RBS to cut 3,800 investment banking jobs by end of 2013 September 25, 2012 JOB losses at RBS will be even greater than first expected, the majority-state owned bank said yesterday, telling shareholders that the investment bank will be hit particularly hard by the fresh cuts. A total of 3,800 jobs in the markets and international banking business will go by the end of next year, up 300 from [...]
Lagarde says IMF will lower growth outlook September 25, 2012 THE INTERNATIONAL Monetary Fund is set to cut its forecast for global growth next month when it updates its projections for the world economy, the head of the IMF said yesterday. “We continue to project a gradual recovery, but global growth will likely be a bit weaker than we had anticipated even in July, and [...]
Bumi’s issues are a further blow to IPOs September 25, 2012 WHEN Nat Rothschild set about raising finance in the City last year for a special purpose acquisition company named Vallares, he was met by investors with open arms. Going to the market through advisers at Credit Suisse, JP Morgan and Evolution (now part of Investec), the heir to the Rothschild dynasty rose above the woes [...]
Xstrata wants reassurance on management September 25, 2012 THE BOARD of Xstrata is looking for reassurance from Glencore that the billed “merger of equals” does not become a takeover after Xstrata chief Mick Davis steps down, according to a source with knowledge of the situation. Discussions surrounding the merger are currently focused on management succession after Davis departs and the retention of key [...]
Tensions have been brewing at the miner for some time September 25, 2012 THE RELATIONSHIP between Bumi and its Indonesian unit has been under strain in the past. Bumi’s man in London, Nat Rothschild, last year criticised the management of the Bakrie family, which holds a 29 per cent stake of Bumi Resources, and called for a “radical cleaning up” of the Indonesian company in a letter to [...]
LA billionaire targets The O2’s parent company September 25, 2012 BILLIONAIRE American investor Patrick Soon-Shiong is preparing a bid for Anschutz Entertainment Group (AEG), owner of The O2 complex on Greenwich Peninsula, reports suggested last night. Soon-Shiong is expected to join forces with financial services group Guggenheim Partners to launch a bid for the company, which operates entertainment venues across the world and in most [...]
Tesco displaying recovery signs after its shock profit warning September 25, 2012 TESCO, the world’s third biggest retailer, said a recovery plan to recapture home market share was making an impact after a shock profit warning, backing up industry data showing evidence of success in its fight-back against rivals. Once one of the most consistent British companies in terms of earnings growth, Tesco stunned investors in January [...]
JJB Sports calls time as it hires administrators September 25, 2012 AILING retailer JJB Sports yesterday confirmed it will appoint administrators after failing to receive an offer for the entire company, putting up to 4,000 jobs at risk. Shares in the group – which were worth a total of as much as £1bn a decade ago – were suspended yesterday and remaining investors, including US tycoon [...]
Watchdogs call for wider power September 25, 2012 GLOBAL financial authorities yesterday moved to extend their reach beyond regulated institutions and into all parts of major financial groups. The officials warned that problems building in lightly regulated units of financial conglomerates could slip under the radar and threaten the stability of the overall entity. The Basel Committee, the International Organisation of Securities Commissions [...]
Credit Agricole faces obstacles to sale of Greek unit Emporiki September 25, 2012 FRENCH bank Credit Agricole could pay an extra €600m to €700m (£478m to £558m) into its Greek Emporiki unit before it can sell it, according to reports yesterday. The French lender, which is trying to exit Greece after the country’s banks were badly hit by the sovereign debt crisis across the single currency, has already [...]
