UBS tax case postponed to seek bargain July 12, 2009 UBS AND the US authorities have agreed to postpone a hearing into a government lawsuit in the hope of reaching a settlement over demands that the Swiss bank hand over details of 52,000 American citizens suspected of tax evasion. Both sides agreed to put off the hearing while they thrash out an agreement, although the [...]
ASHLEY FACES DIRECT HIT July 12, 2009 Sports Direct is set for an investor battle on Thursday as it reports its first set of results with like-for-like comparisons. The group, led by Mike Ashley, is expected to scrap its dividend to pay down debts. Ashley has been in the spotlight for his row with rival sportswear chain JJB Sports’s executive chairman Sir [...]
Walker probe to hit boards July 12, 2009 BRITISH boardrooms are set for their most radical shake-up in years, with Sir David Walker set to recommend annual election of directors and the introduction of powerful risk committees in his review of corporate governance, due out this Thursday. Walker, who was charged with looking into the future of bank governance by chancellor Alistair Darling, [...]
Battle of Canary Wharf and City is unimportant July 12, 2009 THIS newspaper can justifiably claim to have “scooped” the news of Nomura’s plan to base its European HQ in the Square Mile – confirmed last week but trailed, I believe, in City A.M sometime before Christmas. Many commentators have characterised the news that Nomura will take up residence in Lower Thames Street as a “victory” for [...]
Boutique banks gain share July 12, 2009 US authorities have approved a bid by Continental Airlines to join UAL’S United Airlines and other carriers in the global Star Alliance. The US Transportation Department order, which gave the carriers limited immunity from antitrust law, permits carriers to share pricing, scheduling and other information within the alliance. Opponents of the move had argued it [...]
Boutique banks gain share July 12, 2009 Boutique investment firms such as Evercore and Lazard are taking a record 14 per cent share of advisory fees as clients turn to smaller but more experienced bankers, according to data from Dealogic. The firms are gaining market share, with the top 10 earning a total of $721m (£445m) in merger and acquisition fees in [...]
Jaguar accelerates plant cuts July 12, 2009 Carmaker Jaguar Land Rover (JLR) is gearing up to extend shutdowns at its UK plants, as the auto sector continues to struggle through the downturn. The news comes days after the company launched its new flagship car, the Jaguar XJ, which it hopes will kick start stalling sales. JLR is owned by Indian company Tata [...]
VW ups offer for Porsche stake July 12, 2009 German carmaker Volkswagen is set to up its offer for a 49.9 per cent stake in luxury rival Porsche to more than €4bn (£3.8bn), it emerged yesterday, as Porsche’s controlling families Porsche and Piech met for talks. They will also discuss an offer from Qatar for Porsche and VW, which the Persian Gulf state has [...]
Rentokil secures a deal with Gaddafi July 12, 2009 Rentokil Initial is looking east after Libyan leader Colonel Gaddafi signed the firm up to help him deal with disease-spreading rat infestations in his country’s cities. Rentokil has signed a €28m (£24m) three-year contract with the Libyan ministry for public utilities and now has its sights set on other Middle Eastern territories.
Lloyds set for fresh round of bad loans July 12, 2009 LLOYDS Banking Group could write off a further £13bn on the loans it acquired from HBOS when it unveils half-year results next month. The bank’s results are likely to show ongoing deterioration on its commercial property, corporate and mortgage loans, analysts at UBS said, warning that writeoffs for the year could reach £20bn. UBS forecast [...]
