Matalan nixes £1.5bn sale on price dispute February 10, 2010 MATALAN owner John Hargreaves has abandoned an auction of the budget fashion retailer after potential buyers refused to match his £1.5bn asking price. Hargreaves, who founded the chain in Preston in 1985, appointed Goldman Sachs and PricewaterhouseCoopers to explore a sale of the business in December after receiving unsolicited offers from private equity groups. Buyout [...]
US to launch rival to Lloyd’s of London February 10, 2010 NEW York hopes to set up a rival to Lloyds of London in a move that could finally see a major rival to the centuries-old institution in the US. An outline for a revived New York Insurance Exchange (NYIE) could be prepared as soon as September, according to New York Superintendent of Insurance James Wrynn. [...]
UBS SCRAPS BONUSES FOR SENIOR STAFF February 10, 2010 UBS has scrapped a bumper bonus for senior executives because it did not make a profit last year. The bank had intended to honour part of a three year incentive scheme that would have paid top bankers £180m, but Oswald Grübel (pictured), the chief executive officer, said: “The critical condition, a net profit for 2009, [...]
Infineon faces battle over chair February 10, 2010 Infineon could see its chairman-designate blocked today by shareholders in what would be a milestone for corporate governance in Germany. Shareholders in the German chipmaker – led by Hermes, the UK fund manager owned by the BT pension scheme – have led a month-long campaign to bar Klaus Wucherer, a long-time Infineon non-executive director, as [...]
De Beers set to reap £1bn cash February 10, 2010 De Beers is set to announce a $1bn (£641m) cash injection today to recapitalise the diamond miner. Mining company Anglo American, which owns 45 per cent of De Beers, will contribute $450m, South Africa’s Oppenheimer family will add $400m and the government of Botswana will contribute $150m. The cash injection is similar to a rights [...]
NY Times beats profit forecasts February 10, 2010 The New York Times warned yesterday that print newspaper advertising will continue to decline, sending shares down nearly nine per cent, even as the company slashed costs to reach a higher-than-expected fourth-quarter profit. Total fourth quarter revenue fell 11.5 per cent to $681.2m (£436m), compared with the average analyst estimate of $653.2m. Income from continuing [...]
Goldmans Sachs keeps bonuses February 10, 2010 Goldman Sachs last night refused to commit to slashing future bonuses. David Viniar, chief financial officer said: “People ask me if this is the new normal … There is no formula. We tried to strike the balance right and we’ll try to strike the balance right this year.”
Bernanke will tighten fiscal screws on US February 10, 2010 Federal Reserve chairman Ben Bernanke indicated the central bank will soon begin tightening the screws on the US money supply. He said the central bank will reduce the stimulus package by removing some cash from the financial system and then raising interest rates. The cuts will not be implemented for some time but the statement [...]
Possible solution to Eurozone debt woes boosts FTSE 100 February 10, 2010 BRITAIN’S leading shares added 0.4 per cent yesterday as financial issues drew strength from a possible solution to Eurozone debt worries, offsetting a retreat by heavyweight commodity shares. The FTSE 100 ended 20.15 points higher at 5,131.99, recovering from a session low of 5,105.30 in the afternoon but still well below the morning peak of [...]
China trade jump reveals solid exit from downturn February 10, 2010 Imports to China surged by a massive 85 per cent in January, and the trade surplus fell to $14.17bn (£9.4bn), down from $18.43bn in December. Exports continued to grow by 20 per cent, exceeding analyst expectations. A favourable comparison to last year helped to boost imports in January, but overall, the trade data released yesterday [...]
