WHAT THE OTHER PAPERS SAY THIS MORNING December 11, 2011 FINANCIAL TIMES TNK-BP WARNED ON LEGAL ACTION Two of the independent directors in TNK-BP, the Russian joint venture of BP, warned the board that legal action by the company against either set of shareholders could destabilise the group, according to a letter seen by the Financial Times. In the letter addressed to Mikhail Fridman, TNK-BP’s [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 4, 2011 FINANCIAL TIMES SURGE IN UK CORPORATE BONDS Sterling corporate bond issuance is soaring, but euro-denominated bond sales are at a six-year low – as more companies turn to the relative stability of the London market amid Europe’s financial turmoil. UK and international companies have sold more than $42bn worth of sterling-denominated bonds so far this [...]
RAPID RESPONSES November 16, 2011 Ponzi pottiness The German government criticising the UK for not doing enough for the Eurozone really brings to mind a Ponzi scheme. Assume I don’t join a Ponzi scheme because I think it’s a Ponzi scheme but my colleague does in spite of my warnings. When the scheme goes wrong, if my colleague criticised me [...]
Shares in GM tumble after profits drop November 9, 2011 GENERAL Motors posted a third-quarter profit that fell 15 per cent after a loss in Europe, and disappointed investors with a forecast that closed the door on any improvement in the current quarter. GM vowed to slash costs to shore up margins in a sputtering economy but its fourth-quarter outlook disappointed investors and sent shares [...]
Car sales rise unexpectedly in October November 4, 2011 Car sales unexpectedly moved up a gear, rising 2.6 per cent in October compared to the same month last year, driven by sales of fleet and business cars. The Society of Motor Manufacturers and Traders said sales to these customers outweighed a fall of 4.3 per cent in private purchases. Sales of cars to businesses [...]
CITY MOVES | WHO’S SWITCHING JOBS| WHO’S SWITCHING JOBS September 27, 2011 Natixis Henrik Warebon (pictured) has joined Natixis as global head of commodities to lead commodities activities within the fixed income, commodities and treasury department. Warebon started his career at Goldman Sachs, followed by roles at Lehman Brothers, Hetco and BP, where he was global head of crude oil trading. In addition, Andy Gooch, head of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 14, 2011 FINANCIAL TIMES DEUTSCHE BÖRSE-NYSE DEAL TO SAVE EXTRA $1BN FOR CUSTOMERS Deutsche Börse and NYSE Euronext, the exchange operators planning to create the world’s largest bourse, have significantly raised their estimate of savings by banks from the deal, saying customers would save about $1bn more than previously estimated. VICKERS MEMBER CALLS FOR REPEAL OF BANK [...]
FTSE ends in the red as hopes of intervention from Fed wane August 25, 2011 BRITAIN’S FTSE 100 fell yesterday, snapping three days of gains as investor hopes dwindled that Federal Reserve chairman Ben Bernanke would signal more stimulus measures and a rumour about a German short-selling ban triggered profit taking. The blue chip index fell deep into the red on talk a short selling ban may be enacted in [...]
CITY MOVES | WHO’S SWITCHING JOBS July 28, 2011 Cisco Systems One of the world’s largest global IT companies has appointed Phil Read as operations director for its finance and professional services business. Read rejoins Cisco after a four-year stint as a sales and marketing director at BT. In his new role, he will be responsible for the sales and engineering teams responsible for [...]
Car dealer Pendragon to raise £75.2m through deeply discounted rights issue July 14, 2011 LISTED car dealer Pendragon yesterday said it plans to raise about £75.2m through a rights issue to reduce its debt. The nine-for-eight issue is to be priced at 10p per new ordinary share, representing an eye-watering 54 per cent discount to the stock’s Wednesday close. Shares in Pendragon had closed at 21.75p per unit on [...]