WHAT THE OTHER PAPERS SAY THIS MORNING March 7, 2010 THE SUNDAYS The Sunday Telegraph NORTHERN ROCK £400M LOSS Northern Rock made multi-million pound losses for a third year running in 2009, the nationalised lender will reveal this week. The bank will report pre-tax losses of about £400m, analysts believe, a marked improvement on the £1.36bn of losses in 2008. Since the Government bailed it [...]
Linpac to be split by its lenders March 7, 2010 British packaging firm Linpac could be split up and sold by its lenders. Linpac, which makes plastic food packaging for retailers and food manufacturers, was taken over by its lenders in a debt for equity deal last year after it ran into trouble as a result of rising commodity costs, volatile raw material prices and [...]
Fed retains bank oversight March 7, 2010 The US Federal Reserve will retain regulation of banks with more than $100bn (£66bn) despite calls from Congress for a single regulator to supervise all banks. In other regulatory reform, the government is also introducing a new regime aimed at dealing with systemically important institutions that are failing. New rules would allow it to wind [...]
MetLife set to snap up Alico in £10bn deal March 7, 2010 AMERICAN insurance giant MetLife is on the brink of finalising a $15bn (£9.8bn) deal to take over AIG’s Alico. It is expected the two will announce the deal today, which will see MetLife buy AIG’s second largest foreign life insurance arm, American Life Insurance Company (Alico). MetLife is understood to be offering AIG $7bn (£4.6bn) [...]
Former Centrica boss is named as a Red Knight March 7, 2010 Former Centrica boss Sir Roy Gardner became the latest City figure to be named a “Red Knight” yesterday as the momentum for a fans’ buyout of Manchester United continues to gather pace. He was a non-executive director at United between 2002-2005. He is also non-executive chairman of Plymouth Argyle. He joins City figures hoping to [...]
Essar Group readies £5bn London listing March 7, 2010 INDIAN conglomerate Essar Group is readying plans for an $8bn (£5.3bn) listing of its oil and power arm on the London Stock Exchange. The Mumbai-based group, owned by billionaire brothers Shashi Ruia and Ravi Ruia, is thought to be planning to list a holding company for its exploration, power, refinery and production businesses. The group [...]
Iceland will not repay the UK for years March 7, 2010 Alistair Darling yesterday admitted it will be “many, many years” before the UK sees any of the £2.8bn it is owed by Iceland. The beleaguered country’s plans to begin repayments were humiliatingly vetoed in a public referendum. With the votes partially counted, an astonishing 93 per cent voted against paying the money back, with only [...]
Arriva talks with SNCF are finished March 7, 2010 ARRIVA has called off talks with SNCF, the French state railway group, over an equity tie-up with its transport unit Keolis. Arriva began preliminary talks over Keolis back in January. “No agreement was reached and all discussions have now ceased,” the group said. Arriva plans to increase its share of the Europe bus and rail [...]
ALICE FINDS BOX OFFICE WONDERLAND March 7, 2010 ALICE in Wonderland held the golden key to box office receipts, smashing multiple records during its first weekend of worldwide, and easily surpassed the opening stand of all-time champ “Avatar” in North America, distributor Walt Disney said yesterday. Director Tim Burton’s 3D update of the Lewis Carroll tale sold $210.3m (£139m) worth of tickets worldwide [...]
Fujitsu resignation dispute March 7, 2010 Fujitsu, Japan’s largest IT services firm, has revealed it dismissed adviser Kuniaki Nozoe amid a dispute over the circumstances that led to his abrupt resignation as president last year. Fujitsu also said in a statement that the main reason for Nozoe stepping down as president in September was not illness, as was stated at the [...]
