Spain to learn extent of bank bailout needs September 23, 2012 SPAIN will on Thursday find out how large a European Central Bank bailout its besieged banking sector needs, when consultancy Oliver Wyman publishes the details of its investigation into the sector. This report, which looks into the 14 banking groups constituting some nine tenths of the sector, is expected to produce a figure of around €60bn [...]
France calls for more time for Greece to meet deficit targets September 23, 2012 GREECE should be allowed more time to meet deficit targets set by international lenders provided it is sincere about reforming its economy, French Prime Minister Jean-Marc Ayrault said yesterday. Near-bankrupt Greece needs the European Union and International Monetary Fund’s blessing on spending cuts worth nearly €12bn (£9bn) to unlock its next tranche of aid, without [...]
Eurozone rescue fund aims for full capacity of over €2 trillion September 23, 2012 EUROZONE states are preparing to allow the bloc’s permanent bailout fund to leverage its capital in the same way as its predecessor so it can reach a capacity of more than €2 trillion and rescue big countries if necessary, Der Spiegel said yesterday. The weekly news magazine said that the European Stability Mechanism (ESM) would [...]
AA owner gears up for mooted insurance sale September 23, 2012 ACROMAS, the private equity backed owner of AA and Saga, has taken the first step in a possible break up of its portfolio after appointing Ernst & Young to value its business – opening the door for a sale of the firms. The heavily indebted investment house has to liquidate or refinance its assets by [...]
Scottish finance MP speaks out September 23, 2012 SCOTLAND’S finance minister John Swinney has claimed that an independent Scotland would be able to take on the state-backed liabilities of Royal Bank of Scotland and Lloyds Banking Group. Speaking at the Institute of Chartered Accountants conference the SNP minister said that if Scotland had been independent at the time RBS and HBOS, now Lloyds, [...]
SocGen sets retail targets September 23, 2012 SOCIETE Generale has set itself a target to increase profits at its retail banking arms in Russia and Romania. SocGen, like its rivals, is cutting costs and selling assets to better resist Europe’s sovereign debt crisis, regulatory costs and volatile markets. The chief executive of France’s second-biggest listed bank, Frederic Oudea, told the Financial Times [...]
G4S bosses in firing line after roles examined September 23, 2012 THE roles of top bosses at security firm G4S are on the line this week as the firm finalises its internal report into its Olympic staffing fiasco. The jobs of Nick Buckles, chief executive, David Taylor-Smith, chief operating officer, and Ian Horseman Sewell, head of global events are all being examined as part of the [...]
GI Partners eyes sale of mental health-care provider Cambian September 23, 2012 THE OWNERS of the Cambian Group are exploring the sale of the UK’s largest healthcare provider for around £500m. GI Partners, the private equity group, has appointed the investment bank Rothschild to work on a strategic review that could lead to the sale of Cambian. Sources close to the company said that GI hoped to [...]
Ex-Asda chief joins food group Bigham’s September 23, 2012 ALLAN Leighton, the former boss of Asda and the Royal Mail, has joined the board of Charlie Bigham’s, the upmarket ready meal maker, as a non-executive director. The London-based food group, which employs over 200 staff and turns over around £24m a year, said it hopes bringing Leighton on board will help it reach its [...]
George Soros invests in Lookers September 23, 2012 Billionaire investor George Soros has snapped up a 4.5 per cent shareholding in Manchester-based Lookers car dealership. The 82-year-old, famous for his £10bn bet against the exchange mechanism in 1992, is thought to have paid around £12m, based on the firm’s £267.6m stock market value on Friday. Soros bought the shares through Soros Fund Management. [...]
