Blackstone considers breaking up chunks of hotel giant Hilton August 9, 2009 PRIVATE equity firm Blackstone is preparing to break up its investment in the Hilton hotel giant chain under plans to realise value from the group. The plans, which come ahead of debt repayments three and four years away, are believed to be at an early stage. The business is still mulling options for the hotel [...]
China mulls security rethink over Rio Tinto espionage row August 9, 2009 CHINA has accused mining giant Rio Tino of a prolonged period of espionage against its steel industry, which it says allowed the Anglo-Australian firm to overcharge by 700bn yuan (£61.2bn) for iron ore. The official magazine of China’s National Administration for the Protection of State Secrets (NAPSS) said in an editorial that Beijing would need [...]
Bank warns of slowdown August 9, 2009 THE BANK of England is this week expected to downgrade its growth forecast for the year and predict low inflation for another two to three years. The revision – which results mainly from a weaker-than-expected second quarter gross domestic product – will push the growth rate below chancellor Alistair Darling’s predicted rate of 3.5 per [...]
STILL TOP OF THE POPS August 9, 2009 HMV boss Simon Fox has pledged his loyalty to the music and film retailer by pulling out of the race for the top job at ITV, City A.M. can confirm. Fox, who was tipped by many as a strong contender to replace Michael Grade as chief executive of the embattled broadcaster, has assured the HMV [...]
Sir Fred Goodwin coming home August 9, 2009 Former Royal Bank of Scotland boss Sir Fred Goodwin is to return from his self-imposed exile in France this month.The 50-year-old fled with his family to the south of France four months ago when he was blamed for the near-collapse of the bank and criticised for his massive pension.But after his two children missed almost [...]
Madoff aide to plead guilty August 9, 2009 Swindler Bernard Madoff’s right-hand man Frank DiPascali is to plead guilty tomorrow in Manhattan to criminal charges for his role in the $65bn (£39bn) fraud, according to court documents filed late last week. Legal experts indicated the charge against DiPascale might lead to charges being brought against others who worked for Madoff. DiPascali worked for [...]
Saga’s takeover talks with Titan August 9, 2009 Saga, the over-50’s holiday firm, is believed to be in takeover talks with Titan Travel, one of Britain’s biggest travel agents. It is understood that talks are at a very early stage. Saga, which is owned by the private equity firms Permira, Charterhouse and CVC, is forecast to pay between £15-20m for Titan, in a [...]
Lloyds could avoid APS with 15bn fund-raising August 9, 2009 LLOYDS BANKING GROUP will need to raise up to £15bn from investors if it wants to avoid participating in the government’s asset protection scheme (APS), analysts estimate. The bank has agreed to insure £260bn of assets via the scheme, but chief executive Eric Daniels is thought to be unhappy with the £16bn fee and the [...]
UBS tax case hits new snag August 9, 2009 THE SWISS and US governments have hit a stumbling block in their efforts to settle a tax dispute between UBS and the Internal Revenue Service (IRS) over the transfer of details of 52,000 clients accused of tax evasion. The two nations are expected to reach an agreement under which Berne will provide some of the [...]
FSA’s Sants: Not my job to set bonuses August 9, 2009 HECTOR Sants, head of watchdog the Financial Services Authority (FSA), will this week refuse to bow to pressure to bring in rules to cap City bonuses.Sants has said it is not the regulator’s job to set company pay levels, only to ensure pay does not encourage risk in the financial system. In the FSA’s guidelines [...]
