Why Germany could eventually lose patience with the euro June 18, 2012 FORGET about Greece, Spain or even Italy. And no, I haven’t gone mad: if somebody ends the euro, it will be Germany. This would be a great paradox. So far, Germany has been the big winner from the single currency – but it may soon find that the costs of membership are becoming greater than [...]
EU rules could push up cost of retirement June 18, 2012 PENSIONERS could face a reduction in income of up to 20 per cent if new European Union rules on capital requirements are implemented, according to accountancy firm Deloitte. The Solvency II reforms are set to shake-up the continent’s insurance business by setting common standards and increasing capital requirements. But this could have the side effect [...]
Plus Markets wins investor vote on sale June 18, 2012 PLUS Markets yesterday gained approval for the disposal of its stock exchange business to ICAP, following weeks of controversy over the move. The sale of Plus-SX, home to Arsenal FC’s listing, for £500,000 was passed at yesterday’s general meeting – but a substantial number of abstentions means less than a third of investors backed the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 18, 2012 FINANCIAL TIMES Sants: City’s status under threat London’s position as a global financial centre is under threat because the UK financial sector is not rethinking its business models quickly enough in the face of a new political atmosphere and regulatory change, says Hector Sants, the departing chief executive of the FSA. Sants warned that banks, [...]
Melrose in talks over £1.4bn bid for Elster Group June 18, 2012 AFTER four years with no major investments, manufacturing buyout specialist Melrose yesterday confirmed it is in talks to buy German engineering firm Elster Group. Following speculation over the weekend, Melrose yesterday confirmed it was pursuing an all-cash deal that values Elster at $2.3bn (£1.4bn), offering $20.50 per Elster’s American depositary share. The price is a [...]
Microsoft reveals its new Surface tablet in bid to challenge Apple June 18, 2012 MICROSOFT last night drew back the curtains on Microsoft Surface, its first, long-awaited tablet as it looks to step up competition with Apple’s iPad. At a private event held at Milkwood Studios in Hollywood yesterday evening, the technology giant showed off two versions of the Windows-powered Surface device, a thinner 9.3mm model for the Windows [...]
ADVISERS MELROSE BID FOR ELSTER June 18, 2012 KEITH ANDERSON INVESTEC INVESTEC is acting as financial adviser to Melrose on its recommended cash offer for the entire issued share capital of Elster. Investec’s Keith Anderson, co-head of corporate broking and Investec veteran, is leading the deal. Anderson has advised Melrose before, having worked with Investec managing director Chris Baird on the company’s secondary [...]
Merkel refuses to soften rescue terms despite GDP collapse fears June 18, 2012 THE GREEK recession is getting deeper, ratings agency Fitch warned yesterday, underlining the need for the country to ease its tough austerity programme and renegotiate some of the terms of its EU bailout. Fitch believes there may be some room to cut the interest rate on the loans to the government – under the plan [...]
Bailout parties stumble toward coalition deal June 18, 2012 GREEK politicians were edging towards forming a pro-bailout coalition last night, after a finely balanced general election left no party with an overall majority. New Democracy leader Antonis Samaras is set to become Prime Minister after winning 29.7 per cent of the vote. As the largest party in parliament is awarded an extra 50 bonus [...]
DO YOU THINK THE GREEK ELECTION RESULTS WILL HELP THE EUROZONE CRISIS? June 18, 2012 TIM SHARMAN CCE I don’t think it’s going to have any major impact on the Eurozone in the short run. Greece needs to get its people on side before the government can start to get anything done. It is going to take a long time for them and other countries like Spain and Italy to [...]
