BlackRock nears BGI takeover June 9, 2009 BLACKROCK looks set to seal the deal to buy Barclays Global Investors (BGI) as early as today, sources say. The deal would merge the two giant firms to create the world’s biggest money manager. The US bank is expected to pay Barclays up to $13bn (£8.1bn) in a mixture of cash and shares. It is [...]
Guilty plea in banker death June 9, 2009 TWO men have pleaded guilty to the manslaughter of Barclays Wealth chief operating officer Frank McGarahan, who died after trying to break up a street fight in the early hours of 28 September last year in Norwich. Tom Cowles, 22, and his brother Ben, 21, admitted to manslaughter after initially denying a charge of murder. [...]
CITY MOVES WHO’S SWITCHING JOBS June 9, 2009 DawsonsThe law firm has hired Stephen Morrall as a new partner to its expanding corporate commercial team. Morrall joins from Middleton Potts, where he worked for over 20 years. He has a particular interest in cross-border M&A, joint ventures, banking and cross border security, international trade and employment law. Morrall will also help the firm [...]
Defensives beat a retreat as investors hedge their bets June 9, 2009 THE FTSE 100 ended flat yesterday, with commodity stocks tracking gains in raw material prices as the dollar eased but cigarette makers and pharmaceutical companies fell. The index closed down by 0.43 points at 4,404.79 in a choppy session, after losing 1.2 per cent on Monday. The weaker dollar boosted metal prices, which in turn [...]
Multinationals facing legal piracy challenge June 9, 2009 THE military dictatorship holds down oil-producing areas such as Ogoni by military decrees and the threat or actual use of physical violence so that Shell can wage its ecological war without hindrance.” So read Ken Saro-Wiwa’s closing statement at his trial before he and eight other leaders of the Ogoni people were hanged by the [...]
FTSE 100 remains steady despite the political rout and a bit of profit taking June 8, 2009 THE FTSE 100 shed 1 per cent, or 33.34 points, to close at 4,405.22 yesterday, weighed down by weak energy and mining stocks, while banks fell as recent bullish sentiment soured. “Caution is creeping back into financial markets after what was largely a positive week for equities,” said David Evans, market analyst at BetOnMarkets.com. “There [...]
Lloyds stalls on dividend June 8, 2009 LLOYDS Banking Group will not resume dividend payments to shareholders this year, despite freeing itself of £480m a year in interest payments by redeeming £4bn in government-held preference shares. The bank confirmed yesterday that it had sold 87 per cent of a £4bn share placing to existing shareholders at 38.43p, with a 13 per cent [...]
BlackRock nears BGI deal June 8, 2009 US ASSET manager BlackRock, led by chief executive Larry Fink, is poised to wrap up a $13bn (£8bn) deal for Barclays Global Investors (BGI) as early as tomorrow, in a move that will create the world’s largest money manager. The cash-plus-equity deal, which looks set to go ahead despite interest from Bank of New York [...]
Disastrous for Labour, good for the Tories June 7, 2009 IT was a disastrous night for Labour, and an even worse one for Gordon Brown, now a lame duck prime minister who cannot even appoint the cabinet of his choice. But Labour’s crushing defeat – it got just 21.3 per cent of the vote in London, was beaten in Wales by the Tories for the [...]
Barclays eyes up a stake in BlackRock June 7, 2009 BARCLAYS was last night awaiting an offer from Bank of New York Mellon for Barclays Global Investors (BGI), as US firm BlackRock edged towards the brink of a cash-plus-equity deal for the asset management unit. Barclays and BlackRock are in talks over a deal that would see the bank merge BGI with BlackRock and take [...]