Default is welcome, but not enough July 24, 2011 THE European Central Bank (ECB) lost an important battle last week. It was only a short time before Thursday’s decision to embrace a “transitory, selective default” for Greece that ECB president Jean-Claude Trichet had begun to sound like a broken record at the Bank’s press conference. “Our message is no credit event, no selective default, [...]
Six parties in Lloyds talks for branches July 24, 2011 LLOYDS is in talks with six interested parties over the sale of its 632 branches, City A.M. understands, despite only two of them having submitted formal bids so far. However, some of those involved are only interested in chunks of the £68bn in assets on sale, which could prove a headache for regulators who want [...]
New capital requirements will hit UK small businesses hardest July 24, 2011 NEW capital requirements will damage Britain’s growth prospects more than previously thought because of our economy’s high reliance on small businesses, analysts have claimed. A paper released by Tim Ambler at the Adam Smith Institute says that “the losers” from higher capital requirements will be small and medium-sized businesses (SMEs). “It is not the banks [...]
Norway death toll continues to climb to 93 July 24, 2011 NEO-NAZI sympathiser Anders Behring Breivik yesterday admitted carrying out both the shooting spree on a Norwegian island youth camp and the Oslo bombing, which have so-far claimed 93 lives. At least four more people are missing, with police still recovering bodies from the icy water surrounding the island of Utøya and offices around the bomb [...]
Winehouse tributes flood in as Back to Black sales soar July 24, 2011 TRIBUTES have flooded in for singer Amy Winehouse after she was found dead at her London home on Saturday. Flowers from fans piled up in the street outside her north London home and her records saw a remarkable spike in sales, with her acclaimed Back to Black album seeing sales rise by 37 times. Mark [...]
Carlyle looks to sell stake in RAC July 24, 2011 US private equity firm Carlyle Group is looking to sell part of its equity in RAC, the roadside rescue business it bought from Aviva for £1bn a month ago. The firm is looking to sell up to £200m of equity in RAC. GIC, the Singaporean sovereign wealth fund, is understood to be one of the [...]
RBS Aviation sale underway July 24, 2011 BANK of China has emerged as a leading contender in the race to snap up the aircraft leasing business being sold off by Royal Bank of Scotland. The bank said its aircraft leasing division RBS Aviation Capital was on the block again, a year after it shelved a previous sale attempt. Bank of China, General [...]
News Corp is not a fit or proper owner of a British broadcaster, says our panel July 24, 2011 VOICE OF THE CITY NEWS Corp is not a “fit and proper” owner of a UK television broadcaster following the phone hacking scandal, according to the City A.M./PoliticsHome Voice of the City panel. Under the Broadcasting Act 1990, media watchdog Ofcom must ensure that owners or shareholders of broadcasting companies are “fit and proper” to [...]
Directors to discuss future of James Murdoch chairmanship July 24, 2011 THE directors of BSkyB will discuss James Murdoch’s position as chairman of the satellite broadcaster at a board meeting on Thursday. City A.M. understands that a number of independent directors want Murdoch (pictured below) to step down, at least until the police investigation into phone hacking at the News of the World has been completed. [...]
Cable calls for an end to influential media moguls July 24, 2011 VINCE Cable, the business secretary, yesterday vowed to stop firms or individuals from owning a similar share of the media as Rupert Murdoch. “You know there are other big media companies who could have the same influence in future [as Murdoch] and we’ve got to stop that happening,” he said. Cable was stripped of his [...]
