Morgan Stanley to sell CICC for $1bn February 22, 2010 MORGAN Stanley is understood to be close to selling its stake in China International Capital Corporation to two private equity operators for more than $1bn (£646m). Kohlberg Kravis Roberts and TPG Capital are in advanced discussions with Morgan Stanley, it is understood. They would split the Wall Street bank’s 34.3 per cent share of the [...]
Ailing Toyota subpoenaed by a US jury February 22, 2010 TOYOTA said yesterday it had received a federal grand jury subpoena for documents related to unintended acceleration and braking that led to the recall of millions of cars in the United States. Toyota and its subsidiaries received a subpoena from the attorney’s office for the southern district of New York on 8 February, the world’s [...]
Fink resigns as Tory co-treasurer February 22, 2010 STANLEY Fink has decided to follow in the footsteps of Michael Spencer and step down as Conservative party co-treasurer after the general election. The announcement comes in the same week that Fink’s hedge fund, International Standard Asset Management (ISAM), said it would launch a new fund to rival his former employer Man Group. Spencer, chief [...]
CITY VIEWS: SHOULD ERIC DANIELS HAVE WAIVED HIS BONUS? February 22, 2010 RICHARD BAILEY | CMC MARKETS “These guys operate in a world where they are used to bonuses. It’s not sustainable anymore because the banks aren’t doing a great job. The bankers are bringing down the economy and not making it work.” BEN TOMKINSON | NICOLL CURTIN “I don’t think these people need more money and [...]
Government in bid to stop a tax exodus February 22, 2010 THE government yesterday moved to reassure multinational firms that there will be no surprise tax changes if Labour wins the next general election, amid growing fears of an exodus of blue-chip firms. Chancellor Alistair Darling told an audience of chief executives – including GSK boss Andrew Witty, WPP chief Martin Sorrell and the LSE’s Xavier [...]
Number 10 rejects inquiry into allegations of bullying February 22, 2010 THE government has rejected calls from the Conservatives for an inquiry into allegations of bullying at Number 10. Calls for the inquiry follow The Observer’s claims that Gordon Brown has physically intimated staff and allegations from Christine Pratt, the founder of the National Bullying Helpline, that her charity received “three of four calls” from Downing [...]
Goldman: Oil prices will soar to $95 per barrel February 22, 2010 Goldman Sachs yesterday predicted oil prices could reach $85-$95 (£55-£61) a barrel this year, driven by accelerating economic growth. This is an increase of nearly $15 on prices seen in October last year. Goldman analysts say the extra demand will draw excess capacity stored by Opec back into the market. It also speculated refining margins [...]
Falklands oil drilling begins February 22, 2010 Drilling on the first oil well in the Falkland Islands in over a decade started yesterday, despite protests from Argentina, which claims the British territory. Explorer Desire Petroleum said it spudded – or broke ground – at a well on its offshore “Liz” prospect. Liz could contain reserves of up to 400 million barrels, analysts [...]
Total chief: No fuel shortage February 22, 2010 The head of French oil giant Total yesterday said fuel supplies in France were not a problem “for the time being” and reiterated that the company would not cut jobs as part its plan to change operations at its Dunkirk refinery. “What is for sure is there will be no people hurt in this decision [...]
Dai-ichi Life planning IPO February 22, 2010 Dai-ichi Mutual Life Insurance, Japan’s second-largest life insurer, yesterday said it would sell about 1.07 trillion yen (£7.5bn) worth of shares in the country’s biggest initial public offering (IPO) in more than a decade. Dai-ichi Life is looking to expand overseas to offset its shrinking life insurance business in Japan as the population falls. The [...]
