Joint effort vital for better banking access June 13, 2010 BANKS must work together with policymakers, technology providers and non-governmental organisations (NGOs) to improve global access to financial services and boost economic growth in the wake of the financial crisis, a new report has found. According to the “Banking for Billions” report, launched today by Barclays and the Economist Intelligence Unit, 2.5bn people across the [...]
Apollo weighs higher Brit bid June 13, 2010 BRIT INSURANCE, the Lloyd’s of London outfit, has its largest investors’ backing to demand an improved takeover offer from US private equity giant Apollo, City A.M. understands. The FTSE 250-listed insurer on Friday knocked back a cash approach from Apollo worth £785m, or 1,000p per share, arguing it “significantly undervalues” the company. Apollo was last [...]
London sales up after ash crisis ends… June 13, 2010 SALES in London bounced back last month as flights returned to normal after the volcanic ash cloud that left thousands of tourists stranded. Figures from the British Retail Consortium showed sales soaring by 11.6 per cent in May compared to the same month last year. That compared with a meagre 0.8 per cent increase across [...]
…as bank holiday gives shops in the West End a huge boost June 13, 2010 TWO strong bank holidays helped push up West End retail sales 5.8 per cent year-on-year in May, according to the New West End Company, which represents vendors in the area. Despite a rainy Saturday, shoppers spent £38m on Bond Street, Oxford Street and Regent Street on Monday 31 May alone. The number of people visiting [...]
Dubai private equity board is dissolved June 13, 2010 PRIVATE equity group Dubai International Capital (DIC) has confirmed its board was dissolved six months ago, allowing parent company Dubai Holdings to take over its debts of around $2.6m (£1.7bn). The group released a statement yesterday following the news of non-executive chairman and founder Sameer Al Ansari’s resignation. “DIC confirms that its board was dissolved [...]
Qatar set to become world’s largest real estate investor June 13, 2010 QATAR will overtake sluggish European funds to become the largest real estate investor in the world this year, according to a report by property consultancy Jones Lang LaSalle out yesterday. The country has emerged as a global powerhouse in property, and will become the top source of overseas capital in 2010, says the report. “Cash-rich [...]
Managers could man the phones at BT June 13, 2010 BT plans to use hundreds of middle managers to fill frontline positions in call centres and engineering roles in the event of a strike, sources say. The telecoms group is putting together contingency plans for the first strike at the firm since 1987, after talks with the Communications Workers Union (CWU) broke down last week. The [...]
Ministers ask for rail saving plan June 13, 2010 Rail bosses could have the upper hand in deciding their own spending fate as ministers have asked the UK’s major train companies to propose cost cutting ideas when it comes to running the UK’s railways. It is understood that the idea, which could see the train companies keep half their savings, is to provide incentive [...]
The threat of regulatory recession June 13, 2010 RISING regulation and economic austerity could produce a toxic mix in 2011. That was the view of many of the bankers that I spoke to last week at the International Institute of Finance spring meeting in Vienna. Crucially, though, they were more concerned about the prospect of a regulatory recession than one induced by governments [...]
Origo raises another $30m June 13, 2010 Origo Partners, the private equity investment and consulting practice focused on economic growth opportunities in China and India, has raised $30m before commissions and expenses through a share placing. The firm placed 82.2m new shares with investors for 25p per share. The stock is expected to be admitted for trading on the London Stock Exchange’s [...]
