Greenberg sells AIG shares March 21, 2010 The former chief executive of American International Group, Maurice “Hank” Greenberg, reached a deal to sell most of the shares he holds in the insurer to a unit of Swiss bank UBS. Greenberg’s investment vehicle, Starr International, entered into a so-called variable prepaid forward-sale agreement with UBS Securities last week under which it will pocket [...]
GERMAN AND FRENCH BATTLE FOR ARRIVA March 21, 2010 Arriva boss David Martin could this week see a rival bid for the company made by SNCF as the French rail operator looks to muscle in on the takeover situation sparked late last week when German operator Deutsche Bahn tabled a £1.2bn offer.
Babcock close to VT merger March 21, 2010 ENGINEER Babcock International is expected to seal a takeover of rival VT Group this week after a prolonged tussle between the companies and their respective advisers. Price is understood to be the final hurdle for Babcock, which was granted access to VT’s financial information at the start of March. Friendly talks between the defence services [...]
Four Labour MPs embroiled in cash for influence scandal March 21, 2010 FOUR Labour MPs – including thee ex-ministers – have become embroiled in a cash for influence scandal. Stephen Byers, Patricia Hewitt, Geoff Hoon and Margaret Moran allegedly offered to lobby colleagues on behalf of a private firm in exchange for thousands of pounds. An undercover reporter posed as an executive at an American company, and [...]
Bharti ties up funding for Zain deal as deadline for talks nears March 21, 2010 TOP Indian telecoms firm Bharti Airtel said it has tied up the entire financing requirement of $8.3bn (£5.3bn) for its planned buy of Kuwaiti telecom Zain’s African assets, in a sign of progress as the deadline for talks nears. Bharti and Zain are in exclusive talks until 25 March, marking the third time the Indian [...]
City fears UK banking levy March 21, 2010 ALISTAIR Darling will signal the government’s support for a new tax on banks in this week’s Budget – but the levy will only come into force if he can secure international backing. The chancellor wants to use the tax system to change the behaviour of banks that engage in “risky” activities, but he will not [...]
Insurers urge Darling not to increase taxes in the Budget March 21, 2010 THE Association of British Insurers (ABI) has urged the chancellor to protect savers in the upcoming budget by refraining from increasing taxes. Research by the ABI shows that companies and individuals have been hit hard in recent Budgets by the change to capital gains tax, which impacted on insurance bonds, and also the higher rate [...]
WHAT ARE YOUR PREDICTIONS FOR WEDNESDAY’S BUDGET? March 21, 2010 ROGER BOOTLE | DELOITTE “The chancellor will point to the fragility of the economic recovery in resisting calls from some economists for a faster fiscal consolidation. Any modest proceeds from lower unemployment and the bonus tax windfall are likely to be largely spent rather than saved, hardening the election battle lines.” DAVID BUIK | BGC [...]
Vince Cable says he is ready to be a coalition chancellor March 21, 2010 LIBERAL Democrat shadow chancellor Vince Cable has declared he is ready to serve as chancellor in a coalition government, as the polls continue to point to a hung parliament. Despite party leader Nick Clegg’s stated refusal to consider a coalition with either Labour or the Conservatives before the general election, Cable confirmed he would be [...]
Barclays Capital chief in line for a bumper £60m payday March 21, 2010 BOB Diamond, Barclays’ highly-respected investment banking chief, has been handed a equity-based incentive pay package by the bank which could be worth up to £60m by the time the shares are cashed in. Diamond, whose basic salary is £384,000, has already been handed £6m of shares which vest in three years’ time. He could also [...]
