Why Pru’s chair and CEO must resign June 1, 2010 WHAT a mess. Prudential’s entire strategy lies in tatters, its supposedly transformative $35.5bn bid for AIG’s Asian operations all but over. The firm’s last-ditch attempts at cajoling the US government, AIG’s majority shareholder, into cutting AIA’s price never got off the ground. The deal’s demise is a victory for shareholders and London’s long-suffering institutional investors, [...]
Cable begins M&A review June 1, 2010 BUSINESS secretary Vince Cable yesterday launched a formal investigation into M&A rules. The move comes after intense criticism of Kraft’s conduct in the lead-up to its takeover of Cadbury. It follows calls from Cable’s predecessor Peter Mandelson. The panel will examine whether the threshold of shareholders voting in favour of a bid needs to be [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 1, 2010 FINANCIAL TIMES OPTIONS TRADING REACHES RECORD VOLUMES Options trading volumes in the US soared to a record last month as market volatility and the “flash crash” added to secular growth in the industry. Nearly 406m listed options contracts were traded in May, according to figures released by the Options Clearing Corporation, up 29 per cent [...]
Darling backs David Miliband June 1, 2010 Former chancellor Alistair Darling has backed David Miliband in the Labour leadership race. He released a statement last night saying: “We are fortunate to have a field of very strong candidates, each with different qualities. However, I believe strongly that David Miliband is the right person to lead our party, first in Opposition and then [...]
BA and Unite to resume talks June 1, 2010 British Airways (BA) and Unite have resumed negotiations in a bid to settle the bitter dispute that has resulted in cabin crew taking to the picket lines. The news comes as the airline announced it will increase its capacity during the final five-day strike period, which starts 5 June. BA said it will fly up [...]
More protest over CGT plan June 1, 2010 CITY heavyweights rushed yesterday to add their voices to City A.M.’s campaign against the new coalition government’s damaging plans to raise capital gains tax (CGT) to levels similar to income tax rates. City veteran Brian Winterflood, the founder of the market-making firm of the same name, threw his weight behind the cause, claiming that the [...]
City A.M. panel blasts CGT rise June 1, 2010 OUR panel of City opinion-formers has slammed the government’s proposed hike in capital gains tax. More than 65 per cent of voters disagreed with the planned tax, compared with just 34 per cent in favour of it. Predictably, Tory voters were most vehemently opposed, with 71 per cent saying they “somewhat disagree” or “strongly disagree” [...]
Phoenix closes fund at £450m June 1, 2010 Phoenix Equity Partners, the mid-market buyout owner of fashion brand LK Bennett and handbag company Radley, has raised £450m for a new private equity fund. Ontario Teachers’ Pension Plan, AlpInvest, Adam Street and New York State Teachers’ Pension Plan were among investors in the vehicle, which surpassed its fundraising target of £375m despite a tough [...]
UK holds onto investment title June 1, 2010 The UK has retained the top spot as the most attractive destination for inward investment in Europe, according to a report by Ernst & Young today. Good corporate links with America and a world class financial services hub helped the UK keep its ranking, even as foreign money flowed into Europe at a slower pace [...]
Starbucks brings latte to NYSE June 1, 2010 Starbucks, the upmarket coffee chain, is opening an outlet on the floor of the New York Stock Exchange as the platform tries to transform itself into a modern working environment. As part of a $7.5m (£5.1m) overhaul of the iconic dealing space, Starbucks will begin serving lattes and frappuccinos to the NYSE’s 500 equity traders.
