Mandelson in concern over Opel September 23, 2009 UK business secretary Lord Mandelson is thought to have voiced concerns over the plans by MagnaInternational, the Canadian carmaker, to buy Opel in a letter to Neelie Kroes, the head of Europe’s competition regulator. Lord Mandelson is understood to have said Magna’s plan is not the most commercially viable. He has said that the firm’s [...]
EU unveils its banking plans and watchdog September 23, 2009 THE European Union yesterday unveiled its blueprint for an overhaul of the way banks and financial markets are policed, a central plank in new rules designed to prevent a repeat of the global economic crisis. It plans to create a banking super-watchdog, with powers to overrule countries such as Britain, and a pan-European supervisor that [...]
Cadbury chief executive softens his stance towards Kraft’s takeover bid September 23, 2009 CADBURY chief executive Todd Stitzer appeared to further soften his stance towards a tie-up with US rival Kraft yesterday when he said a deal would make “strategic sense”. Speaking at a Bank of America Merrill Lynch conference, Stitzer said his job “is to get as much value as possible”, marking a shift from his pledge [...]
OBAMA TELLS THE WORLD TO JOIN HIM September 23, 2009 US President Barack Obama told world leaders yesterday to stop blaming America for the world’s ills and join him in confronting challenges including the war in Afghanistan and nuclear programmess in Iran and North Korea.
Builders tap the market September 23, 2009 HOUSEBUILDER Barratt yesterday unveiled its widely tipped £750m fundraising through a rights issue and share placing in a bid to repair its battered balance sheet. The group said it would raise £545.5m in a rights issues and £175m through a placing. Chief executive Mark Clare said the 1.3 for one rights issue would be priced [...]
Liberty launches a second fundraising September 23, 2009 SHOPPING centre operator Liberty International yesterday rattled analysts and investors after tapping shareholders for the second time this year in a £280.5m fundraising. The group announced a placing of 56.1m shares, representing 9.9 per cent of Liberty issued share capital, at 500p each. The price is an 11.3 per cent discount to Tuesday’s closing price. [...]
…as Barratt chief pockets 847k in pay September 23, 2009 BARRATT yesterday brought forward its full-year results and annual report to join its much-hyped rights issue, in which it revealed it had slumped to a £678.9m pre-tax loss. Barratt said revenues had slid by 35.7 per cent to £2.29bn over the first six months of the year to 31 June. Chief executive Mark Clare said: [...]
Google eyes new acquisitions September 23, 2009 Google chairman and chief executive Eric Schmidt indicated yesterday that the internet giant is ready to begin buying other companies again, saying that “acquisitions are back on”. While he did not outline specific targets, Schmidt said that Google’s venture arm has cash to spend on creative new technologies. It last week acquired reCAPTCHA, a firm [...]
FSA calls for consumer balance September 23, 2009 The Financial Services Authority (FSA) yesterday issued a feedback statement on consumer responsibility, saying the intensity of regulation should increase in line with risks posed to customers. “The more engaged, demanding and discerning consumers become, the better off industry and consumers will be,” said Dan Waters, director of retail policy and conduct risk.
MPC unites over scale of Bank stimulus September 23, 2009 BANK of England policymakers voted unanimously this month to keep the total amount of quantitative easing at the £175bn agreed in August, minutes of this month’s Monetary Policy Meeting showed yesterday. The minutes of the BoE’s September meeting showed that Mervyn King and external MPC member David Miles voted with the rest of their colleagues [...]
