KKR leads race to grab Lehman unit August 27, 2008 Kohlberg Kravis Roberts, the high profile US private equity firm, is leading the race to buy Lehman Brothers’ investment management business, including fund manager Neuberger Berman. Lehman, headed by CEO Richard Fuld, has been fishing for suitors for up to 70 per cent of its investment management unit in order to raise cash ahead of [...]
Coalition in Pakistan fails after schism August 26, 2008 Former Pakistani Prime Minister Nawaz Sharif pulled the Pakistan Muslim League – Nawaz (PML-N) out of the ruling coalition yesterday, after disputes over the judiciary and who should be the next president. The two parties that had led the coalition will now put forward separate candidates in a presidential election on 6 September, when the [...]
Woolworth still cool on Walker plan August 26, 2008 Troubled retailer Woolworths yesterday played down reports that its chief executive Robert North was due to meet with Iceland entrepreneur Malcolm Walker. Reports had suggested the two sides were certain to get together for crucial takeover talks later this week. It emerged last week that Woolworths had rejected a £50m takeover approach from a consortium, [...]
China’s PBC builds stake in Prudential August 26, 2008 Prudential has poured cold water on suggestions that it should spin off its Asian arm into a separate company, as it emerged that the People’s Bank of China has built up a one per cent stake in the UK’s second-largest insurer. Chief executive Mark Tucker has fought an ongoing battle on two fronts to convince [...]
UBS to slash pay and bonuses August 26, 2008 Beleaguered bank UBS last night admitted it was planning on slashing its salary and bonus budget by billions of dollars, as it struggles to cope with the effects of the credit crunch. But a spokesman said that reports in Swiss newspaper Sonntag claiming that the payroll budget would be cut by $4bn were exaggerated, pointing [...]
Rights issue to fall flat at troubled B&B August 15, 2008 Bradford & Bingley’s attempt to raise cash could see a take up as low as 8 per cent Bradford and Bingley faces a meagre take-up of its rights issue when it closes at 11am today, with shareholder support expected to be minimal. Shares in the troubled mortgage lender have skirted the 55p issue price for [...]
Russia denies breaking truce August 14, 2008 Georgia accused Russia of breaking a shaky ceasefire in their six-day conflict yesterday, a charge strongly denied by Moscow. In a highly charged atmosphere of claim and counter-claim, Georgian President Mikhail Saakashvili said Russian tanks had stormed the Georgian town of Gori and were advancing on the capital, though a deputy minister later backtracked on [...]
The shape of things to come August 14, 2008 Government rules on green homes mean that eco-houses are coming. It’s time to get used to the idea, says Alex Delmar-Morgan Nobody denies that if the world heats up, we will have to change the way we live, build and get around. As recently as five years ago, phrases like “global warming” and “carbon emissions” [...]
Lonmin snubs Xstrata’s takeover bid August 14, 2008 British platinum miner Lonmin yesterday reiterated its opposition to Xstrata’s hostile £5bn takeover bid, saying it failed to recognise the company’s potential for growth. The South Africa-focused company, which last week received an indicative offer from the Anglo-Swiss mining group, told its shareholders to reject a formal offer, as it undervalued the firm’s business. With [...]
Russia orders a halt to war August 13, 2008 Russian President Dmitry Medvedev ordered a halt to military operations in Georgia yesterday but Tbilisi cast doubt on the announcement, saying Moscow was still bombing towns and villages. The announcement coincided with the visit of French president Nicolas Sarkozy to Moscow on an EU peace mission and seemed intended to help international efforts to negotiate [...]