Moody’s: Earthquake costs could accelerate Japanese debt crisis March 14, 2011 THE earthquake and tsunami in Japan could bring forwards a crucial “tipping point” for market confidence in its sovereign debt, according to Moody’s Investor Services. Ratings agencies have so far held off reviewing the status of Japan’s debt, which S&P recently downgraded, saying that it will take time for the fiscal consequences of the tragedy [...]
High-end stocks face pressure but love for labels will endure March 14, 2011 AS anyone who has visited Tokyo will know, Japan is a voracious consumer of luxury labels. A natural throwaway culture by necessity, thanks to the tiny size of Japanese homes, has led to a constant demand for the “latest thing”. According to MF Global, Japan accounts for 23 per cent of the global market for [...]
Tchenguiz on attack after firm collapses March 14, 2011 EMBATTLED tycoon Vincent Tchenguiz has blamed last week’s Serious Fraud Office (SFO) raid for a series of actions which led to his property management company, Peverel Group, entering administration after failing to repay a loan. Bank of America Merrill Lynch demanded repayment within 24 hours of the raid of a £124.6m loan plus £11.4m accrued [...]
Renault says sorry over false spy claims March 14, 2011 FRENCH carmaker Renault yesterday made a public apology to three executives accused of industrial espionage after the Paris prosecutor said the trio had no case to answer. Bank accounts in Switzerland and Liechtenstein, alleged to have belonged to the executives and seen as key to the case over Renault’s electric car technology, did not exist, [...]
Nasdaq moves in on NYSE bid March 14, 2011 NASDAQ stock exchange is poised to make a hostile takeover bid for the New York Stock Exchange (NYSE), after entering late stage talks with Bank of America Merrill Lynch to fund the attempted break-up of NYSE and Deutsche Boerse’s merger. Nasdaq is close to securing $5bn (£3.1bn) of financing for its takeover bid, which could [...]
Saudi troops enter Bahrain as Gaddafi fights back rebels March 14, 2011 SAUDI Arabia sent troops into Bahrain yesterday to help put down weeks of protests by the Shi’ite Muslim majority, a move opponents of the Sunni ruling family on the island called a declaration of war. The Saudi capital, Riyadh, said that it had responded to a “security threat” by deploying its troops on the streets [...]
Brevan Howard chief to ditch City for Switzerland this year March 14, 2011 EUROPE’s largest hedge fund manager, Brevan Howard Asset Management, will see another of its top executives move to Switzerland this year. Australian co-chief executive Nagi Kawkabani said the decision to leave London is purely a “lifestyle choice”. But the move will inflame fears that London is becoming a less attractive home for top-earners due to [...]
Qatari wealth fund buys 6pc of Iberdrola March 14, 2011 SPANISH energy company Iberdrola will sell a six per cent stake to Qatar’s sovereign wealth fund, in a strategic alliance valued at €2bn (£1.7bn). Qatar Holdings, which is part of the Qatar Investment Authority, will buy 338m new Iberdrola shares at a discounted price of €5.63 each, below the company’s previous closing price of €5.96. [...]
Galleon witness testifies March 14, 2011 A DISGRACED former McKinsey & Co partner has testified that Galleon fund manager Raj Rajaratnam paid him a $1m (£617,856) “bonus” for tipping him about an acquisition by chip-maker Advanced Micro Devices (AMD), a client of the consulting firm. Anil Kumar told jurors yesterday he supplied confidential details about AMD’s 2006 purchase of graphics chip-maker [...]
Southern Cross shares dive on debt worries March 14, 2011 SHARES in healthcare group Southern Cross plunged by up to 60 per cent yesterday as the company admitted it was struggling in the face of NHS and council budget cuts. The company has appointed KPMG to look at restructuring options after cuts in local authority spending worsened its trading outlook. It said yesterday that it [...]
