BoA hits back at Cuomo September 9, 2009 Bank of America yesterday rejected allegations brought on Tuesday by New York Attorney General Andrew Cuomo that it is hiding behind attorney-client privilege as a defence for its decisions over Merrill Lynch. Cuomo has threatened to sue top executives if the bank is not more forthcoming by 14 September.
Vivendi eyes Brazilian telco September 9, 2009 French telecom company Vivendi has launched a €2bn (£1.76bn) takeover bid for Brazilian telecoms provider GVT.The bid is a move away from the African and south-east Asian markets the firm had been looking at. A takeover would put Vivendi into competition with Spain’s Telefónica, which has a 31 per cent market share in Brazil.
Ball is stuck in ITV talks September 9, 2009 ITV is believed to have offered the role of chief executive to former BSkyB boss Tony Ball, but the parties are at loggerheads over the terms of his employment. It is understood that the commercial broadcaster offered the role to Ball – a favourite among its larger investors – last week, but that negotiations over [...]
CITY A.M. SHADOW MPC September 9, 2009 ALLISTER HEATH CITY A.M.“Interest rates need to remain on hold, as does QE. The money supply, when measured properly, is showing signs of slightly better growth. With GDP now growing again, the Bank should wait and see.” SIMON WARD HENDERSON NEW STAR“Hold. Broad money trends look a bit better than last month and velocity is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 9, 2009 FINANCIAL TIMES BAXTER BEHIND ON ORDERSBaxter, the US pharmaceuticals company, has failed to meet its pledge to rapidly deliver flu vaccine, stalling efforts to reduce the impact of the pandemic. British officials said they had received less Celvapan vaccine than agreed with Baxter, one of two companies with which the Department of Health signed a [...]
Firms still don’t have much spare cash September 9, 2009 MUCH nonsense will be written on quantitative easing (QE) over the next few days, regardless of what the Bank of England decides to do today. So it is worth taking a look at what Mervyn King’s massive purchases of gilts have actually achieved, apart from merely bailing out Gordon Brown. By the end of last [...]
Hostile bid on Kraft’s radar September 9, 2009 KRAFT has opened talks with its bankers to arrange the financing necessary for its £10.2bn bid for Cadbury, in a sign that the US group could go hostile. It is understood that the group is talking to its advisors, Deutsche Bank and Citigroup, about a loan facility of around £5bn, which would be repaid with [...]
MPC to hold but more QE is possible September 9, 2009 QUANTITATIVE easing and interest rates should be kept on hold this month say a majority of City A.M.’s shadow monetary policy committee (MPC) ahead of the Bank of England’s policy decision due at midday today. A number of members say that we need to give quantitative easing (QE)more time to take effect. But they warn [...]
Lloyds gets support for a cash call September 9, 2009 LLOYDS Banking Group executives believe they have secured sufficient appetite from investors for a share placing that would allow the bank to reduce its participation in the government’s costly Asset Protection Scheme (APS), City A.M. can reveal. The bank has been sounding out selected investors over the past few weeks and has received assurances that [...]
FTSE SMASHES THROUGH 5,000 September 9, 2009 THE FTSE 100 share index closed above 5,000 yesterday, for the first time in nearly a year, fuelled by the return of mega-mergers and optimism for economic recovery The large-cap index breached the psychologically important level in early afternoon and, despite some wavering, closed up by 1.2 per cent at 5,004.30. This week so far [...]
