Banks to oppose LSE deal March 9, 2011 CANADIAN banks are set to wade into the debate over the merger of the London Stock Exchange (LSE) and TMX, its Canadian counterpart, in a bid to scupper the deal. Four banks are thought to be preparing to come out against the merger in a joint letter, but their opposition is complicated by the fact [...]
Landmark trial against Galleon founder begins March 9, 2011 A US prosecutor told a jury that greed drove hedge fund manager Raj Rajaratnam to establish a corrupt network of people to trade on inside information and make millions in illegal profits, as the trial got under way in the biggest Wall Street insider trading case in a generation. Sri Lankan-born Rajaratnam, 53, sat impassively [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 9, 2011 FINANCIAL TIMES BARCLAYS WINS SUIT OVER SALE RISK LEVEL Barclays has won a legal case brought against it by a small San Marino bank which alleged the UK bank sold it complex debt products which were “much riskier” than the triple A credit rating they had been given. Cassa di Risparmio della Repubblica di San [...]
Asia narrows US lead in list of billionaires March 9, 2011 ASIA churned out 105 billionaires last year, narrowing the US’s lead in the Forbes magazine annual list of billionaires. The Asia-Pacific region now has 300 billionaires, versus the US’s 413, collectively valued at $1.3 trillion and $1.5 trillion respectively. China now has 115 billionaires, versus India’s 55. The list set a new record for being [...]
Oil price hits $116 as plants bombed March 9, 2011 THE price of Brent crude surged over $116 a barrel yesterday after Mummar Gadaffi’s forces bombed Libya’s main oil terminal. The attack on the Es Sider terminal was the first against a critical oil facilitity since fighting began, and came as Gaddaffi tried to crush the uprising against him by bombarding the western town of [...]
IBM stocks hit a lifetime high March 9, 2011 SHARES of International Business Machines (IBM) hit a lifetime high yesterday as analysts welcomed the tech giant’s commitment to double its profit by 2015. IBM shares rose as much as 3.3 per cent to $167.72 (£103.50), their highest level on record adjusted for stock splits, as analysts raised their target price on the company, the [...]
Pimco ditches US treasuries March 9, 2011 THE world’s largest bond fund, the Pimco Total Return fund, has sold off all of its US Treasures due to worries about the government’s ballooning budget deficit, which is forecast to reach $1.65 trillion this year. In his most recent monthly report, Pimco founder Bill Gross asked: “Who will buy treasuries when the Fed doesn’t?” [...]
Horta-Osorio swings axe to appoint allies March 9, 2011 OUTGOING Lloyds executive Helen Weir could be paid more than £1.7m by the state-owned lender for at least a year after she walks out of the door. The former retail director will exit the bank, as one of the first boardroom casualties of new chief executive António Horta-Osório’s strategic shake-up. Although Weir will not get [...]
Northern Rock posts a £232m loss on its long road to recovery March 9, 2011 STATE-OWNED lender Northern Rock yesterday said it made a loss of £232m last year. In its first annual results since the government split the “good” part of the bank from its toxic assets last year, Northern Rock said it was hit by restructuring costs of £362.5m. It was weighed down by a £59.9m exceptional expense [...]
The Pru tops market with £1.9bn profit March 9, 2011 PRUDENTIAL chief executive Tidjane Thiam answered critics and reassured investors with full-year results ahead of expectations yesterday. The Pru’s IFRS operating profit was up 24 per cent to £1.94bn, up from £1.56bn in 2009 and 12 per cent higher than consensus forecasts of £1.6bn. The UK’s biggest insurer also reached out to investors angered by [...]
