CITY MOVES WHO’S SWITCHING JOBS August 6, 2009 LUUPTory MP Michael Howard has joined independent global mobile financial provider LUUP as chairman. The former home secretary is retiring from Parliament to develop an international business career. The position adds to his current business profile as chairman of Northern Racing, deputy chairman of Entrée Gold and a non-executive director of Helphire group. Tenon RecoveryTenon [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 6, 2009 FINANCIAL TIMES RISING RISK PROVISIONS HIT COMMERZBANKCommerzbank yesterday raised its risk provisions as Germany’s second largest bank was hit in the second quarter by problems in property markets and the economic crisis in central and eastern Europe. However, it reduced operating losses , and suggested overall risk provisions this year would be in line with [...]
Blackstone’s losses widen August 6, 2009 US-BASED private equity giant Blackstone yesterday posted a wider second quarter loss than in the same period last year but still managed to top Wall Street’s expectations. Blackstone’s loss widened to $164.3m (£98m) from $156.5m, but it added that it was sitting on its biggest cash pile ever. The credit crunch and lack of financing [...]
Quick sale hopes dashed by GM August 6, 2009 General Motors (GM) yesterday dashed the hopes of members of the German government that a deal to sell its European operations to Canadian group Magna could be reached by the end of this week. GM group vice president and chief negotiator John Smith said the US carmaker still had considerable problems with Magna’s offer.
Morgan Stanley exits Tarp August 6, 2009 US bank Morgan Stanley is set to pay back another $950m (£566m) to the US government, enabling it to exit the Tarp. It will buy back warrants it gave the authorities as part of a $10bn capital injection last year. It is thought to be buying the warrants at a discount.
Nasdaq OMX loses more share August 6, 2009 Nasdaq OMX Group posted a 31 per cent drop in quarterly profit yesterday as the transatlantic exchange operator’s US market share declined for the fifth straight quarter. The parent company of the Nasdaq Stock Market matched just over 20 per cent of US equity trading in the period amid a bruising price war with smaller [...]
Barclays wins investors round over sale of BGI to BlackRock August 6, 2009 BARCLAYS chairman Marcus Agius yesterday defended the sale of Barclays Global Investors, as some shareholders accused the bank of “selling the family silver”. Agius said the sale, worth $14.2bn (£8.5bn), would “allow shareholders to participate in and enjoy a relationship with the global leader in the industry”. One shareholder asked why the bank was selling [...]
Inmarsat boosted by broadband August 6, 2009 Satellite communications firm Inmarsat posted a better-than-expected 10 per cent rise in second quarter earnings yesterday, helped by demand for broadband on ships. The group, which provides mobile-phone and broadband coverage to ships, aircraft and remote locations around the world, reported earnings of $125.4m (£74.7m) on revenue of $173.2m, up 5.8 per cent.
Four Seasons to halve debt August 6, 2009 Care home operator Four Seasons Healthcare is closer to a £1.5bn agreement with creditors, which would halve its debt pile, following an about-turn by a group of hedge funds which had previously refused to give their support. An agreement is expected to be unveiled next week, and will see Royal Bank of Scotland become the [...]
ETF investment at record high August 6, 2009 The tentative recovery in the stock market and continued strong demand for passive investment have driven the value of assets invested globally in exchange traded funds (ETFs) to a record high of $862bn (£513bn). Data from Barclays Global Investors shows that investors have flocked back to ETFs, with the value of assets to reach $1 [...]
