What the other papers say this morning January 6, 2011 FINANCIAL TIMES GOLDMAN TEES UP SALE OF JAPAN GOLF COURSE Goldman Sachs is ending its long love affair with golf in Japan. The US investment bank is seeking buyers for its remaining stake in Accordia Golf, the country’s largest golf course operator. The proposed sale comes as Japan’s enthusiasm for golf is also cooling – [...]
Heijmans offloads Brit unit Leadbitter December 24, 2010 Dutch builder Heijmans has sold its British unit Leadbitter for 45m euros to cut debt and as it focuses on its domestic market following debt problems. Heijmans said on Friday it was selling to a joint venture formed by the unit’s management and French company Bouygues in a deal that will cut net debt by [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]
Currency wars and rate hikes: another year in emerging FX December 21, 2010 CHEAP money and attractive returns have seen investors plough their money into emerging market currencies. Yet hot money inflows have forced currency appreciation despite authorities’ best efforts at capital controls and other methods of weakening their exchange rates. Thanks to highly accommodative monetary policy in the West and efforts to remain competitive among the emerging [...]
Italian vote spooks bonds December 12, 2010 THE prospect of political turmoil in Italy is spooking sovereign debt markets, pushing the yield on Italian bonds back towards the highs seen just before Ireland agreed to apply for a bailout. With Italian prime minister Silvio Berlusconi facing a no-confidence vote tomorrow after thousands came out in protest against him over the weekend, investors [...]
Everyone wants piece of Asia December 9, 2010 In many ways, Standard Chartered is the perfect bank. It has unique exposure to emerging markets, is well-capitalised with high levels of liquidity, and is reassuringly disciplined when it comes to costs. But yesterday’s update suggests its prudence is less steadfast than previously thought. Peter Sands can make a good case for growing costs more [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 7, 2010 FINANCIAL TIMES FSA CHIEF WARNS ON BANK RULES Ensuring that the heads of failed banks face punishment would likely require a set of rules that held them to higher standards than other company directors, the head of the City watchdog has warned. Lord Turner, chairman of the Financial Services Authority, makes this argument while defending [...]
EU raids AstraZeneca and other pharma companies December 3, 2010 EU antitrust regulators have raided the offices of some pharmaceutical companies, including AstraZeneca, suspected of colluding to block the market entry of cheaper generic drugs. The European Commission, which acts as the competition watchdog of the 27-nation European Union, said on Friday the raids – the latest in a series targeting improper activities in the [...]
EU agrees new regime to police rating agencies December 2, 2010 THE EUROPEAN Union has agreed to give a new EU watchdog powers to probe and fine credit rating agencies from January in the latest move to clamp down on the sector. The agreement was reached by representatives of EU states and the European Parliament late on Wednesday and is expected to be formally approved by [...]
CITY GENTS DON THEIR TOP HATS FOR RACES November 23, 2010 CITY firms will be flocking to Newbury Racecourse for its “gentlemen’s day” on Friday, with the venue reporting a 30 per cent year-on-year jump in corporate bookings from City firms. Firms signing up for the event include Cushman & Wakefield, Publicis and Arbuthnot Securities – but what, you may ask, is a “gentlemen’s day”, other [...]