NEWS CORP FEARS DELAY TO SKY BID July 6, 2011 NEWS Corp bosses yesterday feared they may be forced to delay the firm’s multi billion pound bid for BSkyB, as the toxic political and commercial fallout of the phone hacking scandal continued to gather pace. Bankers close to the deal told City A.M. that negotiations have ground to a halt while both sides consider the [...]
Chancellor on hacking target list July 6, 2011 CHANCELLOR George Osborne yesterday joined the unenviable roll-call of people targeted by News of the World phone hackers. Police visited Osborne last night to tell him that his personal details appeared on notes kept by convicted criminal Glenn Mulcaire and shamed former News of the World royal editor Clive Goodman. It is not clear if [...]
US to seize pay at failed banks July 6, 2011 BANK executives whose behaviour is deemed “negligent” by US authorities could have up to two years’ worth of pay confiscated by the state under proposals voted into the American rulebook yesterday. In the last meeting under its current chief Sheila Bair, the Federal Deposit Insurance Corp (FDIC) voted five to one in favour of a [...]
EU guilty of credit rating hypocrisy July 6, 2011 SOME people simply can’t win. The largest credit rating agencies – Moody’s, Standard & Poor’s and Fitch – were rightly pilloried for providing ridiculously optimistic advice in the run-up to the financial crisis, deeming bundles of sub-prime mortgages to be as safe as the debt of very cautious and successful companies or governments. It was [...]
Lagarde takes swipe at DSK July 6, 2011 CHRISTINE Lagarde began her tenure as IMF chief with a swipe at her predecessor, saying her leadership will be “more inclusive”. She used her first speech as new IMF chief to say she will push ahead with reforms to give fast-growing emerging markets more influence at the global lender. The former French finance minister said: [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 6, 2011 FINANCIAL TIMES SPOTIFY SIGNS DEAL WITH VIRGIN Spotify and Virgin Media on Wednesday announced a deal that could help the music streaming service boost numbers of paying customers and reach a wider audience. By the end of the year, Virgin Media’s 4m UK customers will be able to access Spotify’s catalogue of 13m songs through [...]
Linklaters to open in Abu Dhabi July 6, 2011 Magic circle law firm Linklaters will this morning announce plans to open a stand-alone office in Abu Dhabi, responding to client demand in the region. The office will be led by Middle East managing partner and project finance specialist Sarosh Mewawalla, supported by New York finance partner Paul Kruger and Dubai corporate partner Nick Garland.
Goldman and RBS aided in crisis July 6, 2011 Goldman Sachs, Lehman Brothers, RBS and UBS were the biggest beneficiaries of very short-term Federal Reserve loans extended at the height of the financial crisis, according to data out yesterday. The Fed’s figures showed Goldman took $15bn in exchange for securities ranging from Treasuries to mortgage bonds. UBS, RBS and Lehman took $10bn each.
Buffett joins bid for Citi unit July 6, 2011 Warren Buffett’s Berkshire Hathaway has joined the group bidding for Citigroup’s consumer lending unit OneMain. Buffett is thought to have teamed up with Centrebridge Capital Partners and Leucadia National Corp.
3i hires top rainmaker to boost deals July 6, 2011 PRIVATE equity giant 3i headed off investor concerns over its growth and capital use yesterday as it bolstered its team with top City rainmaker Simon Borrows, who joins it as chief investment officer. 3i said it invested £233m in the first quarter of 2011, more than double the amount in the same period in 2010, [...]
