Boris speaks up for City May 18, 2010 BORIS Johnson yesterday launched an impassioned defence of the UK banking sector by labelling governmental attacks on the sector as “nuts”. The Mayor of London’s comments are a sign that he is not yet ready to shrug off his self-styled mantle as the City’s “champion”. “I think it is completely nuts for people to want, [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 18, 2010 FINANCIAL TIMES BC PARTNERS WINS MORE TIME Investors in BC Partners have granted the UK-based private equity group an extension to the investment period on its latest fund, in a sign that buy-out groups are winning more time to deploy their $500bn of unspent capital. The extension of BC Partners’s investment period from November until [...]
Dimon hangs on at JPMorgan May 18, 2010 JPMorgan Chase shareholders rejected a proposal to strip chief executive Jamie Dimon of his chairman title, but they gave him a hard time at the bank’s annual meeting yesterday. The second-largest US bank, which was profitable during the financial crisis, attracted a larger-than-usual turnout at the meeting.
Confidence returns to US May 18, 2010 A survey of investors by Bank of America Merill Lynch showed a fear of European stocks and distaste for the euro as they retreated to the perceived safety of US shares. The news shows investors have been spooked by the sovereign debt crisis engulfing Greece and threatening to spread to neighbouring countries.
Santander seeks US expansion May 18, 2010 Santander will redouble its efforts to expand its US operations , holding talks with regional lender M&T. However, talks are said to have reached an impasse over the joint venture that would command assets of $150bn (£105bn) and consist of more than 1,500 branches.
Osborne loses fight against hedgie rules May 18, 2010 EUROPEAN Union governments yesterday dismissed British objections to a draconian crackdown on hedge funds and private equity houses, and threw their weight behind tough new regulations. The move comes as a major blow for George Osborne, who opposes the plans but had already resigned himself to defeat in the face of overwhelming support from other [...]
Tories in bid to limit CGT law May 18, 2010 DOZENS of senior Tories are trying to convince George Osborne to water down plans that could see capital gains tax (CGT) jump to 40 per cent. City A.M. understands that the chancellor is considering an alternative set of proposals masterminded by veteran right-winger John Redwood. Hiking CGT so it is taxed at a similar rate [...]
Arch-bear Paulson buys up shares in US housing May 18, 2010 HEDGE fund managers increased their stakes in financial stocks in the first quarter, showing confidence the US economy is back on a sustainable growth path. Even hedge fund manager John Paulson, who famously bet three years ago that US housing prices would slide, put his toe back into the homebuilder market. He bought five million [...]
DoJ to launch BP spill probe May 18, 2010 THE US Department of Justice (DoJ) has been asked to launch a full-blown investigation into BP’s involvement in the Gulf of Mexico disaster as the oil giant faces a $625m (£434m) bill for the clean up. US attorney general Eric Holder is understood to have launched the investigation on the back of demands made by [...]
Yell shares plummet after top execs announce departure May 18, 2010 SHARES in embattled Yell tumbled by almost a fifth yesterday as news of the imminent departure of two of its top men gave investors the jitters. The chief executive and chief financial officer will quit the struggling yellow-pages publisher after preventing a debt crisis from escalating into insolvency. Chief executive John Condron, who will leave [...]
