WHAT THE OTHER PAPERS SAY THIS MORNING June 21, 2011 THE FINANCIAL TIMES JUSTICE SHAMBLES ATTACKED BY LABOUR The coalition’s strategy on criminal justice was said to be “in shambles” yesterday after the government scrapped its cost saving plans to halve prison sentences for offenders who plead guilty. Ken Clarke, justice secretary, came under fire for creating a £130m hole in his departmental budget. MADOFF’S [...]
Aviva nears RAC disposal June 21, 2011 INSURANCE giant Aviva is close to selling the RAC, the roadside rescue business it owns. Two private equity firms are in the final stages of bidding for the company, Sky News reported last night. Three buyout firms had put up final offers several days ago, including BC Partners, Carlyle Group and Clayton Dubilier & Rice. [...]
Cable appoints Kay to head up market review June 21, 2011 VINCE Cable has asked economist John Kay to review Britain’s stock markets, as the business secretary steps up his attack on corporate short termism. Kay, formerly head of the Institute for Fiscal Studies, will chair the equity market review, which reports in 2012. As part of the review, Kay will look at how to get [...]
Euro banks scramble for ECB funding June 21, 2011 BANKS’ use of emergency liquidity from the European Central Bank (ECB) shot to its highest level since February yesterday, defying forecasts that demand for one-week loans from the Bank would be the same as last week. In a worrying reminder of the reliance Europe’s banks still have on the ECB for their day-to-day funding, Eurozone [...]
European Commission draws up legislation for EU Tobin tax June 21, 2011 THE European Commission (EC) is pressing ahead with plans to impose a Tobin tax on all financial transactions that pass through the EU, despite concerns that it would devastate the City. EC president Jose Manuel Barroso said yesterday that the 0.05 per cent tax on “every type of financial transaction” would “create appropriate disincentives for [...]
EU banks could absorb default June 21, 2011 FITCH has said that most of Europe’s banks do not have a large amount of direct exposure to Greece, holding only €37bn in the sovereign’s bonds. “Banks should be able to absorb the immediate credit, market and liquidity risks with only minor, if any, negative rating actions,” the agency said of the situation in Greece. [...]
Spanish yields rise in bond sale June 21, 2011 SPAIN paid a slightly higher premium to borrow €2.99bn (£2.65bn) over three and six months at a debt sale yesterday as investors awaited clarity over a second Greek bailout. The amount of treasury bills sold was at the higher end of the Spanish government’s target range of €2.25-€3.25bn and attracted solid volumes of bids from [...]
Foster’s turns down £6bn SABMiller bid June 21, 2011 FOSTER’S Group yesterday rejected a A$9.5bn (£6.2bn) cash takeover offer from global drinks giant SABMiller sparking speculation that a bidding war will follow. SABMiller, which makes Peroni, Grolsch and Miller Lite, has long been seen as the favourite to take over Foster’s, but the Australian brewer is digging in for a higher price. The indications [...]
Goldman Sachs picks up a broking slot with Autonomy June 21, 2011 INTELLIGENT software company Autonomy yesterday announced it had appointed Goldman Sachs as a third joint broker. Goldman, which now has 11 FTSE 100 broking clients, will work alongside existing brokers UBS and Citi. The Goldman pitch was headed up by Phil Shelley, the former UBS broker who was recruited in December to help strengthen the [...]
Asda loses market share as Lidl and Aldi shore up their position June 21, 2011 ASDA’S share of the UK grocery market fell from 16.7 per cent to 16.3 per cent in the 12 weeks to 13 June, according to figures from Kantar Worldpanel. The figures show that the Wal-Mart-owned chain is now only marginally ahead of Sainsbury’s, which held its share steady at 16.2 per cent. Discount stores Aldi [...]
