Greek bond sale buys time for the EU March 4, 2010 GREECE was forced to accept a crippling level of interest on its issue of a €5bn (£4.5bn) bond yesterday, ensuring that it was massively oversubscribed. Just 24 hours after the struggling country announced new austerity measures, national debt management boss Petros Christodoulou said the gilt sale was “going very well, beyond expectations”. The news sent [...]
Babcock investors fear it will overpay for VT March 4, 2010 DEFENCE engineer Babcock was warned not to overpay for rival VT Group last night after a dramatic day that saw VT drop its guard and enter talks on a possible merger. Following a three-week siege and two rejected approaches, Babcock succeeded in persuading VT boss Paul Lester to open his books so synergies between the [...]
Headhunter warns of bank exits March 4, 2010 CITY headhunter Robert Walters warned yesterday that London’s banks should expect a “rapid exodus” of top bankers if Labour stays in power. Robert Walters, chief executive at the recruitment firm, said the bonus tax fiasco alongside Labour’s 50 per cent tax rate would lead bankers to quit “en masse” from every institution. He said: “Hordes [...]
HSBC hands chief £800k March 4, 2010 HSBC is to hand chief executive Michael Geoghegan an additional £800,000 a year for his move from London to Hong Kong. The bank boss will receive £300,000 in allowances on top of his salary for “family disruption” over the move, which does not include living expenses. Geoghegan will also receive a further estimated £500,000 for [...]
Fresh thinking needed to tackle crisis March 4, 2010 THANKS to Britain’s spiralling budget deficit and out-of-control national debt, the link between taxation and spending has been broken, with large numbers of voters tricked into believing that ever increasing welfare benefits and public services can be made available to them at little or no extra cost. The truth, of course, is that the bill [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 4, 2010 FINANCIAL TIMES MOODYS DOWNGRADES ABU DHABI COMPANIES Moody’s downgraded government groups in oil-rich Abu Dhabi on Thursday, after reviewing state-linked entities following neighbouring Dubai’s $22bn debt restructuring. The troubles at Dubai World, the debt-laden conglomerate owned by Abu Dhabi’s northern neighbour, has rattled financial markets. OPPOSITION GROWS TO ARGENTINE BANK GOVERNOR The Argentine central bank [...]
Ronson plans City hotel March 4, 2010 GERALD RONSON, the billionaire and head property group of Heron International, has submitted plans to build a five-star hotel and more than 100 luxury apartments in the heart of the City of London as part of a large £500m project. The plans will see a five-star hotel run by Four Seasons and 120 luxury flats, [...]
Bank of Japan mulls fresh easing March 4, 2010 The Bank of Japan (BOJ) has begun examining a further easing of its already ultra-loose monetary policy and may make a decision on such a move as early as this month, the Nikkei newspaper reported today. The board will debate whether to expand the fund-supply operation it put in place in December, at which the [...]
New emissions law to hit firms March 4, 2010 The government has underestimated the number of companies to be covered by new greenhouse gas emission legislation set to take effect in over three weeks, it is understood. The business community had been told by ministers that between 5,000 and 6,000 commercial companies would be affected by the new legislation, however, it is understood that [...]
Fresh desire for risk aids Schroders March 4, 2010 FUND manager Schroders posted forecast-beating 2009 profit yesterday, helped by a return of risk appetite that saw strong net inflows into its products, and said 2010 had kicked off in style. The company said it was seeing “high levels of net inflows in institutional and intermediary and we see further significant organic growth opportunities longer [...]
