Fire sale likely at Dawnay Day as £2bn empire teeters July 14, 2008 Dawnay Day, the privately owned financial services and property giant, faces the fire sale of many of its assets to plug a cash flow crisis. The £2bn empire, run by Guy Naggar and Peter Klimt, has called in Ernst & Young to restructure several companies within the group following a massive loss incurred last week [...]
US authorities move to rescue Freddie and Fannie July 14, 2008 Support from US Treasury comes minutes before far east markets open for trading US Treasury Secretary Hank Paulson moved to calm nerves about stricken American lenders Fannie Mae and Freddie Mac last night, saying the government would be willing to take an equity stake in the two banks. His eagerly awaited statement came just minutes [...]
Treks Appeal July 14, 2008 The early summer is the only time of year to visit Marrakesh, reckons Victoria Bates A shimmering wall of heat welcomes you as you step out of the plane onto the tarmac at Marrakesh Menara Airport. And although it’s a dry heat, rather than the smothering humidity of the tropics, the first thing that strikes [...]
City workers get creative with life drawing twenty-seven storeys up July 14, 2008 Timothy Barber joins Citigroup employees indulging their artistic sides It’s easy to forget the noise and melee of Canary Wharf’s evening rush hour when you’re standing in the light filled open space of the 27th floor of Citgroup’s headquarters. Down below, thousands of tired workers are flooding from their offices into the tube and DLR [...]
Treasury committee to probe speculators over oil price surge July 14, 2008 The Treasury Select Committee will tomorrow examine the role of speculators in driving oil prices to record levels. Deputy chair of the influential committee Michael Fallon said: “We need to understand how much speculation is influencing that international market and what, if anything, governments can do about it.” Brent crude hit a new all-time high [...]
New InBev offer appeals to Anheuser July 14, 2008 Brewing giant InBev has upped its takeover bid for American rival Anheuser-Busch to $50bn (£25bn), and yesterday appeared confident of winning agreement to close the deal. After a month-long stand off between the two firms, InBev increased its offer for the Budweiser maker to $70 a share, up from $65 a share, or $46.3bn. The [...]
Yahoo snubs fresh bid from Microsoft July 14, 2008 Internet firm Yahoo this weekend angrily rejected an audacious proposal to sell its search business to software giant Microsoft and hand control of the rest of the company to shareholder Carl Icahn. Icahn and Microsoft chief executive Steve Ballmer are pressurising Yahoo in a desperate bid to oust the board and to remove chief executive [...]
This crisis shows what lies in wait for the rest of the City July 14, 2008 While Dawnay Day is no household name, the crisis that has engulfed the privately-owned investment giant in recent days will be remembered as a key milestone in the credit crunch. A perfect microcosm of the unravelling of the great financial boom of the noughties, Dawnay’s woes are being followed especially closely by London’s huge Mayfair-based [...]
Bischoff joins City talkshop July 14, 2008 Chancellor Alistair Darling is to chair a working group looking at competitiveness in Britain which will include Citigroup chairman Sir Win Bischoff. The group will meet once a month and will analyse matters affecting the London financial services industry such as the effects of the subprime mortgage meltdown in America which triggered the credit crunch, [...]
US problems expected to spread to UK July 14, 2008 The crisis at America’s biggest mortgage firms Fannie Mae and Freddie Mac may be occurring across the Atlantic but the shockwaves will be felt in the UK, experts warn. Speculation that US regulators were last night preparing to step-in to rescue the two companies, which are owned by shareholders but have government-sponsorship, was greeted with [...]