AIG probe is abandoned May 23, 2010 The US Justice Department has dropped a probe of American International Group executives involving the credit default swaps that sent the insurer to the brink of bankruptcy and forced a huge taxpayer bailout, lawyers for the executives said. The criminal probe had focused on whether Joseph Cassano, who ran the financial products unit, and Andrew [...]
RBS in €400m equity sale May 23, 2010 Royal Bank of Scotland is near to agreeing the sale of its European private equity fund portfolio, it is understood. The deal, worth about €400m (£348m) is expected to be announced in the next few weeks. The buyer is Alpinvest, a Dutch pension fund. RBS is 70 per cent government owned.
Business costs up £11bn May 23, 2010 The cost of doing business in Britain rose to £88.3bn this year, up £11bn on last year, according to the British Chambers of Commerce.
Pru bosses to buy shares to bolster deal May 23, 2010 PRUDENTIAL chief executive Tidjane Thiam has said he will use his own money to back the insurer’s giant $21bn (£14.5bn) rights issue to raise funding for the acquisition of AIA. Thiam and his board of directors came under fire after reports emerged they may not back the bid out of their own pockets. According to [...]
Standard Chartered aims for £406m from India share sale May 23, 2010 STANDARD Chartered plans to raise up to $588m (£406.4m) in an India share sale to be launched tomorrow. The figure is far below the initial target of as much as $750m. London-based StanChart, which is also listed in Hong Kong, intends to use the IDR issue to raise its profile in its second-largest market. The [...]
BarCap expects to shed private equity business by the autumn May 23, 2010 BARCLAYS CAPITAL is expecting to shed its private equity arm by the autumn while at the same time raising £1.8bn from an independent fund, it is understood. The move is thought to have been agreed at Barclays Private Equity’s annual meeting and will see the business spun off from its parent company with no further [...]
African billionaire joins the race to buy Arsenal May 23, 2010 AN African billionaire has joined the race to take control of Arsenal. Manufacturing mogul Aliko Dangote, worth over £2.5bn, is understood to be keen to snap up the 16 per cent stake in the club held by Lady Nina Bracewell-Smith. Speculation has been mounting that a bid may be forthcoming from one of the club’s [...]
First Queen’s Speech will target banks May 23, 2010 FINANCIAL services and the economy are set to take centre stage when the first Queen’s Speech of the new Liberal-Conservative coalition is read tomorrow. According to a leaked draft of the speech, the government is planning to introduce a flurry of legislation during its first 18 months, putting at least 21 Bills on the statute [...]
Tories visit Afghanistan May 23, 2010 Foreign secretary William Hague has visited Afghanistan for the first time since taking office, accompanied by defence secretary Liam Fox and development secretary Andrew Mitchell. Fox caused some controversy on the visit, when he suggested the military would have a narrower role in the future, focusing on Britain’s security rather than nation building. He said Britain was [...]
Cameron facing backbench anger May 23, 2010 David Cameron could face a vote of no confidence just weeks into his premiership, amid rumbling dissent over the coalition with the Liberal Democrats. Several Tories are angry at having lost out in the race for middle-ranking and junior government posts while the Lib Dems were awarded a disproportionate number of jobs. He is also under pressure after [...]
