FSA looks into leaked buyout offer for Brit June 17, 2010 BRIT Insurance, the Lloyd’s of London outfit, has asked the City watchdog to investigate the leaking of a £785m takeover offer for the business from US private equity group Apollo. Brit’s board, led by chief executive Dane Douetil and chaired by John Barton, is said to be concerned after news of an anonymous approach was [...]
Lord Sugar warns rise in CGT would devastate enterprise June 17, 2010 ONE of the UK’s best known entrepreneurs yesterday spoke of the potentially “devastating” effects of the proposed capital gains tax (CGT) hike on levels of enterprise in the country. Lord Sugar, the Labour peer and Apprentice star, slammed the coalition’s plan to bring CGT into line with income tax, claiming the move would deincentivise those [...]
Seventh straight rise for FTSE 100 as BP bounces on US compensation deal June 17, 2010 BRITAIN’S top share index rose for the seventh consecutive day yesterday, led by BP after its compensation deal with the White House, but gains were held in check by weak US jobs data hitting commodity-linked stocks. The FTSE 100 was up 15.97 points, or 0.3 per cent, at 5,253.89, to close at its highest since [...]
Strict swap desk reforms set to stay in final US financial bill June 17, 2010 A sweeping overhaul of US financial regulations will include a controversial plan to insulate banks from risky swap dealing, aides said yesterday as lawmakers hammered out a final bill. With final negotiations on the reform bill bogged down amid partisan bickering, Democrats who control the process neared consensus on an element that has drawn furious [...]
Moore can steal the Show June 17, 2010 I’M hoping that Ryan Moore can get a tune out of Music Show in today’s Coronation Stakes as former England footballer turned trainer Mick Channon says it’s his best chance of the week. She had no chance from her draw in the English 1,000 Guineas and then, in my humble opinion, was a trifle unlucky [...]
Wall St enjoys late rally despite weak jobs data June 17, 2010 US stocks rose in a late rally yesterday, overcoming weak economic data that added to worries about a fragile recovery. A spurt of buying momentum in a choppy session drove gains as US equities built on a break in the benchmark S&P 500 index above its 200-day moving average earlier this week. The Dow Jones [...]
Svanberg says sorry, blaming clumsy words June 17, 2010 BP’S CHAIRMAN Carl-Henric Svanberg officially apologised yesterday for comments he made after Wednesday’s meeting at the White House. Svanberg, after answering a question from the press, said that the embattled oil major “cared about the small people” of the Gulf of Mexico whose lives have been impacted by the oil spill. “I hear comments sometimes [...]
Cameron and Huhne step in to offer BP their support June 17, 2010 THE UK government has finally come out in support of BP with Prime Minister David Cameron calling for “sensible dialogue” on the BP oil spill as the energy giant’s boss faced a grilling in US Congress over the environmental disaster. Cameron described BP as an important company which employs tens of thousands of people both [...]
The able and shrewd operator June 17, 2010 FOR most entrepreneurs, the passion they feel for their first venture never gets extinguished. Take Robin Bowie: he established Dexion Capital, an investment management firm, back in 2000 and remains as committed today as he did back then. “I still spend the same amount of time at the office as I did in the beginning, but [...]
SMALL PEOPLE June 17, 2010 As the dust settles on the storm caused by BP’s media-shy chairman Carl-Henric Svanberg and his comments about the “small people” of the Gulf of Mexico, those wanting to cut Svanberg some slack having been attempting to figure out exactly what he meant. No doubt that Svanberg’s choice of words, whether intentional or not, has [...]
