Pru chairman fights to woo City investors June 21, 2010 PRUDENTIAL chairman Harvey McGrath faces a testing encounter with Henderson Global Investors this week as he tries to save his job following the failed bid for AIA in Asia. McGrath, who has spent the past fortnight speaking to shareholders after the $35.5bn (£24bn) takeover of AIG’s Far Eastern arm collapsed, is due to visit four [...]
Gala Coral seized by mezzanine lenders June 21, 2010 GAMBLING outfit Gala Coral became one of the highest profile private equity blow-ups yesterday as its buyout owners lost control of the business in a debt-for-equity swap. Permira will write down £370m on the deal, while Candover and Cinven will write down £150m apiece, it is understood. Mezzanine debt holders who bought into the company [...]
Robson goes down fighting to Jankovic June 21, 2010 TALENTED British teenager Laura Robson shows she has the stomach for a fight after putting on a promising display against world No4 Jelena Jankovic on Centre Court. The 16-year-old former junior champion was handed a wildcard for the main draw after rising to 234 in the world rankings. And she showed just why she is [...]
Volcker: Rule is no Swiss cheese June 21, 2010 WHITE House economic adviser Paul Volcker has told US lawmakers they should not allow his proposed Volcker rule limiting risky trading by banks to become filled with holes. “He has told several people, including some lawmakers, that he does not want the Volcker rule to look like Swiss cheese,” an associate in his office said [...]
Broker locks in lower tax rate June 21, 2010 CITY veteran Terry Smith has sidestepped an expected rise in capital gains tax (CGT) by restructuring the way he holds £40m of shares in Tullett Prebon and Collins Stewart. Smith, who has played a key role building up both companies, has transferred the shares to a trust of which he is the sole beneficiary. The move [...]
Get mad and you will get even better: McEnroe offers Murray his blueprint June 21, 2010 THREE-TIME champion John McEnroe has told Andy Murray to follow his example and get angry if he wants to triumph at Wimbledon. Murray (right) launches his latest bid to break his Grand Slam duck this afternoon when he faces world No90 Jan Hajek on Court One. The British No1 reached the last four 12 months [...]
Osborne walks a tightrope June 21, 2010 THE coalition government will have to perform a delicate balancing act when the Budget is delivered today if it is to avoid a rebellion on the Tory or Liberal Democrat backbenches. Yesterday, sources close to Deputy Prime Minister Nick Clegg insisted the Budget would adhere to the party’s belief in “fairer taxation”, a pledge that [...]
Trade unions set to fight public sector pension reforms June 21, 2010 A NUMBER of the UK’s largest trade unions spoke out yesterday against the government’s plans to review public sector pension schemes. Unison, Unite and rail union RMT warned the government ahead of today’s Budget that plans to cut public sector pensions could be damaging. Dave Prentis, general secretary at Uniso, demanded that the review body [...]
Ticket sales robust despite lure of football June 21, 2010 WORLD CUP fever may have gripped the nation but it has not diluted demand for tickets at Wimbledon, say organisers. In line with previous years, 8,500 tennis fanatics queued up and bought tickets yesterday morning for the first day of the Grand Slam. The vast majority of tickets are sold in advance while some 600 [...]
Cameron rejects calls for change to UK strike laws June 21, 2010 PRIME Minister David Cameron has vetoed business leaders’ demand to change strike laws as the prospect of industrial strife looms behind planned public sector spending cuts. The CBI, Britain’s most prominent business lobbyist, asked the government to raise the bar for walk-out approvals to 40 per cent of the balloted workforce, not a simple majority [...]
