SPORT | IN BRIEF May 18, 2010 Woods confirms Open entry GOLF: Tiger Woods has vowed to play in this year’s Open Championship at St Andrews if he recovers from the neck injury which forced him to withdraw from the recent Players Championship. The world No1 pulled out of the final round at Sawgrass a fortnight ago, but is still expected to [...]
BA halts strike in court victory May 17, 2010 BRITISH Airways (BA) last night won an eleventh-hour reprieve in its bid to stop cabin crew from walking out, after the High Court granted an injunction on grounds that the strike was unlawful. The judgment ruled that Unite, the union representing cabin crew, did not communicate ballot results to members, meaning the strike – which [...]
Pru reveals its cut-price rights issue May 17, 2010 PRUDENTIAL boss Tidjane Thiam formally embarked on his make-or-break bid for AIA in Asia yesterday as he unveiled a heavily discounted $21bn (£14bn) rights issue. One investor remarked the market had “squeezed” Prudential into offering 11 shares for every two shares held at 104p, a gaping 81 per cent discount to Friday’s closing price of [...]
Libor rises to 9-month high May 17, 2010 RISING concern over the exposure of banks to the highly-indedbted European countries has seen the rate at which banks lend to each other rise to its highest level since August. The key three-month US dollar London inter-bank offer rate, or Libor, rose 0.46000 per cent yesterday from Friday’s 0.44506 per cent. The euro rate rose [...]
Why hiking Vat will be very painful May 17, 2010 SO George Osborne has got his office for budget responsibility, tasked with auditing the public finances and producing independent economic forecasts. It is a splendid idea and a great opportunity for Sir Alan Budd, its first boss, to create a set of truly transparent national accounts. A crucial test will come with the treatment of [...]
Jupiter moves on flotation May 17, 2010 FUND manager Jupiter is throwing caution to the wind and listing its shares in London, despite uncertain demand for initial public offerings in recent months. The move, which could provide as much as £1bn in capital, comes just a month after the group headed by Edward Bonham-Carter decided to hold back its flotation in light [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 17, 2010 FINANCIAL TIMES FERROUS STEELS ITSELF FOR LONDON FLOAT Ferrous Resources, the Brazilian iron ore miner, confirmed its intention to list in London next month, adding momentum to a new round of mining and energy flotations in the capital of resources finance. With an expected valuation of about $4bn (£2.8bn), Ferrous could be the biggest “pure-play” [...]
Kumar pays to settle Galleon case May 17, 2010 A former McKinsey director who pleaded guilty to criminal charges in the Galleon hedge fund insider trading case reached a $2.8m (£1.9m) civil settlement with US market regulator the Securities & Exchange Commission yesterday. The former director of the management consultant firm, Anil Kumar, was among 21 people charged last October and November in what [...]
HSBC appoints Ruth Kelly May 17, 2010 Former Labour cabinet minister Ruth Kelly has joined HSBC as a senior manager. Kelly, who stood down from her political post before the election, joined the corporate development team at the bank. In her new role, Kelly will advise HSBC on a number of issues, including consumer protection and City reform. Her move comes after [...]
Europe plans tougher rules on derivatives May 17, 2010 THE EUROPEAN Union is ratcheting up its crackdown on the City, announcing tough new rules governing derivatives traders on the eve of a crucial vote on anti-hedge fund and private equity legislation. EU Financial services commissioner Michel Barnier yesterday said he would draft legislation forcing all derivatives products and trading to be registered with trade [...]
