WHAT THE OTHER PAPERS SAY THIS MORNING September 21, 2011 FINANCIAL TIMES SEC CHARGES EX-GOLDMAN TRADER A former Goldman Sachs trader and his father have been charged by securities regulators with insider trading for allegedly profiting after learning confidential information about the bank’s trading strategy around an exchange traded fund. The SEC, in a civil action, alleged the former Goldman trader, Spencer Mindlin, tipped off [...]
Nasdaq slams NYSE merger September 8, 2011 NASDAQ OMX Group has intensified its campaign against the merger of its rivals NYSE Euronext and Deutsche Boerse in a fiery submission to the EU. The merger is currently under consideration by European authorities, who could scupper the deal. In a letter to the European Commission, Nasdaq has claimed that allowing it to proceed could kill [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 7, 2011 FINANCIAL TIMES LIBOR ENQUIRY EYES CRIMINAL ANGLE The US investigation into alleged manipulation of interbank lending rates is focusing on possible violations of a commodities law that has previously been used to send financial executives to prison. According to people familiar with the probe into the setting of London and Tokyo interbank offered rates, US [...]
Diageo gets green light for Mey Içki and Halico August 24, 2011 DIAGEO yesterday announced that it has received regulatory clearance for the £1.3bn acquisition of Mey Içki, the leading spirits company in Turkey. The Turkish Competition Authority clearance is conditional upon the disposal of the Mey Içki brands Hare liqueur and Maestro – deals that Diageo is confident will be completed within the current financial year. [...]
CITY MOVES | WHO’S SWITCHING JOBS August 24, 2011 Neuberger Berman The independent asset management firm has appointed Joseph Mukungu to the newly created role of senior vice president, head of client services for Europe and Middle East. Mukungu will manage the team based in Europe responsible for advising Neuberger Berman’s expanding client base outside the US. Mukungu joins from JO Hambro Capital Management, [...]
RESTAURATEURS FLOCK TO RENT 1 BISHOPSGATE IN CITY’S DINING BOOM August 22, 2011 IT IS not big enough for the new headquarters of the Bank of England’s Prudential Regulation Authority, which requires a capacious 100,000 square feet. But the four vacant office units at 1 Bishopsgate have attracted a “healthy level of interest” from insurance, finance, shipping, software and law firms – even a handful of hedge funds [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 14, 2011 FINANCIAL TIMES FEARS RAISED AS “LACK OF CAUTION” FUELS COMMERCIAL PROPERTY VALUES Commercial real estate values have been spurred by a “lack of caution” on the back of an “astonishing” rebound in lending to the sector, according to one of the largest global fund managers. LaSalle Investment e, which manages $45bn (£27bn) of real estate [...]
World Bank chief hits out at politicians August 14, 2011 POLITICIANS in Europe and the US must wake up to the severe loss of market confidence in their economic leadership, the head of the World Bank said last night in Australia. Recent events “have pushed us into a new danger zone,” Robert Zoellick (pictured) warned, arguing that substantial reforms to government spending commitments are required. [...]
Credit rating agencies caught in political web August 7, 2011 NEXT Tuesday marks the three-year anniversary of Moody’s downgrading nearly 700 mortgage-backed bonds. As the subprime crisis ploughed on, the move followed thousands of other screeching U-turns on mortgage-backed assets by the three main credit rating agencies – S&P, Fitch and Moody’s. The trio’s cash cow had come back to bite, with a wave of [...]
When good news turns out to be bad July 28, 2011 SOMETIMES, it is hard not to be a glass half empty kind of person, even though I always try to see the bright side of life. Take the news yesterday that Britain’s borrowing costs fell below equivalent American rates for the first time in almost two years. The reason, of course, was the US debt [...]