Britain needs more venture capitalism – not a state bank September 25, 2012 HERE is a simple question. What do you think would do more to help the provision of finance for small firms? Vince Cable’s new state bank, which will begin its operations in 18 months’ time, or a radically improved tax system to improve the provision of equity financing and venture capital? In other words, is [...]
Business bank will not start lending until 2014 September 25, 2012 BUSINESS groups last night gave a cautious welcome to Vince Cable’s announcement of a £1bn government-backed bank for small firms – but criticised the timeframe and lack of detail on its implementation. The business secretary yesterday committed the government to allocating £1bn to the institution, which will operate in the wholesale market and support the [...]
What the other papers say this morning September 25, 2012 FINANCIAL TIMES Temasek considers StanChart stake Singapore investment fund Temasek has sounded out potential buyers for its £6bn stake in Standard Chartered, potentially reigniting talk of a takeover of the emerging markets bank. The fund, which is owned by the Singapore government, had been judging buyer interest for its 18 per cent shareholding in recent [...]
Cable claims Tories get thrill from sackings September 25, 2012 VINCE Cable yesterday used his speech at the Liberal Democrat conference to attack Conservatives who desire a “hire and fire culture” and get a thrill from sacking people. He held up the failure of Adrian Beecroft’s report on employment law reform, which proposed allowing “no-fault” dismissals, as an example of how his party had been [...]
Mitchell faces new rant threat September 25, 2012 ■ Conservative cabinet minister Andrew Mitchell last night faced a renewed challenge to his position after the log of his altercation with a Downing Street policeman was leaked to the press. The chief whip admits confronting officers last Wednesday night after they refused to let him ride his bicycle through the street’s main gates but [...]
Direct Line adds directors for IPO September 25, 2012 ■ Insurance firm Direct Line Group yesterday hired two new executives as it prepares for its impending float on the London Stock Exchange. Glyn Jones, chairman of New York-listed insurer Aspen Insurance Holdings, has been appointed as the firm’s senior independent director. Meanwhile Mark Catton, who sits on the management committee of RBS Group, has [...]
BAE-EADS deal faces inquiry as barriers mount September 25, 2012 THE PROPOSED £30bn mega-merger between aerospace giants BAE and EADS faced new barriers last night as the UK parliament launched an inquiry into the plan and the German government privately raised doubts over the deal. The House of Commons defence select committee confirmed that it would take the unusual move of holding hearings into the [...]
RBS to cut 3,800 investment banking jobs by end of 2013 September 25, 2012 JOB losses at RBS will be even greater than first expected, the majority-state owned bank said yesterday, telling shareholders that the investment bank will be hit particularly hard by the fresh cuts. A total of 3,800 jobs in the markets and international banking business will go by the end of next year, up 300 from [...]
Lagarde says IMF will lower growth outlook September 25, 2012 THE INTERNATIONAL Monetary Fund is set to cut its forecast for global growth next month when it updates its projections for the world economy, the head of the IMF said yesterday. “We continue to project a gradual recovery, but global growth will likely be a bit weaker than we had anticipated even in July, and [...]
Bumi’s issues are a further blow to IPOs September 25, 2012 WHEN Nat Rothschild set about raising finance in the City last year for a special purpose acquisition company named Vallares, he was met by investors with open arms. Going to the market through advisers at Credit Suisse, JP Morgan and Evolution (now part of Investec), the heir to the Rothschild dynasty rose above the woes [...]
