What the other papers say this morning September 19, 2012 FINANCIAL TIMES Push to relax terms of tech IPOs A push to make it easier for high-growth technology companies to list in London will be launched by the government today. Ministers will put forward proposals including relaxing listing rules on the London Stock Exchange, allowing companies to list as little as 10 per cent of [...]
Government to help start-ups beat red tape September 19, 2012 START-UP companies in innovative sectors will have assistance to avoid regulations designed for established firms, the government will announce today. It will task an independent committee with identifying rules that hinder so-called “challenger businesses”, mainly in the technology sector, that often have unusual working practices but help economic growth. “Challenger businesses create wealth and jobs [...]
Universal to get EMI go-ahead September 19, 2012 ■ Universal Music Group is set to win EU approval for its $1.9bn (£1.1bn) purchase of British record label EMI as early as this week, after agreeing to sell off some assets. The combined group would include a vast library of current top-selling and legendary names including Jay-Z, Katy Perry and Pink Floyd. Critics have [...]
Nasdaq defends Facebook plan September 19, 2012 ■ America’s Nasdaq stock exchange has defended its plan to offer $62m (£38m) to firms who were affected by its botched float of Facebook. Nasdaq told US regulators that the proposed compensation “goes well beyond what is required under current Nasdaq rules.” Major market makers and broker dealers say they lost upward of $500m because [...]
Banks warned of cyber threat September 19, 2012 ■ A financial services industry group warned banks yesterday to be on heightened alert for cyber attacks after Bank of America and JP Morgan Chase experienced unexplained outages on their public websites. The warning, from the US Financial Services Information Sharing and Analysis Center, cited “recent credible intelligence regarding the potential” for cyber attacks as [...]
EADS boss says BAE merger is the perfect fit September 19, 2012 EADS’ chief executive Tom Enders said yesterday that the firm’s planned mega-merger with BAE Systems represented a “perfect fit”, as he offered reassurance to workers after last week’s drop in the company’s share price. Enders said in a letter to employees that discussions with stakeholders regarding the deal were “moving forward”, and he would be [...]
William Hill mulls joint offer for Sportingbet as eyes Aussie unit September 19, 2012 WILLIAM HILL is weighing a joint takeover of online gambling rival Sportingbet in a deal that would secure it possession of the firm’s lucrative Australian operations. Sportingbet’s Australian operations account for over 90 per cent of Sportingbet’s profits and comprise around a third of Australia’s internet gambling market. The betting operator said yesterday that together [...]
Rosneft seeks $15bn from banks to finance stake buy in TNK-BP September 19, 2012 RUSSIAN oil company Rosneft is understood to be talking to banks about raising $15bn (£9.2bn) in financing to buy BP’s stake in TNK-BP, following BP chief Bob Dudley’s meeting with Vladimir Putin to discuss the sale. Putin met with Dudley, BP chairman Carl-Henric Svanberg and Rosneft chief executive Igor Sechin to get an update on [...]
Banking union could threaten single market September 19, 2012 A EUROPEAN banking union threatens to cause a split in financial supervision between Eurozone states and those outside the single currency, the continent’s leading industry regulator said yesterday. The comments came after German Chancellor Angela Merkel had sought to talk down divisions between her country and France over the implementation of a banking union. European [...]
Solvency II insurance reforms could be delayed once again September 19, 2012 EUROPEAN commissioner Michel Barnier has proposed delaying the introduction of the EU’s new capital requirements for insurers – known as Solvency II – from 2014 to 2015, it was reported yesterday. Tim Ford, a Solvency II specialist at Ernst & Young, told City A.M. that a forthcoming impact study means delaying it now could result in a [...]
