Calvert gets jailed for insider trading March 11, 2010 INSIDER trader Malcolm Calvert, has been jailed for nearly two years after being found guilty of a crime that destroys confidence “in a clear and fair market.” The former Cazenove partner made more than £103,000 from buying shares in companies just before takeovers were unveiled. “This offending isn’t victimless,” judge Peter Testar said. “These offences [...]
Darling rules out a giveaway budget but tax rises not expected March 11, 2010 Alistair Darling says his budget on 24 March will not be a “giveaway.” He said the budget, Labour’s last chance to set out its plans for the economic recovery, before an expected 6 May election, will be “a budget for the times in which we live.” He said: “I don’t think anyone’s expecting some sort [...]
Data leak hits HSBC clients March 11, 2010 THOUSANDS of clients of HSBC’s Swiss private banking division, including wealthy Britons with off-shore accounts in the country, have been affected after a former employee of the bank filched personal information about account-holders. HSBC confirmed yesterday that a total of 24,000 people had been compromised in the case, which is now under criminal investigation by [...]
White Knight could rival the Red Knights’ Old Trafford bid March 11, 2010 A SECOND bid to buy Manchester United from the Glazer family is brewing, City A.M. has learned. A group of wealthy City figures are desperate to wrest control of the club with a bid worth around £1.25bn. But sources close to the deal say a rival “White Knight” bid could materialise as wealthy foreign investors [...]
NEWS | IN BRIEF March 11, 2010 Advent International, the private equity owner of Poundland, the discount retailer that sells all products for £1 or less, has hired advisers to prepare for a possible sale. Pound stores have done well during the recession, attracting cash-strapped shoppers. Advent bought Poundland for about £50m in 2002. Close Brothers is advising Poundland on its strategic [...]
NEWS | IN BRIEF March 11, 2010 The Chicago Board Options Exchange (CBOE) plans a $300m public offering in a long-awaited move that could allow the biggest US options exchange to expand or be acquired. Completion of the IPO is not a given, however, since chief executive William Brodsky must still convince exchange members that they have more to gain than lose [...]
BP begins its $7bn Brazilian oil adventure March 11, 2010 BRITISH Petroleum (BP) has begun its long-awaited venture into the Brazilian offshore market after agreeing to buy $7bn (£4.6bn) worth of assets from Devon Energy. Devon’s largely unknown but possibly highly lucrative Brazilian assets have been described by Tony Hayward, chief executive, as “exciting” and have fulfilled his ambition of gaining a foothold in the [...]
Hayward joins the carnival with key deal March 11, 2010 BP finally joined the carnival yesterday, spending $7bn to snap up assets in Brazil, Azerbaijan and the Gulf of Mexico. It will strengthen the oil major’s presence in all these regions, especially the Gulf of Mexico. Evo reckons that the whole of the Kaskida field – in which BP is upping its stake from 70 [...]
Old Mutual to sell off its US life businesses March 11, 2010 INSURER Old Mutual said yesterday it would reduce its exposure to the US, selling its life business and listing its US asset-management arm as it revealed a fall in pre-tax profit. The Anglo-South African business with banking, insurance and asset management operations in over 30 countries, is under pressure to slim down amid shareholder concerns [...]
Johnston Press is ready to wield the axe after more disappointing results March 11, 2010 Johnston Press saw its pre-tax profits plummet 56 per cent to just £43m last year, dragged further into the doldrums by the ongoing advertising drought. Like-for-like ad revenue fell 26.5 per cent and total group revenues fell 20 per cent to £428m. Britain’s regional newspaper industry has been hammered by a severe downturn in advertising [...]
