbuster lawyer Stephen Karotkin, [...]
Geithner in corporate tax overhaul April 5, 2011 The Obama administration is preparing a comprehensive proposal for corporate tax reform in an effort to kickstart the legislative process in Congress, US Treasury secretary Timothy Geithner said yesterday. Geithner said the proposal would have to be revenue neutral, so that a cut in the corporate tax rate would have to be offset by new [...]
Inflation set to hit 4.8pc, warns Lloyds April 5, 2011 INFLATION in the UK will reach 4.8 per cent this year, a leading City price watch monitor said yesterday. The release came ahead of tomorrow’s Bank of England announcement on interest rates. Starting today, the monetary policy committee (MPC) will discuss whether to begin normalising Bank rate, after more than two years at the historic [...]
Boost for G7 yet Japan hit by quake April 5, 2011 ACCELERATING private sector investment and growing international trade are boosting G7 economies, data from the Organisation of Economic Co-operation and Development (OECD) showed yesterday. “The outlook for growth today looks significantly better than it looked a few months back,” said OECD chief economist Pier Carlo Padoan. “Growth perspectives are higher all across the OECD area, [...]
CHINA HIKES RATES April 5, 2011 INTEREST rates in China were hiked for the second time in 2011 yesterday. Benchmark one-year deposit rates rose 0.25 per cent to 3.25 per cent and one-year lending rates went up 0.25 per cent to 6.31 per cent. The central bank has tightened policy since food price inflation soared upwards last year, provoking widespread concerns.
CITY VIEWS: SHOULD THE BANK OF ENGLAND RAISE INTEREST RATES TOMORROW? April 5, 2011 ANTHONY JEFFERYS | AXA INSURANCE “Yes I think it should start to increase Bank rate. Mainly because inflationary pressures are too heavy at the moment, and the rise in oil prices means an interest rate increase is all but inevitable at some stage.” OLIVER STAPLE | HORN & CO “As someone with a mortgage, I [...]
EU regulation hits small firms April 5, 2011 The Federation of Small Businesses (FSB) warned yesterday that micro firms will be hard hit by the large number of regulations that come from the European Union, despite the start of UK government’s moratorium on regulations. The overall cost of red tape to businesses in the EU is €124bn yearly.
Homeowners upbeat on prices April 5, 2011 Three out of five – 59 per cent – of homeowners in the UK expect house prices to rise over the next six months, according to the latest survey by property website Zoopla. It also reports growing optimism from homeowners.
Australia keeps rates on hold April 5, 2011 Australia’s central bank kept interest rates steady at 4.75 per cent for a fifth month yesterday, arguing that a lofty Australian dollar, moderate wages growth and intense retail competition would help keep inflation at bay for the year ahead. The Australian dollar has jumped by around 13 per cent in the last twelve months.
Exit activity at record levels April 5, 2011 Private equity backed exits remained at record activity in the first three months of the year, researchers at Prequin revealed yesterday. “Fund managers are realising the mega-sized investments made during the buyout boom-era,” said Prequin’s Manual Carvalho. The number of new deals, and their value, both fell from the final quarter of 2010. New deals [...]
