Merkel confident of German backing for Spanish bank aid July 15, 2012 CHANCELLOR Angela Merkel last night announced she was confident that a majority of German lawmakers would back aid for Spain’s ailing banking sector in a Bundestag vote this Thursday. Eurozone finance ministers agreed last Monday on a rescue package of up to €100bn (£78.8bn) for Spanish banks, which have been crippled by a burst housing [...]
Virgin is ready to take on high street banks July 15, 2012 AIRLINE owners are known for being colourful characters. They have to be, given the lengths they go to make money from air travel amid surging costs, awkward regulations and fears about damaging the planet. In the current climate, the same could be said about bank owners. But Sir Richard Branson is excited at the prospect. [...]
Universal set to spin off label to meet EU rules in EMI takeover July 15, 2012 UNIVERSAL Music is planning to sell British label Virgin Records in order to comply with EU regulations following the music publisher’s £1.2bn deal to buy record label EMI. Virgin, which has been owned by EMI since Sir Richard Branson sold the record company for £560m in 1992, is included in the takeover agreement, but competition [...]
US funds not impressed with Man Utd’s float July 15, 2012 MANCHESTER United is struggling to find supporters for its initial public offering in the US, with potential investors put off by the huge cost of paying players and the club’s debt pile. The club revealed its float earlier this month, but fund managers who have looked at its preliminary prospectus have been either negative or [...]
Glaxo closes in on deal to buy American pharma rival HGS July 15, 2012 PHARMA group GlaxoSmithKline is hoping to secure the takeover of Human Genome Sciences (HGS) in the coming days, after last-minute talks over the weekend. HGS, which spurned Glaxo’s $2.6bn (£1.67bn) offer in April, has set a deadline of today for alternative suitors to come forward. But executives from Glaxo, whose $13 per share bid expires [...]
No fear of dead cat bounces here July 15, 2012 EARLY risers were greeted yesterday by a bungee ballet over the Thames. At 7.30am, 16 performers leapt from the Millennium Bridge to touch the water before flying back up. Inspired by a Latin American rite of passage, this hair-raising spectacle was the opening act in a whole day of gravity-defying action commissioned by the Mayor [...]
Crystal balls go cloudy for UK economists July 15, 2012 AFTER the recent non-appearance of Britain’s barbecue summer, who could be lower in the nation’s estimation than weather forecasters? According to XLN Business Services, small business owners still trust predictions about whether to expect rain or shine over the models of economists. Some 700 small firms were asked to rate a number of professions in [...]
Mastercard and Visa settle $7bn retailer lawsuit July 15, 2012 VISA, Mastercard and banks that issue their credit cards have agreed to a historic $7.25bn (£4.65bn) settlement with US retailers in a lawsuit over the fixing of credit and debit card fees. The settlement agreed over the weekend, if approved by a judge, would be the largest antitrust settlement in American history and resolve dozens [...]
Returns diminish as central banks act July 15, 2012 FIVE years on from the start of the financial crisis, have markets become immune to central bank action? Three recently unveiled another batch of stimulus: the Bank of England increased its asset purchase programme by £50bn; the European Central Bank cut its marginal lending rate, cut interest rates by 25 basis points and, perhaps most [...]
China warns growth slowdown will linger as it cuts foreign tax July 15, 2012 CHINESE premier Wen Jiabao warned yesterday that the country’s economic growth was likely to remain slow for some time, but was still within expectations. “At present, our country’s economic growth rate remains within the target range set earlier this year and we are seeing the effectiveness of stabilisation policies,” he said, speaking at a conference [...]
