Hedge funds rally troops to raise funds for EU campaign June 28, 2009 A GROUP of hedge funds is putting together a fighting fund to battle the planned European Commission Directive on Alternative Investment Fund Managers that they say will unfairly punish the UK hedge fund industry. The Alternative Investment Managers Association (Aima), has already put together a steering committee of funds, including BlackRock and Marshall Wace, to [...]
JACKSON TICKET REFUNDS June 28, 2009 O2 arena’s promoter AEG Live is preparing itself as hundreds of thousands of Michael Jackson fans rush to claim refunds for their unused tour tickets. Jackson had been set to perform 50 shows at the stadium from 13 July, which seats over 20,000. It’s estimated that the concerts would have raised over $150m (£78m). The [...]
Porsche’s VW spat accelerates as merger ultimatum claims denied June 28, 2009 Volkswagen (VW) yesterday denied presenting Porsche with an ultimatum to accept its layout for a merger of the two carmakers, rebuffing the supercar maker’s claims. “There is no ultimatum,” a VW spokesman said.Porsche had accused VW and its key shareholder Lower Saxony of extortion after reports that VW and the regional state had demanded Porsche [...]
Anglo steps up its defences June 28, 2009 MINING titan Anglo American is gearing up to defend itself against rival Xstrata’s merger approach, by stepping up efforts to appoint a new chairman, and hatching plans for talks with China. The company has drawn up a short list of preferred candidates for the job, understood to include industrial heavyweight Sir John Parker and former [...]
House prices flat as supply falls further June 28, 2009 A LACK of supply in the housing market has kept house prices from falling, according to new figures released today. According to housing information provider Hometrack’s monthly national housing survey, prices remained flat in June compared to May, although they are still down 8.7 per cent from last year. But slow growth in the availability [...]
Treasury committee readies itself for inquiry into availability of mortgages June 28, 2009 THE TREASURY committee will this week begin its inquiry into mortgage arrears and the availability of home lending, as part of its ongoing series of evidence sessions on the banking crisis. The influential group of MPs, led by Labour’s John McFall, is seeking evidence on the extent of the mortgage arrears problem, including information on [...]
Li Ka-Shing eyes Centrica stake as it seeks to invest June 28, 2009 THE RICHEST man in Asia, Li Ka-Shing, is understood to be one of four bidders for a stake in Centrica’s new wind farm. His Hongkong Electric company could provide cash for British Gas’ owner, which is looking for investment to help it snap up bargains in the downturn.It wants to invest in gas fields, now [...]
Banks await new tax guidelines June 28, 2009 The Treasury will announce a new framework of guidelines on tax avoidance tomorrow, with the publication of its code of practice for banks. The code, which will be voluntary, will see banks agree to abide by the “spirit” of the code, or face being named and then investigated by HM Revenue and Customs (HMRC). Lenders [...]
BA braced for cabin crew uproar June 28, 2009 British Airways is braced for contentious talks with its unions today, over cost cutting and redundancies at the company. The company set a deadline for tomorrow to reach a deal with its unions.
Energy groups must modernise June 28, 2009 Executives from top UK companies including Tesco, Rolls Royce and BT have warned the big six energy groups that their draconian contract terms will lead to more job losses unless they are massively overhauled. The Major Energy Users’ Council will hold a crisis meeting tomorrow.
