David Miliband begins Labour leadership bid May 12, 2010 FORMER foreign secretary David Miliband yesterday officially threw his hat into the ring to become the next leader of the Labour party. Miliband, the favourite to succeed Gordon Brown, said he hoped the race would be a “genuine contest” with many candidates. “I believe I can lead Labour to rebuild itself as the great reforming [...]
CITY VIEWS: WILL THIS COALITION DELIVER A STABLE APPROACH TO FINANCIAL REFORM? May 12, 2010 ALEX PICKARD | PMI HEALTH GROUP “It remains to be seen what will happen as the coalition is made up of parties from opposite ends of the political spectrum. It’s now more a question of what they will compromise on. The Lib Dems want to look at capital gain tax increases, while the Tories want [...]
StanChart mulls a $5bn Nedbank bid May 12, 2010 STANDARD Chartered is considering an audacious bid for more than half of South Africa’s Nedbank. The emerging markets specialist is interested in snapping up the 54 per cent stake in the bank owned by Old Mutual. The bank, which would represent a crucial foothold in Africa’s biggest economy, would cost it more than $5bn (£3.4bn). [...]
Morgan Stanley denies investigation but shares plunge May 12, 2010 MORGAN STANLEY failed to stop its shares sliding five per cent yesterday, even though it denied being investigated by US authorities over the sale of mortgage-backed securities. A report by the Wall Street Journal claimed the investment bank was being probed by the Securities and Exchange Commission and the Manhattan US Attorney’s office over its [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 12, 2010 FINANCIAL TIMES INDIAN TELECOMS GROUPS HIT OUT AT CHARGES Telecoms companies in India have raised alarm over a threat of retrospective charges for users of mobile spectrum that analysts warn could cost them hundreds of millions of dollars. The move by the Indian telecoms regulator has provoked interest from Bharti Airtel and Vodafone Essar. MICROSOFT [...]
Record April budget gap for US May 12, 2010 The United States posted an $82.69bn (£55.74bn) deficit in April, nearly four times the shortfall registered a year earlier and the largest on record for that month, the Treasury Department said yesterday. Some Wall Street economists had expected a much smaller deficit, but others said the record April gap was no surprise and should not [...]
SAP to buy Sybase for $5.8bn May 12, 2010 Germany’s SAP has agreed to spend $5.8bn (£3.9bn) to buy database software maker Sybase in a move that will help boost growth at the company. SAP, the world’s biggest maker of accounting and other business software, said yesterday it would pay $65 per share in cash for Sybase, the fourth largest provider of database software.
Cisco profit up 63pc to $2.2bn May 12, 2010 Cisco Systems, the American networking equipment maker, defied analyst forecasts to boost its net income 63 per cent in the third quarter. Profits were $2.2bn (£1.5bn) or 37c per share, up from $1.4bn or 23c per share a year earlier. Cisco shares have risen 43 per cent in the past year as market hopes have [...]
Fresh strikes to hit Greece May 12, 2010 GREEK unions yesterday announced they would stage a 24-hour nationwide strike on 20 May, the second major protest against tough austerity measures pledged in exchange for billions of euros in aid. The main public and private sector unions led a 50,000-strong march a week ago in which hundreds of angry Greeks fought pitched battles with [...]
Spain prepares to slash wages and cut its deficit May 12, 2010 SPAIN will cut wages of state employees and slash investment spending, sparking union anger at the government’s toughest moves yet to rein in a budget deficit some feared could ignite a bigger version of the Greek crisis. Prime minister Jose Luis Rodriguez Zapatero’s fresh austerity measures came hours after US President Barack Obama pressed him [...]
