WHAT THE OTHER PAPERS SAY THIS MORNING December 13, 2010 FINANCIAL TIMES US REGULATOR WIDENS STANFORD PROBE TO BROKERS US securities regulators have broadened their investigation into the alleged $8bn Ponzi scheme run by Allen Stanford, the Texan billionaire, to include brokerage executives who invested their clients’ money in Stanford International Bank products. JPMORGAN CUTS BACK ON US SILVER FUTURES JPMorgan has quietly reduced a [...]
Blow for US health laws December 13, 2010 A KEY part of US President Barack Obama’s landmark healthcare law was declared unconstitutional yesterday, in the first major setback on an issue that will likely end up at the Supreme Court. District judge Henry Hudson backed the state of Virginia’s argument that Congress exceeded its authority by requiring Americans to start buying health insurance [...]
House price drop for November December 13, 2010 Housing prices continued to fall last month, the Royal Institution of Chartered Surveyors (RICS) said today. Over half (53 per cent) of surveyors reported that house prices had fallen over the three months to November. And 43 per cent said a stagnation in prices. And the survey showed an acceleration in the decline of new [...]
Pfizer raises payout 11 per cent December 13, 2010 Drugs giant Pfizer said it was raising its quarterly dividend to 20 cents per share from 18 cents yesterday as it named board member George Lorch as nonexecutive chairman, a week after the abrupt departure of chairman and chief executive Jeffrey Kindler. Kindler quit suddenly a week last Sunday night with no warning to shareholders. [...]
Irish finance minister bans AIB bonuses December 13, 2010 WORKERS at bailed-out Allied Irish Banks were left reeling after Irish finance minister Brian Lenihan dramatically intervened to block their bonus payments yesterday. AIB’s board decided last night to revoke the €40bn (£33.8m) bonus pool after Lenihan wrote to the bank threatening to withdraw state support or ban the payouts in law if AIB did [...]
Hands’ firm falls short of Walker disclosure goals December 13, 2010 SEVERAL private equity companies including Guy Hands’ vehicle Terra Firma fell short of the Walker guidelines this year, the group responsible for policing the transparency rules said yesterday. Terra Firma withdrew Autobahn Tank & Rast from the guidelines because “it is not fully compliant with the UK requirements”, the Guidelines Monitoring Group said. Meanwhile, TPG’s [...]
Wellstream up as GE confirms £800m offer December 13, 2010 SHARES in oil services group Wellstream jumped 5.8 per cent to 790p yesterday after General Electric confirmed its £800m takeover offer. GE offered a total of 786p per share for the Newcastle-based firm, six pence above its original offer. The bid leaves Wellstream’s directors in line for a £22m windfall. Wellstream’s directors own 2.8 per [...]
Peel helps CSC in Simon fight December 13, 2010 SIMON Property’s efforts to influence Capital Shopping Centres’ £1.6bn purchase of the Trafford Centre crumbled further yesterday after seller Peel Holdings threw its weight behind CSC. Peel said yesterday it “has no intention of selling the Trafford Centre for cash and this has never been an aim of the group – in spite of the [...]
Sanofi extends £12bn offer for Genzyme by six weeks December 13, 2010 SANOFI-Aventis has extended its snubbed $18.5bn (£12bn) cash bid for US biotech company Genzyme by six weeks, buying the French drugmaker time to persuade its reluctant target to talk. Only 0.9 per cent of shares were tendered by a Friday deadline, Sanofi said yesterday. Genzyme has rejected the $69 a share bid, arguing it should [...]
GlaxoSmithKline flexes muscles in £162m protein shake buyout December 13, 2010 BRITISH pharmaceuticals giant GlaxoSmithKline yesterday agreed to buy protein shake maker Maxinutrition for £162m. Glaxo said it would buy all of Maxinutrition’s shares from current owner Darwin Private Equity. The deal price includes the repayment of outstanding debts. Glaxo is hoping to use its global distribution network to market Maxinutrition’s brands, which are currently sold [...]
