Latest big bank to shut down hits US August 16, 2009 US BANK Colonial BancGroup, which has assets of $25bn (£15.1bn), became the largest American bank to fail so far this year when it was shut down by federal officials on Friday. On the same day, regulators also shut down two institutions in Arizona – one in Las Vegas and one in Pittsburgh – pushing the total [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 16, 2009 THE SUNDAYSThe Sunday TelegraphBAE WARNS OF CREDIT THREAT TO SUPPLIERSBAE systems has warned that its supply chain is at risk from suppliers failing to obtain adequate credit. The defence giant is supplied by tens of thousands of smaller manufacturers that are far more vulnerable to the funding squeeze than the company itself. BAE has a [...]
Novartis launches copy-cat case August 16, 2009 Novartis, the Swiss drugs giant, has launched legal action against its larger rival GlaxoSmithKline (GSK), claiming it is infringing one of its patents covering a technique used in the production of a number of its own vaccines. Last year, GSK lawyers attempted to get the Novartis patent revoked, claiming it should never have been granted, [...]
Pirates’ bounty hurts business August 16, 2009 The rising wave of piracy will force businesses to pay a rising “piracy tax” to maintain trading networks, according to insurer Lloyd’s of London. The cost will come as a further blow to ship-owners, who will have to protect themselves from ransoms which can be as high as £2m, and other costs including delays in [...]
Which? to raise outside finance August 16, 2009 Consumer lobbying group Which? is in talks to raise finance from outside sources for the first time in its history to help launch a range of own-brand products and services. Which? chief executive Peter Vicary-Smith hopes to capitalise on what he called the group’s “trusted” brand image to encourage competition in markets. The business is [...]
Garmin makes bid for Raymarine August 16, 2009 Electronic boat equipment maker Raymarine has had a takeover approach from sat nav giant Garmin. Raymarine has been on the hunt for a rescue partner as it struggles against slumping profits and rising debts. The two firms dominate different parts of the navigation-systems markets but are different in size. Raymarine, which is based in Portsmouth, [...]
UBS to reveal 5,000 names under US deal August 16, 2009 The deal initialled last week between the US and Switzerland over UBS is expected to involve the disclosure of around 5,000 holders of secret Swiss bank accounts. The landmark deal, ending a dispute in which the US tax authorities had sued UBS to disclose 52,000 American clients suspected of tax evasion, dispels a big cloud [...]
Afghanistan death toll jumps to 204 August 16, 2009 DEFENCE secretary Bob Ainsworth was hit with a fusillade of criticism last night after trying to put a positive spin on the latest British deaths in Afghanistan. Ainsworth was accused of “false optimism” and “wild predictions” after claiming British forces would be off the front line in Afghanistan within a year. His comments followed the [...]
Banks need to close branches August 16, 2009 UK retail banks could be forced to explore the option of closing more of their branch networks in the quest to restore profitability, according to research from business consultancy group Bain. The report found that banks must face up to a challenging future which could see their return on equity more than halve from its [...]
Hapag Lloyd seeks state bailout August 16, 2009 Ailing shipping giant Hapag-Lloyd has applied for €1.2bn (£1.03bn) in German state loan guarantees, it emerged yesterday. HSH Nordbank, the German bank, admitted last week it had filed an application for state guarantees for the container shipping company. It is unclear when a decision will be made about the application for state aid.
