WHAT THE OTHER PAPERS SAY THIS MORNING August 9, 2010 FINANCIAL TIMES VOLATILITY IN WALL STREET TAKES IT TOLL ON TOP BANKS Goldman Sachs and Morgan Stanley each suffered at least 10 days of trading losses in the second quarter, underlining how turbulent markets have cast a pall on Wall Street since April. The banks’ trading results deteriorated sharply from the first three months of [...]
GLG trio will be paid more than Man CEO August 9, 2010 THE THREE top managers at hedge fund GLG Partners are set to have higher basic pay packets than the chief executive of rival Man Group once the £1bn takeover of GLG is complete. Co-chief execs Noam Gottesman and Emmanuel Roman, along with Pierre Lagrange, senior managing director, will all earn basic salaries of $1m (just [...]
Banks to meet SME leaders in bid to prove they will lend August 9, 2010 SMALL business leaders will be invited to join forces with a new banking taskforce designed to improve the flow of credit to SMEs, City A.M. has learned. The British Bankers Association (BBA), working in conjunction with the chief executives of the six major UK banks, yesterday drafted a letter to chancellor George Osborne pledging to [...]
KKR common unit sale is off August 9, 2010 PRIVATE equity firm Kohlberg Kravis Roberts & Co said yesterday it has cancelled plans to sell $500m of new common units, less than one month after it listed on the New York Stock Exchange KKR, one of the biggest private equity firms in the world, had announced plans to sell the units in May. The [...]
GDF and IP set to confirm deal August 9, 2010 FRENCH utility GDF Suez and International Power are set to announce they have struck a deal on a planned asset tie-up this morning. GDF will pay a cash dividend of about 90p a share to International Power shareholders as part of a reverse takeover, after talks were revived in July. The enlarged firm will generate [...]
Porn star takes centre stage in the ousting of HP boss Mark Hurd August 9, 2010 A glamorous former porn star set in motion the chain of events that last week ended with the downfall of one of America’s most powerful chief executives. HP boss Mark Hurd, 53, was forced to resign after it was found $20,000 (£12,500) of expense claims in his name were inaccurate. It then emerged the married [...]
Goldman bets on derivatives August 9, 2010 DERIVATIVES activities generated up to a third of Goldman Sachs’ revenues last year, according to figures handed to the US Financial Crisis Inquiry Commission (FCIC). Goldman derived between $11.3bn (£7.1bn) and $15.9bn of its $45.2bn net turnover from derivatives-based businesses in 2009, a source close to the bank confirmed. At the upper end, the amount [...]
Rebound in European M&A begins to take a firmer hold August 9, 2010 GREEN shoots have started to take a firm hold in the M&A arena, with European deal value soaring this year compared to the first half of 2009. A total of €182.7bn (£151.8bn) worth of deals came to the market in the first six months of 2010, an increase of over 25 per cent on last [...]
CITY VIEWS: ARE YOU WORRIED ABOUT RISING FOOD PRICES? August 9, 2010 ADAM BYRNES | ABSOLUTE VENTURES “It’s inevitable really, but to be honest I have more things to worry about. People still have to eat, it’s not causing me too many sleepless nights, I think if prices go up then it will only be a short-term issue.” PETER LAYCOCK | IRWIN MITCHELL “I’m not particularly bothered [...]
London braced for a drop in house prices August 9, 2010 LONDON’S house prices continue to surge ahead for the moment, riding roughshod over the decline that holds the rest of the country in its grip, though the capital is expected to succumb to falling prices in the coming months. London was one of only two regions which reported material price hikes in July, according to [...]
