Blackstone help for Terra Firma July 16, 2009 TERRA Firma, Guy Hands’ private equity firm, is being advised by US rival Blackstone on plans to issue bonds to pay off loans accrued by its music group EMI. All or part of the £2.6bn of loans, owed to US banking giant Citigroup, might be paid off via a bond issue backed by JPMorgan and Morgan [...]
JPMorgan adds to cheery mood in US July 16, 2009 US stocks rallied for a fourth day yesterday after JPMorgan’s strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news. Gains in International Business Machines helped the market shake off its earlier malaise. The broad S&P 500 extended the week’s gains to tally its best [...]
IMF: UK must act to reduce debts July 16, 2009 THE GOVERNMENT has been warned it has to come up with “credible and consistent policies” to prevent the economy from destabilising, in a report by the International Monetary Fund (IMF). Ajai Chopra, the IMF’s mission chief to the UK, said “significant vulnerabilities” exist in the financial sector and warned the pound could be destabilised if the [...]
Rio staff quit China after four arrests July 16, 2009 MINER Rio Tinto told its overseas employees in China to leave the country yesterday, as concerns grew over four of its workers who have been detained by the state on espionage and bribery charges. Rio said it was “still operating” in the country, and refused to comment on the withdrawal of its foreign staff. Rio Tinto’s China [...]
Autonomy slips on missed forecasts but banks lift FTSE July 16, 2009 UPBEAT results from JP Morgan boosted banks while energy and pharmaceutical stocks also gained, leading Britain’s top share index to close at a one-month high, up for a fourth session yesterday. The index was trading in slightly negative territory in early trade but the JP Morgan results which were announced around mid-session lifted the FTSE [...]
Arcandor restructurer quits July 16, 2009 Bankrupt German retailer Arcandor has been hit by the resignation of its re-structuring officer, who quit accusing the firm’s main shareholder, German private bank Sal. Oppenheim, of failing to provide support. Horst Piepenburg said there is no foundation to the firm’s plans to emerge from bankruptcy.
IBM boosts outlook for full-year July 16, 2009 US technology giant IBM surprised markets by sharply raising its full-year earnings forecast yesterday, saying its growing software and services arms have boosted profit margins. Shares of the firm rose over 3 per cent as the optimistic statement boosted hopes of an end to the worst of the technology downturn.
Swine flu could kill 65,000 in UK July 16, 2009 As many as 65,000 people could die due to swine flu in the UK, according to chief medical officer Sir Liam Donaldson. The government yesterday launched a service allowing patients with the virus to obtain drugs over the phone and internet. In the UK, 29 deaths have now been linked to the disease.
WHAT THE OTHER PAPERS SAY THIS MORNING July 16, 2009 FINANCIAL TIMES CLARKE WARNS CAMERON NOT TO CHALLENGE ‘PRO-BUSINESS’ STANCEKen Clarke, the outspoken former Conservative chancellor, has warned David Cameron not to translate his “standing up to big business” rhetoric into policies in government. However, the shadow business secretary said he “overwhelmingly approved” of Cameron’s transformation of the Tory party. “So long as Mr Cameron [...]
Magnificent Strauss cuts out England middle men July 16, 2009 HERO captain Andrew Strauss insisted his England side were still in the hunt for a match-winning total despite missing out on an opportunity to put the Australians to the sword at Lord’s. The Middlesex opener smashed 22 fours in a magnificent 161no as England ended a rollercoaster opening day of the second Test on 364-6. [...]
