ECB sets out fresh rules for collateral as rates held April 8, 2010 THE European Central Bank (ECB) yesterday set out its new lending rules governing what assets banks can swap for ECB loans as it voted to keep interest rates on hold. From 2011, the central bank will apply graduated valuation haircuts for lower-rated assets in the BBB+ to BBB- range and will replace the uniform haircut [...]
Governance issues could mar Essar IPO April 8, 2010 LONDON scored a coup as Indian industrial giant Essar yesterday said it would list its energy business on the Stock Exchange, though concerns rippled through the market over the extent of the subsidiary’s independence from its powerful parent. Essar said it would float between 20 to 25 per cent of the energy division Essar Energy [...]
Car sales surge at end of scrappage April 8, 2010 NEW car sales were up by 26.6 per cent last month as the car scrappage scheme drew to a close. A total of 397,383 new cars were sold, 26.6 per cent more than in March 2009, according to the Society of Motor Manufacturers and Traders (SMMT). The car scheme has helped to revive the car [...]
Pru investors warm up to Asian venture April 8, 2010 INVESTORS in Prudential said the insurer’s rising share price had given them more confidence in its mammoth takeover plan for American International Assurance yesterday. Shares in Prudential have recovered 16.5 per cent since plunging in the aftermath of its announcement of the $35.5bn (£23.3bn) deal. After tumbling below the 480p mark in early March as [...]
Tougher FSA doles out £4.2m fines for transaction reporting breaches April 8, 2010 THREE firms were yesterday rapped with £4.2m of fines from the Financial Services Authority (FSA) for breaching transaction reporting procedures, in another sign of the regulator’s ongoing crackdown on the City. Credit Suisse was ordered to cough up £1.75m, while trading firm Getco Europe will pay a £1.4m fine and agency broker Instinet Europe £1.05m. [...]
BROKEN DOWN April 8, 2010 AA patrol workers have called a two-day strike from 2 May – the first in its 105-year history. The dispute centers around new pension proposals. AA management say a strike will be counter-productive and can still be averted. Eighty-seven per cent of AA employees turned out to vote and 57 per cent voted in favour [...]
Misys posts an increase in revenues April 8, 2010 BRITISH IT company Misys yesterday posted a seven per cent rise in third quarter revenue and an 18 per cent growth in operating profit, on improved sales to the healthcare and financial services sectors. The company, which provides software to banks, brokers and doctors, posted revenue of £192m, against £179m for the same period last [...]
Jones Day is top M&A adviser April 8, 2010 Jones Day, Linklaters, DLA Piper, Allen & Overy (A&O) and Freshfields Bruckhaus Deringer have been named as the top five law firms to advise on the most M&A deals during the first quarter of the year, according to Mergermarket data. Jones Day advised on 50 deals during the period, while Linklaters and DLA each advised [...]
Liquidation numbers rise April 8, 2010 A growing number of UK companies are choosing to cease trading before being forced into insolvency, leading to the highest number of liquidations since 1992. In 2008-2009, 23,500 companies went into liquidation. The number is expected to rise by nine per cent to over 25,600 for 2009-2010. This is the highest figure since 1991-1992 when [...]
World bank increases lending April 8, 2010 World Bank lending to developing countries to help them recover from the economic downturn reached $100bn (£65bn) yesterday. The level of support is at an all-time high for the global development bank and includes safety nets for the poor, infrastructure funding to create jobs and build a foundation for recovery, agriculture to support small farmers, [...]
