US bond prices tank following tax cut pledge December 8, 2010 US bond prices fell again yesterday after suffering their fastest sell-off in 18 months, as traders fretted over the effects of President Barack Obama’s move to extend some of George W Bush’s tax cuts. Yields on 10-year government bonds jumped to 3.24 per cent, the highest level since June, as the price tumbled. Traders’ distaste [...]
Renault strike Lotus deal December 8, 2010 FORMULA ONE: The Renault F1 team is to be renamed Lotus Renault GP from next season after the French car company sold its remaining shares in the team. The move, which will see Group Lotus plc acquire a major equity stake in Renault from private investment group Genii Capital, means there will be two Formula [...]
Bopara extends Essex stay December 8, 2010 CRICKET: Essex and England batsman Ravi Bopara has signed a new two-year deal with the county to end months of speculation over his future. The 25-year-old all-rounder, who has been spending the winter playing for South African team KwaZulu-Natal Dolphins, had been considering the contract offer since early September.
Apax close to buying ISS for up to $8.5bn December 8, 2010 LONDON-based private equity group Apax Partners has won exclusive talks to buy cleaning giant ISS for up to $8.5bn (£5.3bn), sources close to the companies confirmed yesterday, in what could be the biggest buyout in Europe since the credit crisis. Apax has several months to thrash out a deal with current owners Goldman Sachs and [...]
Hundreds face axe at O2 as firm shakes up management December 8, 2010 HUNDREDS of jobs are set to be axed at O2 as the firm completes one of its biggest structural shake-ups in recent years, City A.M. has learned. The telecoms giant will start a consultation period in January to determine how many positions will go. The firm will merge its customer sales and customer services departments [...]
Profits down 83pc at troubled hedgie Marshall Wace December 8, 2010 LONDON-BASED hedge fund Marshall Wace saw its profit and bonus pool plunge 83 per cent last year, as the firm’s investments reeled from the continuing global financial crisis. The firm made £66.6m in fees for the 12 months to February, according to papers filed at Companies House, leading to a pool of £45.5m to be [...]
Martin Broughton poised to bet against Reuben brothers on Tote December 8, 2010 MARTIN Broughton, who oversaw the recent sale of Liverpool Football Club, is putting together a bid to buy the Tote. Broughton is assembling an offer for the state-controlled betting firm through Sports Investment Partners (SIP), the private equity firm he recently launched with his son, Michael. The racing fan, who is a former chairman of [...]
McDonald’s growth disappoints December 8, 2010 McDonald’s reported a smaller-than-expected rise in global sales at established restaurants in November as demand was weaker than anticipated in its key domestic market and Japan. Worldwide November sales at restaurants open at least 13 months were up 4.8 per cent. In the US, sales were up 4.9 per cent. Wall Street had expected global [...]
Treasury to sell down AIG stock December 8, 2010 The Treasury plans to sell about one-fifth of insurer AIG through a stock offering in the first half of 2011, an important test of the governmen’s ability to profitably exit one of its most controversial bailouts. AIG and the Treasury would both sell stock in the offering, which could total $10bn to $15bn, sources said. [...]
Asset sell-off could pay for lower taxes December 8, 2010 GEORGE Osborne yesterday revealed he could have tens of billions of pounds to spend on tax cuts or spending projects before the next election. The chancellor has not factored the proceeds from selling off state-owned assets – including the government’s stake in RBS and Lloyds – into his deficit reduction plan. If the government can [...]
