Judge throws out AIG lawsuit November 19, 2012 A LAWSUIT by AIG’s former chief executive Hank Greenberg alleging the Federal Reserve Bank of New York broke the law during the 2008 government bailout of the failing insurance company was yesterday dismissed. Starr International, once a large shareholder in AIG, argued the US acted unconstitutionally when it took 80 per cent of AIG’s equity. [...]
Comet announces more job cuts November 19, 2012 Comet yesterday announced 735 further redundancies, in a bid to save cash as the troubled company tries to find a buyer for the best parts of the business. Some 603 employees working for its home delivery network were made redundant, along with 132 from the firm’s head office – but no staff in stores have [...]
HSBC in talks to sell $9bn China insurance stake November 19, 2012 HSBC yesterday revealed it was in talks to sell its 16 per cent stake in China’s second largest insurer Ping An in a move that would bolster the bank’s capital balance sheet. The firm said in a joint statement to the London and Hong Kong stock market it was in “discussions” with buyers over a [...]
Ocado delivers on its debts but profits aren’t in the bag November 19, 2012 BEFORE anyone gets too excited about Ocado’s share price rising by more than a fifth yesterday, the troubled online grocer is still trading at less than half its original float price of 180p, which was itself at the bottom of the hoped-for range back in 2010. Yesterday’s raising of £35.8m staved off Ocado’s most immediate [...]
ING wins more time from the EU to sell assets and repay state aid November 19, 2012 DUTCH banking and insurance group ING has won more time from regulators to shed assets and repay government aid, avoiding a fire sale but keeping it under state supervision for longer and delaying dividend payments. The EU’s competition watchdog agreed yesterday that ING, which received €10bn (£8bn) of state aid in the 2008 financial crisis, [...]
No mutiny at Chelsea, says Di Matteo, as crunch looms November 19, 2012 UNDER-FIRE Chelsea manager Roberto Di Matteo played down talk of dressing room unrest last night as he prepared for an evening in his native Italy that could determine whether he keeps his job. Victory tonight at Juventus would book their place in the Champions League last 16, but defeat would leave them facing the likely [...]
Cook demands better batting after India strike first in series November 19, 2012 CAPTAIN Alastair Cook has warned England’s floundering middle order batsmen they must improve if the tourists are to level the series with India in the second Test, which starts in Mumbai on Friday. Cook said he was “bitterly disappointed” after India clinched a nine-wicket first Test victory before lunch yesterday in Ahmedabad, where his 176 [...]
Ecclestone: New £410m lawsuit over Formula One sale is absurd November 19, 2012 FORMULA One boss Bernie Ecclestone hit out last night after an American company filed a £409m lawsuit against him and private equity firm CVC over the 2006 takeover of the motorsport series. Investment firm Bluewaters Communications Holdings, which made a bid to buy a controlling stake in F1 in 2005 from German bank BayernLB, filed [...]
O’Brien proves his point as Hammers held November 19, 2012 WEST HAM UNITED 1 vs STOKE CITY 1 WEST HAM manager Sam Allardyce put their recovery from a goal behind to salvage a draw against Stoke down to his half-time pep talk, after the Hammers last night wasted an opportunity to go fifth in the Premier League at Upton Park. Stoke went ahead on 13 [...]
Jimenez has benefited from the Seve effect November 19, 2012 SPAIN’S Miguel Angel Jimenez achieved an incredible record on Sunday, and I can’t help wondering whether his enduring success doesn’t owe something to the inspirational qualities of his great countryman, the late Seve Ballesteros. Jimenez completed a third bogie-free round to claim the Hong Kong Open and become the oldest man to win a European [...]
