Culture secretary Jeremy Hunt told he will not face ministerial code probe May 31, 2012 DAVID Cameron said yesterday he will not order an inquiry into whether Jeremy Hunt broke the ministerial code during News Corp’s controversial £8bn bid for BSkyB. The announcement came after the culture secretary’s appearance at the Leveson inquiry yesterday, in which he admitted he was sympathetic to the BSkyB bid and said he considered resigning after [...]
Banks deemed open to lending May 31, 2012 BANKS are “open for business”, an official government taskforce headed by Professor Russel Griggs has concluded, with just two per cent of small firms whose lending application was rejected having appealed the decision. Of those that did appeal, 40 per cent ended up being able get some form of credit. With only 14 per cent [...]
Goldman chief is set to testify May 31, 2012 GOLDMAN Sachs chief executive officer Lloyd Blankfein (pictured) will testify at the insider-trading trial of the investment bank’s former director Rajat Gupta, a US prosecutor said in court yesterday. Assistant US attorney Reed Brodsky said yesterday that Blankfein could be preceded by seven other government witnesses, making it likely he would take the stand next [...]
Plus surprised by GMB offer May 31, 2012 PLUS Markets was caught by surprise yesterday when Gulf Merchant Bank returned with a revised offer for its stock exchange unit. The embattled firm, which yesterday called a meeting to approve ICAP’s takeover, had no prior warning of GMB’s improved bid for an undisclosed sum. GMB said in a statement that it has “remained in [...]
Greenhill hires for Europe push May 31, 2012 GREENHILL & CO said yesterday it will add three managing directors in Europe, including ex-Goldman Sachs banker Luca Ferrari, as the boutique advisory firm builds its business across the continent. Ferrarri will co-head the Europe corporate advisory business, while Deutsche’s Anthony Parsons will be a senior member of its UK advisory team and Mats Bremberg [...]
Experts at Bank of England say no no to cocos May 31, 2012 CONTINGENT capital bonds risk increasing volatility in financial markets and undermining banks’ safety, rather than enhancing it as planned, a Bank of England report warned yesterday. “Cocos,” as they are commonly known, act as debt but convert into equity when a bank looks like it is getting in trouble – usually when the share price [...]
Graff Diamond’s Hong Kong adventure ends in disaster May 31, 2012 IN an ideal world, ahead of the Jubilee weekend, we would now be looking forward to the listing of Graff Diamonds shares in London. Graff’s history is London through and through. Founder Laurence Graff started as a jewellery apprentice here in 1950 and then 12 years later opened his first two stores in the capital. [...]
Lloyds bank brings two former McKinsey partners on board May 31, 2012 LLOYDS has appointed two ex-McKinsey partners as non-executive directors, including a former board member of the FSA. Carolyn Fairbairn will join the board today, having been a non-exec director of the FSA from 2008-2011. She was also an executive at ITV and has worked at the BBC, the World Bank and as a partner at McKinsey. [...]
Intercontinental soars as activist declares stake May 31, 2012 INVESTORS bought into the idea of Intercontinental Hotels Group (IHG) as a takeover target yesterday, following news that prominent activist investor Nelson Peltz has a 4.27 per cent stake in the firm. Shares in IHG jumped 6.1 per cent after US hedge fund impresario Peltz declared his stake through Trian Fund Management. In recent months, [...]
PROFILE: NELSON PELTZ May 31, 2012 THE mere mention of Nelson Peltz’s name is enough to send a shiver down a boardroom’s collective spine. The hard-hitting hedgie can claim responsibility for the break-up of Cadbury Schweppes, a big restructuring at Legg Mason and for shaking out the waste within State Street. Once he builds a stake in a firm big enough [...]
