‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
WHAT THE OTHER PAPERS SAY THIS MORNING June 9, 2011 FINANCIAL TIMES THIRD INDEPENDENT DIRECTOR TO QUIT ENRC BOARD A third independent director is set to leave the board of FTSE 100 miner Eurasian Natural Resources Corporation, thrusting the London-listed Kazakh company further into turmoil. Two prominent City figures, Sir Richard Sykes and Ken Olisa, were ousted from ENRC on Wednesday. Now, according to two [...]
Tube workers’ Wimbledon strike June 9, 2011 London Underground drivers will strike during Wimbledon, threatening travel chaos for tennis lovers. The first strike will take place between 8pm on 19 June and 2am on 20 June, said the union. Three more strikes covering 27 June, 30 June and 1 July were also announced by the RMT union. The dispute centres around the [...]
Credit Agricole in China deal June 9, 2011 Credit Agricole, France’s third-biggest listed bank, said yesterday it has agreed to sell stakes in its CLSA and Cheuvreux brokerage brands to China’s Citic for a total amount of $374m (£228m). The deal comes as Credit Agricole embarks on a four-year plan to focus on retail banking in France and abroad to boost growth after [...]
Investor fury over Guoco’s Rank offer June 9, 2011 SHAREHOLDERS in gaming group Rank are considering launching a complaint to the Takeover Panel over Hong Kong-listed Guoco’s approach for the firm. At least two institutional investors are understood to be concerned that some exiting shareholders have connections with Guoco and could have been acting in concert over the offer, which analysts say significantly under-values [...]
MySpace is in talks with Activision boss June 9, 2011 TROUBLED social network MySpace is in final talks over a sale to Activision Blizzard chief executive Bobby Kotick. It is understood Kotick’s involvement is not linked to his Activision role. MySpace owner News Corp, which paid $580m (£354m) for Myspace in 2005, may seek to retain a 20 per cent holding as part of the [...]
Goldman fined for priority tips June 9, 2011 GOLDMAN Sachs yesterday said it would pay a $10m (£6.1m) fine and stop giving favoured clients trading ideas developed at internal gatherings known as “trading huddles”. Goldman analysts had been accused of giving “priority” clients short-term trading tips that may have been at odds with the bank’s published research. Analysts and traders began holding huddles [...]
Spanish Atento float in doubt June 9, 2011 THE €1.15bn (£1.02bn) float of Atento, the call centre unit of Spain’s biggest telecoms company Telefonica, was in doubt last night after bankers had to slash the offer price to lure investors. STJ Advisors, the boutique capital markets bank that has in the past accused larger banks of undervaluing floats, is advising on the deal, with Goldman [...]
Calls for reform of Keydata charges June 9, 2011 REGULATION that has forced the City to pay almost £500m to compensate clients of failed investment firms in the past three years needs urgent reform, an industry leader said yesterday. Douglas Ferrans, chairman of the Investment Management Association, called for an independent review into the Financial Services Compensation Scheme, which charges investment managers for the [...]
Sir Stuart Rose got an £8.1m golden goodbye June 9, 2011 SIR Stuart Rose was handed an £8.1m golden goodbye when he left Marks & Spencer last year, according to the retailer’s annual report. The former chief executive and executive chairman received a pay packet worth £2.77m in 2010-11, compared to £2.6m a year earlier, plus over £5m in shares. Marc Bolland, who became chief executive [...]
GLOBAL FINANCIERS WALK PURPLE CARPET AT GLITZY HEDGIE BASH June 9, 2011 THE City’s big-name philanthropists descended on Kensington Palace gardens last night for the tenth anniversary gala hosted by Absolute Return for Kids (Ark). Walking the purple carpet to the cavernous marquee in Perks Field were One Hyde Park developer Nick Candy; Elisabeth Murdoch, chairman and chief executive of Shine Group; Winton Capital founder David Harding; [...]
