Fiat raises Chrysler stake as US carmaker plans IPO January 11, 2011 ITALY’S Fiat has lifted its stake in Chrysler to 25 per cent as chief executive Sergio Marchionne prepares for an upcoming round of meetings to refinance Chrysler’s debt and ready an initial public offering (IPO). Fiat said in a statement yesterday that it had raised its ownership in Chrysler to 25 per cent from 20 [...]
BEST OF THE BROKERS January 11, 2011 BARRATT DEVELOPMENTS Panmure Gordon rates the housebuilder “buy” at a 147p target price as it believes the stock is the lowest-valued in the sector. It says Barratt has improved its operating performance, reduced costs and improved the quality of its offering since 2007, and the broker expects Barratt’s share price to rise to reflect this [...]
CAR TALK January 11, 2011 TASTY: PORSCHE’S SPYDER SUPERCAR Look familiar? This is Porsche’s 918 Spyder supercar in 756bhp race car guise which has gone down a storm at this week’s 2011 North American International Auto Show in Detroit. Called the 918 RSR, it has a carbon fibre-reinforced plastic (CFRP) monocoque chassis and is essentially a teaser for the production [...]
Portugal on the brink as fear returns January 10, 2011 PORTUGAL is scrambling to avoid being hit by the Eurozone debt crisis, amid mounting expectations of a third bailout for the currency region. Analysts yesterday said that only the European Central Bank’s special bond purchasing programme is standing between the country and a rescue. With Portugal facing its first sale of long-term debt tomorrow, figures show [...]
Morgan Stanley latest giant to spin off prop trading unit January 10, 2011 MORGAN Stanley yesterday agreed a deal with Peter Muller, the head of its proprietary trading desk, enabling the unit to spin off into a separate company by the end of next year. Muller, who founded the desk when he joined the bank 18 years ago, will take the full team of 60 employees with him, [...]
No extra tax on banks as war on City halted January 10, 2011 DAVID Cameron has decided not to slap another tax on City pay or to introduce yet further restrictions on bonuses, it emerged last night. Negotiations are still ongoing about a global lending target for UK banks in 2011, as well as the possibility of getting institutions to disclose more details on high earners. One option would be [...]
Sainsbury’s to lead jobs rise January 10, 2011 SUPERMARKET giant Sainsbury’s will create 20,000 new jobs over the next three years, as part of a government backed drive for the private sector to boost employment. Sainsbury’s chief executive Justin King said: “These new jobs will provide a huge boost to communities across the UK and as they are a mixture of full and [...]
What to do about financial illiteracy January 10, 2011 HERE is a suggestion for the City’s top banks: each should make an immediate and very large donation to a special new educational fund for financial literacy. I’m talking real money here, hundreds of millions for each of the mega-banks, as well as contributions from big insurers and wealth managers – when I first started [...]
What the other papers say this morning January 10, 2011 FINANCIAL TIMES BUY-OUT GROUP GAINS CONTROL OF MADEJSKI’S LARGEST PROJECT Sir John Madejski, the property and publishing tycoon, has sold control over one of Britain’s largest commercial developments to a private equity consortium in the latest debt-driven property transaction. Benson Elliot, the private equity real estate firm, has teamed up with UK developer Stanhope to [...]
Rolet warns of flight over dark pool cap January 10, 2011 THE CHIEF of the London Stock Exchange, Xavier Rolet, warned new regulation to control controversial “dark pools” could lead to an exodus of businesses from the City. Dark pools, electronic trading platforms that offer anonymous trading away from major stock exchanges, have come under fire from regulators and other European bourses. Opponents say the method [...]
