After the Nvidelity comes the Huangover. Jensen Huang joins long list who confused boardroom and bedroom
Planting the seeds of another crisis September 2, 2010 FOR some bizarre reason, the creation of three new European Supervisory Authorities and the European Systemic Risk Board – a major power-grab for Brussels – was welcomed last night by Conservative MEPs. Vicky Ford, one of their numbers who took part in the negotiations, admitted that “this is very complex multi-layered legislation and it needs [...]
Pack a tax plan if you want a retirement on the beach September 2, 2010 IF YOU are tempted to spend your golden years in the sun and escape overcrowded, polluted London, you are not alone. Emigration from the UK reached a record high in 2008 and that was before the introduction of a 50 per cent higher tax rate and the impending austerity measures. But planning is essential if [...]
INVESTMENT BANK OF THE YEAR August 31, 2010 THE story of the last year for investment banks has been recovery. While the rest of the economy has remained sluggish the smartest bankers have bounced back and returned to profit – sometimes spectacularly so. Still, things will never be the same. A re-ordering of the banking world is ongoing, and our list reflects this. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 26, 2010 FINANCIAL TIMES BANKS BACK SWITCH TO RENMINBI FOR TRADE A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China. HSBC and Standard Chartered are offering discounted transaction fees and other financial incentives to companies that choose [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 25, 2010 FINANCIAL TIMES US CHAINS BEEF UP MEALS TO LIFT PROFITS Fast-food chains in the US are rolling out more expensive premium products after two years of relentless focus on lower priced meals in the hope of recouping profit margins surrendered during the recession of 2008 and 2009. McDonald’s is selling a “smokehouse deluxe” burger in [...]
HSBC bid ups Nedbank rating August 24, 2010 HSBC’S proposed acquisition of a majority stake in Nedbank received a ringing endorsement yesterday as the Fitch credit ratings agency said it had put the South African bank on a positive rating watch pending completion of the deal. Anthony Walker, a senior director in Fitch’s financial institutions team, said the acquisition “should serve to strengthen [...]
WHAT THE OTHER PAPERS SAY THIS MORNING August 23, 2010 FINANCIAL TIMES COMPANIES NOW TURN TO PRIVATE PLACEMENTS FOR FUNDING Private placement deals – whereby companies tap investors directly for loans – are on track for one of their strongest years, highlighting the extent to which companies are seeking to diversify their funding sources away from banks. Companies tapped the market for $27.4bn in the [...]
HSBC first in line for stake in Nedbank August 23, 2010 HSBC yesterday confirmed it is in exclusive talks with insurer Old Mutual to acquire up to 70 per cent of the shares in Nedbank, South Africa’s fourth largest lender, in a bid to aggressively ramp up its offering in the country. The parties have not disclosed the terms of a potential deal, though analysts yesterday [...]
AIG pays back $4bn of loans from taxpayer August 23, 2010 BAILED-OUT insurer American International Group (AIG) said yesterday it paid back nearly $4bn (£3bn) in US loans in its single largest cash payment so far to reduce its debt to taxpayers. The payment reduces the size of the Federal Reserve Bank of New York’s credit facility by that amount to about $30bn. The outstanding principal [...]
S&P takes Pru off credit watch after strong results August 17, 2010 RATING agency Standard & Poor’s has rewarded Prudential for its forecast-beating results and better-than-expected costs on the failed AIA deal by removing it from “credit watch”. S&P put the insurance giant on notice in March due to concerns over the balance sheet strains involved in its $35.5bn (£22.8bn) pursuit of AIG’s Far Eastern arm. Yesterday [...]