‘Bond market tantrum risks’: Gilt traders brace for Labour leftward pivot as Starmer future uncertain
AIG share sale hands US $8.7bn May 24, 2011 The sale of shares in insurance giant American International Group (AIG) has raised $8.7bn (£5.3bn), taking the state-backed firm closer to independence after its 2008 bailout. A combined total of 300 shares of the company were sold by the US Treasury and AIG at $29 per unit. The government, which retains a majority stake in [...]
Diageo eyes Jose Cuervo for $2bn May 24, 2011 Drinks maker Diageo is in talks to buy tequila brand Jose Cuervo for more than $2bn (£1.2bn). Cuervo is in exclusive talks with Diageo, which has the first option to buy the company because of its international distribution rights to the brand. Casa Cuervo, the maker of the world’s best-selling tequila brand, is renegotiating a [...]
Greece pushed to sell assets May 24, 2011 GREECE could be forced to sell up to €50bn (£44bn) in state-owned assets by European officials, as the nation tries to mend its battered finances. European leaders want to push for measures to ensure the Greek government completes its promised €50bn privatisation drive, but believe a state asset sale programme could ultimately net it between [...]
Lagarde set to formally enter race for top role at the IMF May 24, 2011 FRENCH finance minister Christine Lagarde is expected to formally announce her bid to run the International Monetary Fund (IMF) this morning. The European Union is said to have reached a consensus on backing her to replace Dominique Strauss-Kahn, who quit last week over sexual assault charges. Lagarde is seen as the frontrunner for the job, [...]
US regulators sue traders in new blitz on oil price manipulation May 24, 2011 US regulators launched one of the biggest ever crackdowns on oil price manipulation yesterday, suing two well-known traders and two trading firms owned by Norwegian billionaire John Fredriksen for allegedly making $50m by squeezing markets in 2008. The Commodity Futures Trading Commission (CFTC) said traders James Dyer of Oklahoma’s Parnon Energy, and Nick Wildgoose of [...]
HEIR TO ARCELORMITTAL EMPIRE May 24, 2011 ADITYA Mittal, the son of Britain’s wealthiest man Lakshmi, yesterday moved a step closer to succeeding his father as chief executive of the world’s largest steelmaker. He has been handed control of the biggest and most problematic unit – Flat Carbon Europe instead of Flat Carbon Americas, as well as remaining chief financial officer, putting [...]
Vickers: ICB plans will cut state subsidy May 24, 2011 BANKS will see their implicit subsidy from the state significantly cut down if the government implements recommendations from the Independent Commission on Banking (ICB), its chair John Vickers (pictured) said yesterday. “Our measures would have a major effect on reducing the subsidy,” Vickers said when speaking before the Treasury Select Committee yesterday. His views appeared [...]
Moody’s puts 14 UK banks on negative rating outlook May 24, 2011 MOODY’S has put 14 of the UK’s biggest banks on review for a ratings downgrade due to regulatory efforts to resolve the “too big to fail” problem. The move could significantly increase borrowing costs for banks as regulators draw up plans to reduce the likelihood that taxpayers will have to bail out failing banks in [...]
Police quiz Huhne over driving row May 24, 2011 EMBATTLED cabinet minister Chris Huhne was last night interviewed by police over allegations that he asked someone else to take driving licence penalty points on his behalf. The energy secretary is fighting for his political life over the accusations, made by his estranged wife Vicky Pryce, that he made her accept the points incurred for [...]
One Finsbury Circus is sold May 24, 2011 The former City headquarters of BP has been sold to a real estate fund for £141.5m, the vendors said yesterday. One Finsbury Circus has been snapped up by Invesco Real Estate’s pan-European fund after months of bidding. Hermes Real Estate and LaSalle, which acted on behalf of the sellers, said the sale of the multi-let, [...]
