RBS opens talks for US Sempra February 16, 2010 ROYAL Bank of Scotland has begun discussions with potential buyers for the US parts of its Sempra Commodities business after JPMorgan paid $1.7bn (£1.1bn) for the European and Asian arms. JPMorgan yesterday signed a deal for RBS Sempra’s global oil and metal trading operations, plus its coal and gas capabilities on the continent and in [...]
Greece told to cut deeper February 16, 2010 EUROPEAN ministers told Greece yesterday it may need to take further steps to bring a swollen debt under control and calm “irrational” financial markets, as wage cuts already announced by Athens sparked another strike. At a European Union meeting, finance ministers from Germany, Austria and Sweden led the charge, with Germany’s deputy finance minister saying [...]
Era of cheap money is gone forever February 16, 2010 THERE is one, overwhelming reason why interest rates are going up on products such as credit cards, even though the Bank of England’s base rate remains very low. It has nothing to do with greed, bonuses, rip-off Britain or conspiracy theories – and all to do with the costs associated with the massive amounts of [...]
Toyota’s troubles drag on February 16, 2010 CLASS action lawsuits are piling up against Toyota and could cost the carmaker billions of dollars in damages. Toyota owners are “charging gross negligence on the part of the automobile manufacturer,” following its decision this month to recall 8.5m cars. It is understood that 44 class action lawsuits have been filed and could amount to [...]
Obama to set up US debt body February 16, 2010 President Barack Obama will sign an executive order tomorrow setting up a bipartisan commission to propose ways to tackle the ballooning US deficit, which is forecast to hit a record $1.6 trillion (£1 trillion) this year, a senior administration official said yesterday. Obama will name Erskine Bowles, former chief of staff to President Bill Clinton, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 16, 2010 FINANCIAL TIMES YOUNG GENERATIONS FACE WEALTH DEFECIT Baby boomers hold so much of Britain’s wealth that a prosperity gap is opening between the generations, with people born after 1970 unlikely to acquire the wealth their parents enjoy, a Conservative shadow cabinet member has warned. David Willetts said in a speech to the London School of [...]
Foreign demand for US debt hit February 16, 2010 China fell behind Japan to become the second-biggest holder of US Treasuries in a sign the Chinese have been acting on recent complaints about US policy by unloading US debt. As one of the biggest creditors of the US, China has complained over the past year about US policies and worried publicly about the security [...]
Renaissance fund hit by a loss in 2009 February 16, 2010 RENAISSANCE Institutional Equities Fund (Rief) has recorded a six per cent full year loss in 2009 following a difficult year for quantitative hedge funds. It has lost 4.42 per cent since its inception in 2005 and the fund’s assets have plunged to $6bn from $26bn in 2007. Launched by Renaissance Technologies, Rief’s plans had been [...]
Icahn moves to up his Lions Gate stake February 16, 2010 ACTIVIST investor Carl Icahn yesterday sought to increase his ownership stake in Lions Gate Entertainment in a move seen as trying to prevent the film company from making an acquisition he would deem undesirable. Icahn has launched a tender offer, valued at a 15 per cent premium to Friday’s closing price of Lions Gate shares, [...]
BC Partners buys Spotless February 16, 2010 UK-BASED private equity group BC Partners yesterday bought Spotless, the French maker of laundry and cleaner products, in a deal valuing the company at €600m (£523.2m). BC Partners is buying the 65 per cent stake owned by Axa Private Equity with the balance being held by management and other minority investors. Axa bought Spotless for [...]
