Dubai Holdings delays $555m loan repayment September 7, 2010 DUBAI Holding’s main unit will delay repayment on a $555m (£361.4m) loan until 30 November, the company said yesterday, the second time it has failed to meet a repayment deadline. DHCOG, a unit of the conglomerate owned by the Gulf Arab emirate’s ruler, took a big hit on its exposure to Dubai’s property crash. The [...]
Basel banking rules focus on capital buffer September 7, 2010 CENTRAL bank and regulatory officials agreed tougher new global bank capital rules yesterday but will keep investors on tenterhooks until Sunday when formal endorsement is expected. The Basel Committee ended its meeting with recommendations on how much extra capital banks will have to hold in future to avoid governments having to bail out the sector [...]
Mining tax headache returns September 7, 2010 AUSTRALIAN Prime Minister Julia Gillard secured a wafer thin parliamentary majority yesterday, ending a political impasse but hardly cheering investors worried about the fragility of her government and its plans to tax mining profits. Gillard’s Labor Party, which was punished by voters in 21 August inconclusive elections despite a robust economy, secured enough support from [...]
SEC mulls tightening up process for stock orders September 7, 2010 US regulators are probing certain practices around “quote stuffing,” where large numbers of rapid-fire stock orders are placed and cancelled almost immediately, Securities and Exchange Commission (SEC) chairman Mary Schapiro said yesterday. “The SEC and other regulators are looking carefully at certain practices in this area to assess whether they violate existing rules against fraudulent [...]
Anglo relief as Ireland extends aid September 7, 2010 IRELAND extended its guarantee for short-term bank liabilities, including corporate and interbank deposits, as expected yesterday as the government sought to reassure investors about its financial position. The move came as Irish bond spreads hit fresh peaks amid renewed jitters about the health of the European banking sector piling more pressure on Ireland as it [...]
Pinnacle team brings in second agent to attract pre-let tenants to the tower September 7, 2010 ARAB Investments, the developer of the Pinnacle skyscraper, has brought in an extra letting agent to sell leases in the tower on Billingsgate. Property company CB Richard Ellis has joined Savills as joint leasing agent on the tower, which is set to be the tallest building in London when completed in 2013. “It’s something we’ve [...]
DS Smith says trading on track after it boosts sales September 7, 2010 PACKAGING supplier DS Smith said trading over the summer was encouraging, helped by an uptick in fast moving consumer goods (FMCG). The FTSE 250 firm said it was confident for the rest of the year, and said it was ahead of the market for growth in the FMCG sector. “Our aim is to produce a [...]
PROFESSIONAL SERVICES FIRM OF THE YEAR | The Shortlist September 7, 2010 WHETHER it’s advising firms, publishing reports or driving efficiency, professional services firms are never far from the front line in the City. With their global reach and diversified portfolios, the best-known firms have emerged looking healthy and ready to face the challenges of the new, post-downturn world. Don’t miss the City event of the year – [...]
INSURANCE COMPANY OF THE YEAR September 7, 2010 THE management of risk has always been at the heart of the City’s business, and in these turbulent times it has never been more important. The five firms on our shortlist work across the whole sector, from shipping and the oil industry to motor insurance. All of them have innovated and continue to flourish. Don’t miss [...]
APX and NYSE Euronext plan green venture September 7, 2010 NYSE Euronext and environmental markets infrastructure provider APX will create a joint venture, NYSE Blue, to develop global environmental markets, the companies said yesterday. “The intention is to create other exchanges in other parts of the market. NYSE Blue will operate as one single company around the world and the trading infrastructure will be linked,” [...]
