RBSconfirms possible cash call September 22, 2009 Royal Bank of Scotland (RBS) has confirmed that it is looking at ways to raise capital and has been sounding out investors about a possible cash call.The bank is looking for ways to reduce the cost of its participation in the government’s Asset Protection Scheme and is considering a £3bn-£4bn share issue to avoid having [...]
Goldman Sachs supports pound September 22, 2009 Goldman Sachs yesterday said it expects the pound to strengthen by about eight per cent over the next three months. The bank said the UK economy was in better shape than it first looked.
US to revamp M&A code in blow to firms September 22, 2009 US ANTITRUST authorities are revamping guidelines on company mergers and takeovers in a bid to encourage greater competition, potentially causing a headache for firms looking to tie the knot. The 17-year old guidelines are to be overhauled amid expectations that the Obama administration will give corporate combinations a tougher review. Federal Trade Commission Chairman Jon [...]
Lloyds non-executives quit board ahead of new guidelines from Walker Review September 22, 2009 LLOYDS Banking Group yesterday announced the resignation of non-executive directors Carolyn McCall and Phillip Green. McCall, also the chief executive of media firm Guardian Media Group and Green, who is chief executive of water company United Utilities, cited worries that the role would take up too much time. The Walker Review into corporate governance recommended [...]
No recanting from Turner on City reform September 22, 2009 IN recent weeks Lord Turner has become the bête noire of the City. In conversation with Prospect magazine, the head of the Financial Services Authority suggested that some parts of the City may not be socially worthwhile. If anybody thought that last night’s Lord Mayor’s banquet would be an ideal opportunity for Turner to think [...]
Cadbury and Kraft bosses woo investors September 22, 2009 THE bosses of Kraft and Cadbury are holding a series of meetings in London this week to drum up support from investors in the bid battle for the Dairy Milk maker. Cadbury chief executive Todd Stitzer and Kraft boss Irene Rosenfeld yesterday attended the Bank of America Merrill Lynch global consumer and retail conference and [...]
BoA faces SEC suit over bonus payouts September 22, 2009 BANK of America (BoA) is to face a lawsuit from the US Securities and Exchange Commission (SEC) over claims that it deceived investors about bonuses paid to Merrill Lynch employees when it took over the struggling bank last year. BoA promised shareholders at the time that no bonuses would be paid without their assent, but [...]
No timetable to sell UKFI bank stakes boss admits September 22, 2009 UK FINANCIAL Investments (UKFI) – the company set up to manage the government’s stakes in recapitalised banks – has not set a timetable for disposing of its holdings, one of its top officials said yesterday. John Crompton, head of market investments at UKFI, said the government was keen to avoid making predictions about the price [...]
LONDON CALLING BURBERRY September 22, 2009 Burberry made its London comeback last night as it closed the 25th London Fashion Week. The 153-year old British designer showed its main 2010 spring-summer collection, Prorsum, and was joined at the show by other homegrown brands including Matthew Williamson.
EU regulators to call on King September 22, 2009 BANK of England governor Mervyn King could be handed a powerful role with a new pan-European regulator, in an effort by the European Commission (EC) to bring the UK on board with the plans. The EC will today publish its blueprint for a revamp of European financial supervision, which is set to create four new [...]
