Japanese snap up Kwik-Fit March 1, 2011 BRITAIN’S largest tyre retailer, Kwik-Fit, has been sold to a Japanese conglomerate, ITOCHU Corporation, City A.M. can reveal. The deal, details of which will be announced publicly this morning following its signing yesterday, sees European private equity firm PAI Partners cash out of its six-year ownership of the auto repair chain for £637m, which includes [...]
What the other papers say this morning February 28, 2011 FINANCIAL TIMES NORTHERN ROCK TO OFFER 90 PER CENT MORTGAGES Northern Rock is poised to launch a range of mortgages offering up to 90 per cent of a property’s value, marking the nationalised bank’s return to riskier lending three years after its collapse and government bail-out. The lossmaking lender could make the new high loan-to-value [...]
London Stock Exchange in merger deal February 8, 2011 THE LONDON Stock Exchange (LSE) has agreed a merger with Canada’s TMX Group to create one of the world’s biggest market platforms. The merged company will have a market capitalisation of £4.3bn, making it the seventh-biggest exchange in the world and the largest in terms of number of companies listed. The London Stock Exchange has [...]
What the other papers say this morning February 7, 2011 FINANCIAL TIMES SEC EYES MORTGAGE DISCLOSURES US securities regulators investigating the role of banks in the mortgage crisis are homing in on the question of whether investors were misled about the home loans used to back securities. The Securities and Exchange Commission and other regulators have been investigating a wide range of banking activities in [...]
CITY GOES FOR GREEN AS PUBS VIE WITH BANKS TO WIN ECO AWARDS January 30, 2011 AN eclectic mix of London City stalwarts and independent businesses will come together on Thursday to celebrate their green credentials, at the City of London Corporation’s annual Sustainable City Awards. Competing across 12 categories are banks, asset managers and construction groups – alongside a slew of smaller enterprises that make up more than half of [...]
Consultation on UK’s M&A regime means big changes January 25, 2011 THE government is about to launch a consultation on major reforms of Britain’s competition (antitrust) regime. The competition rules won’t be changed, but rather the institutions and procedures by which they are administered. The implications for British business and finance will nonetheless be far-reaching. Three key elements of the likely proposals are worth highlighting. First, [...]
What the other papers say this morning January 24, 2011 FINANCIAL TIMES FSA CHIEF SEEKS NEW SAFEGUARDS The head of the Financial Services Authority has called for a “radical rethink” of consumer protection in the UK, including the possible imposition of fee caps and bans on some retail financial products. The regulator has historically adopted a “light touch” approach for the regulation of financial products, [...]
Goldman earnings prompt FTSE sell-off January 19, 2011 A surprisingly sharp sell-off on the FTSE this afternoon pushed the index below the 6,000 mark, to close down 79.73 points or 1.32 per cent, at 5,976.70. A bigger than expected fall in earnings at leading US investment bank Goldman Sachs sparked a rout among investors across all sectors. Earlier in the day, more bad [...]
BHP eyed as potash bidder January 18, 2011 MINING giant BHP Billiton might finally get its chance to buy part of a major potash producer after agribusiness Cargill yesterday signed a deal to sell off its majority stake in fertiliser producer Mosaic. Cargill plans to offload its 64 per cent stake in Mosaic, valued at about $24bn (£15bn), to free up cash for the [...]
Changing the face of retail investment January 11, 2011 ON 1 JANUARY, 2013, the Financial Service Authority’s new rules on retail investment products come into effect – the Retail Distribution Review (RDR). Hector Sants, chief executive officer of the FSA, argues that badly sold investments cost consumers between £400m and £600m per year. The review is expected to cost around £1.5bn over five years [...]