Greece vows to continue budget cuts and avoid debt restructuring May 22, 2011 GREEK Prime Minister George Papandreou will discuss new measures with his cabinet today to cut the budget deficit, in an effort to convince lenders Greece can deal with a debt crisis without a restructuring. At stake is a €12bn (£10.4bn) aid tranche under the EU/IMF bailout agreed last year, as well as additional help as [...]
Commerzbank issues shares at big discount May 22, 2011 COMMERZBANK, Germany’s second biggest bank, yesterday announced plans to raise €5.3bn (£4.6bn) by selling new shares to repay state funding. The issue price comes at a 45 percent discount to Friday’s closing price of €3.95, and 30 per cent below the the theoretical ex-rights price (TERP). The bank stated it will sell 2.44bn new shares [...]
Strauss-Kahn getting to work on his trial defence May 22, 2011 FALLEN IMF chief Dominique Strauss-Kahn worked on his defence against sexual assault charges yesterday at a Manhattan apartment where he is under house arrest following release from jail. Under strict bail conditions, Strauss-Kahn, 62, was not allowed to step outside the apartment at 71 Broadway, in the heart of New York’s financial district. The building [...]
Lagarde tipped as frontrunner for IMF top job May 22, 2011 FRENCH economics minister Christine Lagarde is the frontrunner to take over the post of managing director of the International Monetary Fund (IMF). Chancellor George Osborne said over the weekend he will formally nominate her for the position, which became vacant after Dominique Strauss-Kahn resigned so he could fight sexual assault charges. Osborne said Lagarde was [...]
Morrisons is leading race for Iceland May 22, 2011 SUPERMARKET chain Morrisons is being touted as the frontrunner in the race to buy into rival Iceland, after majority owner Landsbanki officially launched a sales process for its holding in the company. The Resolution Committee for Landsbanki said last week that according to advisers UBS and Bank of America Merrill Lynch, “market conditions are currently [...]
Deal would shake up the supermarkets May 22, 2011 COMPETITION objections notwithstanding, Iceland’s 780 stores would be a huge boost to Morrison’s forecast earnings, giving it the foothold in the convenience store industry that chief executive Dalton Philips made central to its growth plans last year. They would also cement Morrison’s presence in the south of the country. Though the Bradford-based company has made [...]
London’s new fund queens May 22, 2011 THE TOTAL value of assets under management run by female hedge fund managers has more than doubled to over $200bn (£122.8bn) in the space of a year, according to the latest Hedge Fund Journal and Ernst & Young study. Women managed just $4.5bn in hedge fund assets last year, accounting for just three per cent [...]
Snooping scandal hits hedge fund superstar May 22, 2011 OF THE 50 leading women in hedge funds, one name stands out above the rest. Elena Ambrosiadou, who runs the £1.8bn Ikos hedge fund, is well-known as a powerful hedge fund boss and as one of the wealthiest women in the world. But she is currently in the news for more controversial reasons. The Greece-born [...]
Labelux ties up Jimmy Choo shoe deal for £500m May 22, 2011 LABELUX luxury goods group yesterday announced the acquisition of Jimmy Choo, the upmarket shoe brand. Labelux was founded by Austria’s Benckiser family in 2007 with the aim of creating a significant new global player in the expanding luxury goods sector. Its existing portfolio includes Swiss luxury shoe brand Bally, acquired in 2008, and Italian accessories [...]
Betfred scrambles to woo racing execs May 22, 2011 HIGH street bookmaker Betfred has launched a last-minute scramble to win racing industry support for its bid to buy the Tote, the state-backed bookmaker. The gaming firm has stepped up its bid by offering to create an advisory board for the Tote, with seats for racing industry executives. Betfred is seen as the straggler in [...]
