Parliament to hold inquiry into Libor rate July 5, 2012 PARLIAMENT will hold its own investigation into rigging of the Libor interest rate after Labour MPs failed to force a public inquiry into the scandal yesterday. Following a bruising debate between chancellor George Osborne and Ed Balls, his opposite number, the government pushed through a motion that will set up a parliamentary inquiry led by [...]
Credit rating agencies turn up heat on Barclays July 5, 2012 MAJOR global banks face taking a hit from tighter regulation as a result of the Libor scandal, ratings agency Fitch warned yesterday, as well as reputation damage if any follow Barclays into the firing line. The grim announcement came after Moody’s and Standard and Poor’s both put Barclays’ rating on negative outlook thanks to the [...]
Takeover Panel eyes pensions July 5, 2012 THE TAKEOVER Panel yesterday proposed a series of rule changes aimed at protecting pension funds in bid situations. The proposals, which are open for consultation until the end of September, would force a potential bidder for a company to publicly state what it would do with the pension scheme if it wins control. The new [...]
Publicis to buy celebrated UK ad agency BBH July 5, 2012 THE FOUNDERS of prestigious London-based advertising agency Bartle Bogle Hegarty (BBH) yesterday announced they will sell the company they created 30 years ago. French ad giant Publicis, which bought 49 per cent of BBH’s shares a decade ago, will buy the remaining stock in a deal that will boost the fortunes of co-founders Sir John [...]
Shareholder spring flowers into a cultural revolution July 5, 2012 CYNICS say no matter who you vote for the government always gets in. Not so at Aviva. Yesterday’s announcements proved the shareholder spring is not just a season of discontent – it’s becoming a revolutionary movement. The repudiation of the FTSE 100 insurer’s remuneration report in May was quickly followed by the resignation of chief [...]
ANALYST VIEWS | HOW WERE ROBERT WALTERS’ RESULTS? July 5, 2012 HENRY CARVER PEEL HUNT We regard this stability as a strong performance given the deteriorating market conditions, but note that the statement (as we anticipated) refers to Asia Pacific being impacted by the banking sector slowdown and Europe being impacted by ongoing financial and political uncertainty. ‘Sell’. DAVID O’BRIEN SHORE CAPITAL It was disappointing in [...]
Asia slump hits Robert Walters profit growth July 5, 2012 RECRUITMENT group Robert Walters saw its shares drop 6.9 per cent yesterday after it cautioned that the slump in Asia’s banking sector was damaging its growth. The group’s gross profit fell three per cent to £47.6m in the second quarter of the year, dragged down by a five per cent dip in Asia Pacific, where [...]
GKN in £633m deal for Volvo aero business July 5, 2012 ENGINEERING group GKN yesterday agreed the £633m purchase of Volvo aerospace division, expanding its presence in the fast-growing civil aircraft sector. The FTSE 100 company said that it has been eyeing growth in a sector that is forecast to almost double in size over the next 20 years. The company also issued a trading update [...]
ADVISERS GKN’S PURCHASE OF VOLVO AERO July 5, 2012 TIMOTHY Shacklock is leading the team at Gleacher Shacklock that advised GKN, alongside joint adviser and joint bookrunner UBS. Shacklock, the former deputy chairman of Dresdner Kleinwort Wasserstein, founded Gleacher Shacklock in 2003. He has advised on a number of Europe’s most prominent corporate finance transactions, including the reorganisation of British Aerospace in the 1990s, [...]
Pinsent Masons grows turnover July 5, 2012 Revenues at law firm Pinsent Masons rose by four per cent to £221m in the year to 30 April, it said yesterday. Including turnover from Scottish firm McGrigors, which merged with Pinsents on 1 May, that figure increases to £295m, a rise of almost 39 per cent on the previous year’s revenues of £212m. Managing [...]
