M&A slump will hit investment banks’ growth October 15, 2012 MERGER and acquisition activity is set to fall further next year, hitting investment banks further, according to a major business study published yesterday. Only 40 per cent of the firms are looking to expand geographically compared with 60 per cent a year ago, reducing the number who may expand through acquisitions, Thomson Reuters’ survey of [...]
Greek talks not likely to close before summit October 15, 2012 NEGOTIATIONS in Greece could drag on into next month, top EU official Olli Rehn warned yesterday, dashing hopes that the government is close to receiving the next tranche of its bailout. The troika of creditors – the European Central Bank, EU and International Monetary Fund – are demanding Greece makes more convincing spending cuts before [...]
Debt yields fall as euro exit risks diminish October 15, 2012 YIELDS on Greek government 10-year debt fell to their lowest rate since August 2011 yesterday, as the struggling Eurozone state’s bonds continue to strengthen. Bond prices – which move conversely to yields – have been on the up since late July, with recent comments appearing to strengthen the Greek position. Investors increasingly see German Chancellor [...]
UK challenges Brussels over banking union October 15, 2012 BRITAIN is pushing for changes to a proposed Eurozone banking union to dilute the power of the European Central Bank, EU officials said yesterday, potentially hampering efforts to build the infrastructure urgently needed to underpin the euro. The European Commission has proposed making the ECB responsible for supervising lenders as a step towards a banking [...]
Portugal braced for deeper cuts and tax rises from 2013 budget October 15, 2012 PORTUGAL’S centre-right government yesterday announced sweeping tax rises and spending cuts in its 2013 budget, which promises a third year of recession and hardship under the strict terms of a €78bn (£62.8bn) bailout. Finance minister Vitor Gaspar warned that failure to continue on the path of austerity could be catastrophic, as about 2,000 protesters gathered [...]
Scots secure independence vote by 2014 October 15, 2012 SCOTLAND will vote on becoming an independent nation by autumn 2014, as part of a historic deal signed yesterday by David Cameron and First Minister Alex Salmond. The Scottish National Party (SNP) won a majority of seats in the 2011 Scottish parliament election, with a mandate to hold an independence referendum. Following months of negotiations the Prime Minister lost [...]
Softbank seals Sprint buyout in record for Japan October 15, 2012 JAPANESE telecoms giant Softbank confirmed yesterday it will buy a majority stake in US mobile operator Sprint Nextel in the biggest ever overseas investment from a Japanese firm. Softbank will acquire 70 per cent of the US’s third-biggest mobile operator for $20.1bn (£12.5bn), the firm’s billionaire head Masoyashi Son announced in Tokyo yesterday, standing alongside [...]
Ex-L&G chief Tim Breedon ups Barclays’ reforming credentials October 15, 2012 FORMER Legal & General boss Tim Breedon was yesterday appointed as a non-executive director of Barclays. The first such appointment under new chairman Sir David Walker represents another attempt to restore the bank’s tarnished reputation, as Breedon has a reputation as a critic of excessive executive pay, and has publicly looked into ways to boost [...]
Office of Fair Trading set to beef up its investigation procedures October 15, 2012 THE UK’s Office of Fair Trading will this morning announce changes to its investigation procedures, as it attempts to rejig its systems in the wake of high-profile failures on appeal. The changes are expected to include introducing “collective decision making”, meaning that each case will be handed on after the first phase of investigation to ensure [...]
MPs could lose gold-plated pension pots October 15, 2012 MEMBERS of Parliament could lose their gold-plated pensions under proposals to be considered as part of a review of their salary and benefits. The Independent Parliamentary Standards Authority (IPSA) yesterday launched its consultation on the future of MPs’ pay, which includes questions on parliament’s final salary pension scheme. Others proposals include linking MPs’ salaries to [...]
