Abramovich threatens action over Irish Nationwide fallout October 4, 2010 THE Russian billionaire and Chelsea football club owner Roman Abramovich may take legal action against the Irish government over its decision to make subordinated bondholders in Irish Nationwide (INBS) pay part of the bill for dealing with the building society’s huge property losses. “We urge Irish authorities to re-consider their position on INBS subordinated bonds [...]
Second probe into E&Y over Lehman Brothers collapse October 4, 2010 THE accounting watchdog yesterday opened a second investigation into auditor Ernst & Young (E&Y) over its auditing of failed US investment bank Lehman Brothers. The probe will examine what E&Y told UK regulators about how Lehman Brothers was complying with client asset protection rules. “The Accountancy and Actuarial Discipline Board (AADB) has begun an investigation [...]
John Laing rules out seeking new LSE stock listing October 4, 2010 construction company John Laing is not seeking a flotation, its chief executive said yesterday, denying a report it was eying a £600m London Stock Exchange listing by end of 2010. “The company is not being floated, I can tell you categorically,” Adrian Ewer said, after describing the report as “total rubbish”. Separately, an article published [...]
Sanofi goes hostile with Genzyme bid October 4, 2010 French drugmaker Sanofi-Aventis yesterday carried through with its threat of launching a hostile bid for rival Genzyme. The firm has taken an offer of $69 (£44) a share directly to investors, valuing the firm at $18.5bn, after Genzyme management refused to negotiate. The move comes a month after Genzyme rebuffed an approach from Sanofi at [...]
RSA buys Canada’s GCAN to create fourth-largest insurer October 4, 2010 insurer RSA said it had agreed to buy Canada’s GCAN for 420m Canadian dollars (£259m), underscoring its takeover ambitions with a deal that creates Canada’s fourth-biggest general insurer. RSA, best known in Britain for its More Than home and motor insurance business, said the deal would boost earnings immediately, and would generate a mid-teens investment [...]
Sanofi October 4, 2010 Sanofi is feeling a little green around the gills. As the hopes of preventing cheaper generic versions of its Lovenox blood thinning drug appear to fade, it needs something else in the medicine cabinet – and it needs it fast. The problem it faces is that shrewd Genzyme investors know this. Sanofi claims it has [...]
Cameron has to work hard to eclipse BoJo October 4, 2010 IN the run-up to this conference, Tory strategists promised a more upbeat tone. Ed Miliband’s claim that Labour is the optimistic alternative to the dour coalition cutters appears to have hit home. The Conservatives have done their best to trot out popular announcements on high-speed rail and education scholarships for the armed forces, but these [...]
Prisoners set to work 40-hour week October 4, 2010 KEN Clarke, the justice secretary, will today unveil plans to make prisoners work a 40-hour week and hand their wages over to victimsupport groups. Currently, relatively few prisoners work in real, salaried employment, but the government is planning to make it easier for private companies to employ prisoners in regular nine-to-five jobs. Prisoners will be [...]
Osborne mulls fresh levy on bank profits October 4, 2010 GEORGE Osborne is prepared to introduce a new tax on banks’ profits and pay, which is likely to be implemented if they fail to show restraint in the forthcoming bonus round. The chancellor told delegates at the Tory party conference in Birmingham that he wanted to see “genuine talent rewarded”, but warned the government would [...]
Single income families take hit on child benefit change October 4, 2010 SINGLE income families will be the hardest hit by the changes to child benefit if their income breaches £44,000, an analysis by KPMG has shown. While the chancellor’s decision to scrap child benefit for higher rate taxpayers only removes the benefit from those who might arguably be able to afford to live without it the [...]
