THE MEN GOING PAUNCH TO PAUNCH IN 2010 FAT BANKERS COMPETITION December 16, 2010 WITH another eight days to go before the turkey is even dished out, some of us may have already had our share of mince pies and bucks fizz. But not everyone has been so indulgent. Two bankers in particular have successfully resisted the temptations of the festive season and are on track to shed almost [...]
RPC Group to buy rival firm Superfos December 16, 2010 PLASTIC packaging maker RPC Group said yesterday it planned to buy its Danish rival Superfos for €240m (£204.7m) in a deal likely to boost its market share and expand its operations into new countries. RPC said it would fund the acquisition through a rights issue and debt in the form of a new €130m term [...]
US sues BP for $21bn in fresh Gulf spill lawsuit December 15, 2010 THE US government said yesterday it would sue BP for $21bn (£13.5bn) alongside four other companies tied to the Gulf of Mexico oil spill in August, for violating US environmental laws, in the opening salvo in what will likely be a lengthy legal battle. If successful the damages from the lawsuit would be on top [...]
Reform needed – but City vital to UK December 15, 2010 AT last, some facts to enlighten a debate mired in hysteria, demagoguery and ignorance. The much-maligned financial services industry contributed an estimated £53.4bn to UK government taxes in the 2009/10 financial year, 11.2 per cent of the total UK tax take, according to a report today from the City of London Corporation. The banks are [...]
Weak banks drag on FTSE as Moody’s warns on Spain December 15, 2010 BRITAIN’S leading share index slipped back yesterday, snapping a four-session winning streak, with banks the worst performers as investors’ risk appetite waned on fresh eurozone debt concerns. The FTSE 100 ended down 9.03 points, or 0.2 per cent at 5,882.18, having finished at its highest close for 30 months on Tuesday after putting on 1.7 [...]
Beazley drops £180m bid for its rival Hardy December 14, 2010 LLOYDS of London insurer Beazley withdrew its £180m offer for rival Lloyds firm Hardy Underwriters yesterday after failing to win an agreed deal and said it might now return cash to investors. In a brief statement issued yesterday, Beazley said it had submitted a final offer of up to 350p per share for Hardy but [...]
TUI opts not to pay a dividend after its revenues slump amid tough conditions December 14, 2010 TUI Group, the parent of Tui Travel, reported a 45 per cent fall in profits for the year to September despite a 14 per cent increase in operating earnings from tourism. The company reported a group profit of €114m (£135m) down from €206m a year ago and chief executive Michael Frenzel said it would not [...]
Beazley drops offer for Hardy Underwriting December 14, 2010 Lloyd’s of London insurer Beazley said it dropped its possible offer of up to 350 pence a share for rival Hardy Underwriting, saying that Hardy had sought a much higher price. “At a meeting between the two companies on 13 December, Hardy’s advisers confirmed that the Hardy board would only be prepared to recommend a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 12, 2010 FINANCIAL TIMES CREDIT SUISSE TO ISSUE COCOS EARLY Credit Suisse’s chief executive said he hoped to begin issuing billions of dollars in contingent-capital bonds in the next year to help shore up the bank’s financial strength well ahead of new Swiss regulations. Brady Dougan also defended Credit Suisse’s decision to award one-off payments to about [...]
ANTONIO HORTA-OSORIO: MY WIFE MADE ME TAKE UP LLOYDS BANNER December 12, 2010 CITY bankers were shocked last month when Santander UK boss Antonio Horta-Osorio jumped ship to be parachuted into the throne of Lloyds, replacing outgoing chief executive Eric Daniels. “How could he do it?” the City wanted to know. “What possessed him?” What, indeed? The high-flying Portuguese charmer had to throw in 17 years’ worth of [...]