TRUMP ACCEPTS CASINO LOSSES November 17, 2009 DONALD Trump and his daughter Ivanka have given up trying to take control of Trump Entertainment Resorts’ three Atlantic City casinos. Under a new deal, The US Apprentice Star has agreed to keep a 10 per cent stake and drop litigation against creditors of the bankrupt company. The casinos will continue to bear the Trump [...]
M&S launches first ever bond buy-back plan November 17, 2009 MARKS and Spencer yesterday announced it would be embarking on its first tender offer to shareholders in its 125-year history. The retail bellwether said it plans to buy back up to £225m of bonds from investors and issue new debt, becoming the latest firm to take advantage of attractive market conditions. The clothing, homewares and [...]
US and China hit wall over yuan debate November 17, 2009 US PRESIDENT Barack Obama is due to visit The Great Wall of China today – but at the end of his tour of the region it seems the stumbling block of China’s currency is just as tough to surmount. Obama yesterday urged China to let its yuan currency rise in value at a summit where [...]
Panel says BoA lied over Merrill November 17, 2009 Democrats on the US House Oversight and Government Reform Committee yesterday accused Bank of America of knowing about Merrill Lynch’s huge losses in November 2008, suggesting the bank lied to investors in saying it did not grasp the depth of the problems until later. The panel unveiled documents they said show the bank was alarmed [...]
Citi execs get a boost in salary November 17, 2009 Bailed-out US bank Citigroup has boosted the base salaries for its chief financial officer John Gerspach and a global markets co-head James Forese, but still plans to pay chief executive Vikram Pandit $1 for the year. Gerspach’s annual base salary will increase to $500,000 (£297,000), from $400,000, while Forese is receiving $475,000, compared with $225,000. [...]
BA pension trustees meet to decide the chairman’s future November 17, 2009 BRITISH AIRWAYS’ retirement scheme trustees will meet with chairman Roger Maynard today to discuss his future at the helm of the fund. Maynard has come under fire for combining his role as chairman of both BA’s pension funds with board positions at BA and Spain’s Iberia, suggesting a conflict of interests. A spokesman for the [...]
Lazard names Ken Jacobs as new boss November 17, 2009 LAZARD yesterday named insider Kenneth Jacobs as chief executive and chairman, succeeding legendary Wall Street dealmaker Bruce Wasserstein, who died last month. The move was widely expected and signals the investment bank is not seeking to change its focus on merger advisory and restructuring, analysts said. Jacobs, 51, has been with the firm since 1998 [...]
Big Yellow results disappoint November 17, 2009 Shares in Big Yellow fell five per cent to 410p yesterday after the self-storage firm posted lower-than-expected first-half results. Big Yellow said pre-tax profit is the period rose by 12 per cent to £7.7m, despite a three per cent fall in revenues to £29.2m. Loss before tax narrowed to £3.4m from a loss of £54.3m [...]
Loopsign brothers bank dividend November 17, 2009 Ian and Richard Livingston, the billionaire brothers who own David Lloyd Leisure, received £242m each in dividends for the year to the end of September 2008, according to accounts filed by their property firm Loopsign. However the firm, which owns the Marks & Spencer building on Baker Street and land in Russia and the Turks, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 17, 2009 FINANCIAL TIMES BARCLAYS RETAIL CHIEF WARNS NEW ENTRANTSThe new head of global retail banking at Barclays has joined the backlash of traditional bankers against the entry into banking of supermarkets and other consumer companies. Antony Jenkins said the new competitors may be under-estimating the difficulties of breaking into the market. APOLLO SETS SIGHTS ON NYSE [...]
