AIA strikes deal with ICBC September 9, 2010 AIA has signed a distribution deal with Industrial and Commercial Bank of China, as AIG’s Asian arm bids to seal its position as the leading foreign life assurer in the communist state. The bancassurance?deal could be announced as early as today. The move comes as AIA presses ahead with plans for a $20bn (£13bn) initial [...]
EU to wield finance powers September 9, 2010 Europe’s single market commissioner Michel Barnier warned banks and hedge funds that Brussels will use its new financial powers to police risky speculation in the City and across the Eurozone. “The EU authorities are going to look at every product. They can restrict leverage, or in exceptional circumstances even ban a product temporarily,” he told [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 9, 2010 FINANCIAL TIMES TRICHET CALLS FOR TOUGHER EURO RULES Eurozone members that break the region’s rules on public finances should be excluded temporarily from Europe’s political decision-making, the president of the European Central Bank has proposed. The controversial suggestion by Jean-Claude Trichet would be part of a “quantum leap” in the governance of Europe’s 11-year old [...]
Outgoing BP boss to face MPs over spill September 9, 2010 BP’S outgoing chief executive, Tony Hayward, will be grilled by MPs next week over the UK implications of the Gulf of Mexico oil spill. Hayward is to appear in front of the House of Commons energy and climate change select committee next Wednesday as the accident has raised concerns globally about the dangers of drilling [...]
Private equity groups try to sniff out Foster’s dealM&A September 9, 2010 PRIVATE equity groups were circling Australian brewer Foster’s yesterday, after the firm rejected a surprise A$2.7bn (£1.6bn) offer for its wine operations from US investment group Cerberus capital. Private equity groups Kohlberg Kravis Roberts and TPG are thought to be working on offers for the ailing wine business, after Foster’s said on Wednesday it would [...]
Morgan Sindall claims the first Connaught job September 9, 2010 CONSTRUCTION group Morgan Sindall struck a deal with Connaught’s administrator KPMG to acquire the bulk of its social housing repair operations last night, according to several people close to the agreement. Morgan Sindall is set to announce the coup to the stock market today, in a move that will secure jobs for around 2,500 of [...]
Chote to lead UK spending watchdog September 9, 2010 ROBERT CHOTE, director of top think-tank the Institute for Fiscal Studies (IFS), will succeed Sir Alan Budd at the Office for Budget Responsibility (OBR) as chairman of the independent economic forecaster established in May. Chote, who has headed up the respected think-tank for eight years and been an active critic of both the Labour and [...]
Goldman hit with £17.5m fine from FSA September 9, 2010 GOLDMAN SACHS has been slapped with a £17.5m fine for failing to tell the City regulator about a US investigation into Fabrice Tourre, the trader at the heart of a derivatives scandal. The Financial Services Authority (FSA) criticised the Wall Street titan for a breakdown in internal communication that meant Goldman’s American branch did not [...]
US pastor cancels Koran-burning plan September 9, 2010 A CHRISTIAN pastor yesterday cancelled a plan to burn copies of the Koran at his obscure Florida church, which had drawn international condemnation and a warning from President Barack Obama that it could provoke al Qaeda suicide bombings. Defense secretary Robert Gates called Terry Jones, an obscure minister who heads the tiny Dove World Outreach [...]
3i to sell Hyva in €500m deal September 9, 2010 PRIVATE equity firm 3i is preparing to sell hydraulic pump maker Hyva for up to nine times its original investment. The company has appointed Credit Suisse to run the auction for Dutch firm Hyva which is valued at around €500m (£411.3m). 3i bought Hyva for just €125m six years ago, investing €30.7m of equity and [...]
