Stuart Rose set to join Bridgepoint September 13, 2010 OUTGOING Marks & Spencer boss Sir Stuart Rose will join private equity group Bridgepoint as an adviser, the firm will announce today. The controversial M&S chairman will take a place on the Bridgepoint advisory committee, which is chaired by former chief secretary to the treasury Alan Milburn. A Bridgepoint spokesman told City A.M. Rose is [...]
RBS to issue new securities September 13, 2010 ROYAL Bank of Scotland (RBS) yesterday marked the clearest sign yet that the UK banking sector is emerging from the financial crisis. The banking giant will issue £4.7bn of securities backed by mortgages in the first move of its kind since the onset of the financial crisis. The issuance is a vital step for the [...]
Why regulations are never a panacea September 13, 2010 ONE of the biggest problems with the financial system in the run-up to the financial crisis was insufficient liquidity, as well as insufficient capital. The difference between the two is crucially important: one might have plenty of capital reserves, but if these cannot be accessed then a crisis remains guaranteed (unless the central bank steps [...]
LSE warns on City threat September 13, 2010 THE London Stock Exchange (LSE) yesterday made public its opposition to government proposals to merge the UK Listing Authority (UKLA) with the Financial Reporting Council (FRC) arguing the move would deny the City a voice in Europe, reduce the capital’s competitiveness and ultimately cost jobs. “We care deeply about the competitiveness of the UK’s IPO [...]
Ex-Moody’s analyst sues for defamation September 13, 2010 A former Moody’s analyst, who drew attention to what he considered questionable credit ratings for some of the most toxic securities in the US financial crisis, yesterday sued the company, accusing it of campaigning to discredit him. Ilya Eric Kolchinsky, a former managing director at Moody’s Investor Service, oversaw ratings of pools of debt backed [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 13, 2010 FINANCIAL TIMES CALLS FOR RYANAIR TO AXE BOSS Ryanair’s Michael O’Leary has for years endured complaints from passengers about his famously no-frills Irish airline. Now a senior Ryanair pilot has taken the rare step of publicly challenging his boss after the outspoken chief executive said he was trying to convince authorities to let his aircraft [...]
Partners wait for de-fanging at Goldman September 13, 2010 GOLDMAN SACHS has kicked off “de-fanging” season, the time when a small number of top bankers are stripped of their partnerships to make way for upcoming talent. Around 30 senior figures are demoted from partner status each year and a handful of others retire, while around 100 fresh candidates are promoted. This year’s process is [...]
Hope for hedgies as vote on controversial law postponed September 13, 2010 PRIVATE EQUITY dealmakers and hedge fund traders are hoping for a last-minute reprieve after a crunch vote on tough new European rules was delayed until next month. The European Commission and European Parliament have been unable to agree a final draft of the Alternative Investment Fund Managers (AIFM) directive, which is set to clamp down [...]
Fertiliser giant Potash has received several rival bids September 13, 2010 THE world’s biggest fertiliser producer yesterday added a new twist to its hostile takeover saga by confirming it has been approached by several rival bidders. Potash is desperately trying to see off a $39bn (£25bn) hostile takeover bid by BHP Billiton. The Canadian firm has said it would prefer to remain independent but has told [...]
Check through Basel III’s small print September 13, 2010 BANKS around the world are rightly cheerful after the announcement of Basel III minimum capital requirements less stringent than many had feared and, in the UK, still far lower than major banks’ existing capital reserves. The inevitable gasp of relief following this news has brought an immediate uplift for most, but should not divert attention [...]
