French go back to the future January 26, 2010 REMEMBER the Citroen DS, the futuristic sensation born in 1955 and used endlessly in films of car chases in Paris in the 70s? It was all long and pointy, with a Pope mobile–like cabin, such was the rake of the windscreen and cabin glass. It’s back. Well, the name is, anyway. Citroen has relaunched the [...]
Tony Blair takes job at Lansdowne January 25, 2010 TONY Blair is to become a speaker for hedge fund Lansdowne Partners in a deal that is likely to earn the former Prime Minister hundreds of thousands of pounds. The role requires Blair to give a small number of geopolitical talks to the firm’s executives. The former Labour leader’s appointment is surprising, given that Lansdowne [...]
Hedge funds sue Porsche January 25, 2010 FOUR US hedge funds have sued luxury carmaker Porsche and two of its former executives, accusing them of a $1bn (£615m) fraud during the luxury carmaker’s failed takeover bid for Volkswagen in 2008. The lawsuit – filed by Elliott Associates, Glenhill Capital Management, Glenview Capital Management and Perry Capital – was lodged in a Manhattan [...]
All can fail: my new manifesto for the banks January 25, 2010 REGULAR readers of this column will know that I am no fan of many of the proposals being cooked up to reform the banks. I have opposed Barack Obama’s plan to ban retail banks from engaging in proprietary trading; George Osborne’s support of Glass-Steagall, which would break up commercial and investment banks; and Alistair Darling’s [...]
Dubai hit by rating blow January 25, 2010 STANDARD & Poor’s (S&P) pulled its rating on a Dubai investment firm owned by the emirates’ ruling family yesterday, voicing fears over long-term financing and adding to investor anxiety about the Gulf Arab state. The ratings agency cut Dubai Holding Commercial Group (DHCOG), a unit of major investment vehicle Dubai Holding, to B from BB+ [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 25, 2010 FINANCIAL TIMES CHAIRMAN OF HSBC HITS AT BIG BONUSES Stephen Green, chairman of HSBC and British Bankers’ Association, has hit out at the inflated level and distorted structure of bonuses, predicting future pay-outs will be lower and more rationally calculated. In a video interview with the FT, published on the eve of the World Economic [...]
Beattie deal loses House of Fraser £72m January 25, 2010 DEPARTMENT store group House of Fraser has revealed a £72m loss on its acquisition of James Beattie, the clothing retailer it bought near the top of the market in 2005. The mammoth write-down more than wipes out the £69.3m price tag House of Fraser paid for the business five years ago, and reflects a slump [...]
M&B rejects olive branch from Joe Lewis January 25, 2010 MITCHELLS & Butlers (M&B), the pub group that owns All Bar One, yesterday said it was rejecting a last-minute olive branch from currency trader Joe Lewis, its largest shareholder, over the make-up of the firm’s board. The move sets the scene for a dramatic showdown at the group’s annual meeting on Thursday. Current chairman Simon [...]
BERNANKE LOOKING SAFER January 25, 2010 US STOCKS rose yesterday as it seemed likely that Ben Bernanke would keep his job after days of wavering support for the Federal Reserve chairman. A spokesman for President Barack Obama said he “is very confident” Bernanke will keep his job. And Senate Republican leader Mitch McConnell said Bernanke will have “bipartisan support in the [...]
Brown: plans to levy banks gaining force January 25, 2010 PRIME Minister Gordon Brown yesterday claimed plans to impose some form of international levy on the banks to shore up the industry in future crises were gaining traction with policymakers around the globe. “As a result of the advancement by US President Obama and financial secretary Tim Geithner about their levy on wholesale lending, I [...]
