WHAT THE OTHER PAPERS SAY THIS MORNING May 14, 2009 FINANCIAL TIMESQINETIQ TO SELL UK UNDERWATER SYSTEMS ARM Qinetiq, the defence research group, has agreed to sell its UK underwater systems business for £23.5m as it continues to restructure its European division. Atlas Elektronik will take over the business, which makes sonar acoustic counter measures for customers such as the Royal Navy, protecting about 220 [...]
CARLYLE GROUP TO PAY $20M FINE May 14, 2009 Private equity firm The Carlyle Group yesterday agreed to pay a $20m (£13.3m) fine, and to sign a strict code of conduct to resolve its role in an investigation into alleged corruption involving New York’s largest public pension fund. Carlyle, an $85.5bn private equity firm, will be the first buy-out firm to pay a fine [...]
GERMANY’S LOSSES SET TO DOUBLE May 14, 2009 Germany’s finance minister Peer Steinbrück said yesterday that the federal budget deficit would double to €90bn (£59bn) next year as tax revenues dry up and public spending rockets. He said this year’s federal deficit alone would exceed €50bn, up from a deficit of €11.9bn last year. This would break Germany’s budget deficit record of €40bn, [...]
TOSCAFUND IN 15M PAYOUT AS PROFITS DIVE May 14, 2009 HEDGE fund group Toscafund paid its highest earner £15m last year, even though profits at the group fell by 83 per cent, it emerged yesterday. Official US filings show one member of staff at the firm received a “profit entitlement” of £14.9m in the year, despite the group profit dive which was thanks mainly to [...]
RIO CHAIRMAN SET FOR INVESTOR TALKS May 14, 2009 NEW Rio Tinto chairman Jan du Plessis will meet key shareholders today, as pressure builds on the indebted miner to change its controversial $19.5bn (£13bn) tie-up with Chinese state-owned Chinalco, in favour of a rights issue. Du Plessis has already held meetings with a number of shareholders this week and has said he is prepared [...]
MADOFF FUNDS TO BE RETRIEVED May 14, 2009 The trustee given charge of recovering assets from Bernie Madoff’s fraudulent investment scheme said yesterday he expects to reach financial settlements over the coming weeks with a handful of investors who reaped profits from the plan. Irving Picard, the court-appointed trustee, said last night he expected “significant settlements”.
Stanford employee ‘not guilty’ May 14, 2009 The chief investment officer at Allen Stanford’s companies pleaded “not guilty” yesterday to charges stemming from the first indictment in the federal government’s investigation of the troubled financial firm. Laura Pendergest-Holt will remain free on bond after being indicted earlier this week on conspiring to obstruct an SEC investigation.
Fujitsu shuts final salary scheme May 14, 2009 Fujitsu Services, the UK arm of the Japanese technology company, yesterday decided to close its defined benefit pension scheme to existing workers. The closure, which marks the first large employer to close such a scheme in almost two years, is likely to be the start of a trend, say experts, who expect the recession to [...]
Invensys signals dividend return May 14, 2009 Engineering firm Invensys said yesterday it would make its first dividend payment since 2003. Chief executive Ulf Henriksson said the recommendation of 1.5p a share was a “prudent level” that should allow for a progressive dividend policy in future. Revenue in the year to March rose to £2.2bn from £2.1bn, but pre-tax profit fell to [...]
BT SAYS SORRY TO INVESTORS May 14, 2009 BT CHIEF executive Ian Livingston yesterday apologised to shareholders after an “unacceptable performance” by BT Global Services (BTGS) forced the firm to cut its dividend for the first time in eight years. Writedowns of £1.3bn against BTGS, which supplies IT services to multinational companies, drove a loss of £134m in the year ending March 2009 [...]
