Knight urges caution over bank reforms June 29, 2009 FORCING large banks to shrink would damage the UK economy, the chief executive of the British Bankers’ Association (BBA) Angela Knight warned yesterday. Speaking to City A.M. ahead of today’s annual BBA international banking conference, Knight said the BBA would not support any move to scale down large banks and urged governments not to rush [...]
Turner to chair stability body June 29, 2009 FINANCIAL Services Authority (FSA) chairman Lord Adair Turner has been appointed chair of the Financial Stability Board’s standing committee for supervisory and regulatory co-operation. The Financial Stability Board (FSB), an international organisation, brings together financial institutions, regulators and central bank experts from around the world. Turner said: “We will work hard… to define the regulations [...]
Deflation fears for Eurozone June 29, 2009 EUROZONE inflation is forecast to have slipped into negative territory for the first time in the trading bloc’s history in June, dragged down by lower energy and food prices, data are expected to show today. A Reuters poll of 37 economists showed inflation at -0.2 per cent year-on-year this month, after prices remained flat in [...]
Talks of Voda and T-Mobile UK deal grow June 29, 2009 DEUTSCHE Telekom was playing down mounting speculation it will sell its T-Mobile UK subsidiary to Vodafone yesterday, saying it has only just named a new boss for the group. Richard Moat, the 54-year old former Orange Romania chief executive, started last Friday as managing director of T-Mobile UK. And sources close to Deutsche Telekom said [...]
COULD A VODA / T-MOBILE UK DEAL WORK AND WOULD IT GET PAST THE REGULATORS? June 29, 2009 EMEKA OBIODU OVUM This is not a case of a square peg in a square hole. Why should two seemingly underperforming businesses merge? Vodafone and T-Mobile have suffered revenue declines whereas O2 and Orange have grown theirs. Would two businesses with declining revenues suddenly turn a corner? MANOJ LADWA ETX CAPITAL Expect some volatility in [...]
FirstGroup’s bid rejected June 29, 2009 BUS and rail operator National Express has rejected a bid approach from larger rival FirstGroup to create a global giant ferrying millions of American school children and British commuters each day. Britain’s FirstGroup, which operates Greyhound buses in the US and ranks itself as the world’s leading transport company moving more than 2.5bn passengers a [...]
Plans to sell off Royal Mail on the backburner in slump June 29, 2009 THE government is likely to put on hold its plans to sell off part of the Royal Mail, because it has run out of parliamentary time and market conditions are not right, business secretary Peter Mandelson said yesterday. He pointed to the depressed state of financial markets as a reason not to sell a stake [...]
BANKER FOUND DEAD June 29, 2009 THE former chief financial officer of ABN Amro, who sparked a manhunt after going missing with two shotguns, has been found dead from gunshot wounds in an apparent suicide. The body of Huibert Boumeester, who disappeared after leaving his job at the Dutch banking group, was found in woodland near Windsor. A Thames Valley Police [...]
OECD warns recovery will be slow in UK June 29, 2009 THE ORGANISATION for Economic Cooperation and Development (OECD) yesterday called on the government to devise a more “ambitious” schedule to rebalance the budget and warned that the UK’s recovery will be slow. In a report on the economy, the leading think tank warned that unemployment will rise to 10 per cent in the UK, and [...]
Fitch cautious on mining merger June 29, 2009 RATINGS agency Fitch said yesterday it would not raise its credit rating on a combined group made up of Anglo American and Xstrata, despite widespread approval from analysts. Anglo, led by chief executive Cynthia Carroll, turned down Xstrata’s nil-premium “merger of equals” last week, slamming its “lack of strategic merit,” and saying the terms of [...]
