OECD warns recovery will be slow in UK June 29, 2009 THE ORGANISATION for Economic Cooperation and Development (OECD) yesterday called on the government to devise a more “ambitious” schedule to rebalance the budget and warned that the UK’s recovery will be slow. In a report on the economy, the leading think tank warned that unemployment will rise to 10 per cent in the UK, and [...]
Fitch cautious on mining merger June 29, 2009 RATINGS agency Fitch said yesterday it would not raise its credit rating on a combined group made up of Anglo American and Xstrata, despite widespread approval from analysts. Anglo, led by chief executive Cynthia Carroll, turned down Xstrata’s nil-premium “merger of equals” last week, slamming its “lack of strategic merit,” and saying the terms of [...]
Osmond set to play second fiddle as Pearl puts final touches to Liberty deal June 29, 2009 THE former Pizza Express entrepreneur Hugh Osmond will have a greatly reduced influence in a restructured Pearl insurance group as part of plans announced yesterday. The Cayman Islands-registed Liberty International is injecting up to £510m into Pearl in a deal that will transform the group’s balance sheet while leaving Jonathan Moss as its chief executive. [...]
Staff at Lindsey refinery restart work after strikes June 29, 2009 STAFF at the Lindsey oil refinery went back to work yesterday morning, ending a bitter dispute between contract workers and the company. Around 650 construction workers lost their jobs after going on unofficial strike at Lindsey, which is owned by French oil firm Total. They took the industrial action after learning 51 employees were being [...]
Advisers blamed over recession losses June 29, 2009 INVESTORS believe that financial advisers have failed to react effectively to the economic meltdown, according to a report released yesterday. According to a survey by the World GoldCouncil, many investors blame advisers for failing to shield them from tumbling markets. And a failure by advisers to diversify their clients’ assets by spreading them around more [...]
CITY VIEWS: DO YOU USE INDEPENDENT FINANCIAL ADVISERS OR DO YOU LOOK AFTER YOUR OWN FINANCES? June 29, 2009 DAVID ATCHESON GLOBAL TRADING“The problem is that people have lost trust in IFAs. They’ve made irresponsible investments where they shouldn’t have. Both companies and individuals have lost out because of bad decisions, and people now don’t know who to trust.” JEREMY DAVIES WILLIAM MARTIN ENERGY“I don’t use a financial adviser. I think there are adequate [...]
Bid talks end for Candover Investments June 29, 2009 PRIVATE equity firm Candover Investments said yesterday it had ceased takeover talks with a number of potential bidders, as it confirmed extensive cost cutting and the disposal of subsidiary Wood Mackenzie will allow it to meet its debt covenant obligations. The group warned it had run out of cash to invest in its own 2008 [...]
Simon Walker: EU must heed expert advice on regulation June 29, 2009 SIMON Walker, chief executive of the British Private Equity Association (BVCA), has urged European policymakers to pay attention to recent reports from top-rank regulation experts and leave private equity out of their financial rules crackdown. Walker said comments in an EU financial regulatory report by Jacques de Larosière and by Sir James Sassoon, who wrote [...]
Lenders defer Johnston tests June 29, 2009 JOHNSTON PRESS, the regional newspaper publisher, yesterday reached a deal with its lenders to postpone by two months the testing of its covenants, which had been due on 30 June. These tests will now take place on 31 August, after the company holds talks with lenders over the refinancing of its facilities. Earlier this year, [...]
BoA, First Data create joint venture June 29, 2009 BANK of America (BoA), the largest US bank, and First Data Corp have created a joint venture to offer electronic payment services to merchants, the companies said yesterday. The venture will combine BoA’s brand name — and its 240,000 merchant relationships — with First Data’s payment services technology, said Thomas Bell, chief executive of the [...]
