RAPID RESPONSES July 3, 2012 The firing line There is no doubt that an inquiry is called for in the Libor manipulation saga, but the fines should be targeted at the dealers and the management, not the banks. Shareholders did not have a say in the internal dirty dealings, nor did they share much of the loot. Bonuses mostly went [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 20, 2012 FINANCIAL TIMES PFIZER WEIGHS PLANS FOR $3BN PART-IPO Pfizer is weighing plans to raise about $3bn this year through a part-flotation of its animal health division, as the drugs giant examines the best way to spin off a business valued at as much as $18bn. The pharmaceuticals group, the world’s second largest by market capitalisation, [...]
RBS Hoare Govett faces the loss of another client December 22, 2011 TROUBLED broker Hoare Govett could be about to lose its mandate with Tullow Oil. Hoare Govett and current co-broker Bank of America Merrill Lynch are taking part in a beauty parade which will determine if they continue to work with the Africa-facing oil producer. It comes just days after Hoare Govett lost another key client [...]
FTSE dented by GSK January 9, 2012 The FTSE 100 was dented by pharmaceutical giant GlaxoSmithKline today after concerns over one of its new treatments. GSK shed 2.6 per cent after reported problems with tests on its lung medication Relovair. Traders and investors were eyeing events in Berlin where German leader Angela Merkel and French President Nicolas Sarkozy are meeting today. The [...]
This sorry RBS saga isn’t over yet January 30, 2012 THERE can be no doubt that the worst decision Stephen Hester ever made was to join a bankrupt and freshly nationalised Royal Bank of Scotland in November 2008. On the face of it, the mission he was given by the Labour government was exciting and vitally important: to turn around, drastically downsize and prepare for [...]
This sorry RBS saga isn’t over yet January 29, 2012 THERE can be no doubt that the worst decision Stephen Hester ever made was to join a bankrupt and freshly nationalised Royal Bank of Scotland in November 2008. On the face of it, the mission he was given by the Labour government was exciting and vitally important: to turn around, drastically downsize and prepare for [...]
PwC faces probe over auditing of BarCap December 16, 2011 Accounting firm PricewaterhouseCoopers (PwC) is being investigated over its auditing of Barclays Capital Securities in relation to the investment bank’s compliance with rules governing the protection of client money. The Accountancy and Actuarial Discipline Board said on Friday its investigation would cover PwC’s conduct in preparing reports on Barclays Capital, the investment banking arm of [...]
Top economist: prepare for Grexit May 29, 2012 It is sensible to make contingencies to insulate the UK from any Eurozone breakup, the Bank of England’s chief economist Spencer Dale said yesterday, stressing the importance of fostering the gradual economic recovery which he believes is now underway. “The Eurozone is our largest trading partner, and there are strong financial links,” he explained to [...]
ADVISERS MELROSE BID FOR ELSTER June 18, 2012 KEITH ANDERSON INVESTEC INVESTEC is acting as financial adviser to Melrose on its recommended cash offer for the entire issued share capital of Elster. Investec’s Keith Anderson, co-head of corporate broking and Investec veteran, is leading the deal. Anderson has advised Melrose before, having worked with Investec managing director Chris Baird on the company’s secondary [...]
Goodwin set to be spared in FSA report December 4, 2011 THE City regulator’s report into the collapse of Royal Bank of Scotland is set to spare Sir Fred Goodwin and Sir Tom McKillop any detailed criticism when it is published next week. The results of the Financial Services Authority probe, due to be published next Monday after a series of delays, are expected to avoid [...]