BDO censured by FSA over Shore takeover June 1, 2011 THE Financial Services Authority (FSA) yesterday slammed accountancy firm BDO for failings while acting as sponsor to Shore Capital’s planned takeover of Puma Brandenburg. It is the first time the FSA has rapped the knuckles of a sponsor for not providing adequate information about a deal. However, the FSA does not have the power to [...]
OFT lobbies for loan rule change June 1, 2011 THE Office of Fair Trading (OFT) has announced a major crackdown on credit brokers which charge up-front fees for their services. The organisation will force unscrupulous firms to pay back the fee if a loan is not agreed. It will also lobby the government for changes to the rules banning the practice of charging up-front [...]
FORD AND GM SAY US CAR SALES ARE SLOW June 1, 2011 FORD Motor and General Motors yesterday reported lower US vehicle sales in May. General Motors’ sales fell 1.2 per cent month-on-month marking a reversal from a 26 per cent sales increase in April. Ford sales fell 2.4 per cent as strong sales of small cars were weighed down by lower sales of pickup trucks. Sales [...]
KBC in plot to dispose of its Polish units June 1, 2011 BELGIAN financial services group KBC is looking into the sale of Polish units and a capital increase as an alternative to its current divestment plan, according to reports in a Belgian newspaper. The report said that KBC, which needs to sell assets to pay back €7bn (£6.2bn) of state aid received during the financial crisis, [...]
ADVISER: ARDEN PARTNERS AND MIRABAUD June 1, 2011 GREENKO is using nominated adviser and broker Arden Partners alongside Mirabaud Securities to run its £50m share placing. Arden has advised Greenko since the India-focused firm floated on AIM in November 2007. Head of corporate finance Richard Day is named as the lead broker on the placing, alongside corporate finance director Adrian Trimmings. Day also [...]
Greenko eyes wind growth for India June 1, 2011 CLEAN energy producer Greenko yesterday ramped up its efforts to supply India with renewable power after it secured concessions for a 650 megawatt wind farm project and raised £50m in a placing of London-listed shares. AIM-listed Greenko said its energy portfolio has passed 1.6 gigawatts, with around 183 megawatts of projects currently operational. “Demand for [...]
Hedge funds are selling US banks June 1, 2011 THE RECOVERY of Citigroup and Bank of America gave hedge funds some of their biggest gains last year, but now the smart money is getting out, according to Thomson Reuters data. Maverick Capital, Owl Creek Asset Management and other major funds have backed away from the banking sector in the first quarter. And financials suffered [...]
UBS hit as more staff go to Citi June 1, 2011 UBS global co-head of M&A, Cary Kochman, yesterday became the fourth senior banker to quit the Swiss bank, moving to rival Citigroup along with colleagues Jim Glerum and Justin Friesen. Friesen was deputy head of US M&A at UBS, while Glerum headed diversified industrial banking. Kochman, Glerum and Friesen join former colleagues who have moved [...]
AXA sells Canadian arm to fuel growth June 1, 2011 FRENCH insurance giant AXA sold its Canadian unit for C$2.6bn (£1.6bn) yesterday as it kicked off a new five-year plan to boost profits and cut debt. AXA, Europe’s second-largest insurer, said at an investor day it is targeting high-growth emerging markets, where it aims to double in size and profitability on a comparable basis by [...]
Moody’s warns life insurers on sales as tax breaks end June 1, 2011 CUTBACKS on life insurers’ tax breaks in Europe are a threat to their competitiveness that is being compounded by ultra-low interest rates in the region, credit rating agency Moody’s said yesterday. European life insurers may see their sales volumes hurt if they fail to deliver better returns on life products than savings products offered by [...]
