HBOS extends hotel loan January 24, 2010 A CASHFLOW crisis threatening luxury hotel group the Rocco Forte Collection has been averted by a £300m loan extension from HBOS, part of Lloyds Banking Group. The 18-month extension, which pre-empts a long-term solution, follows urgent talks between owner Sir Rocco Forte and the bank, the Times reported. It is understood the hotel group, whose [...]
SPORT | IN BRIEF January 26, 2010 Manchester to host Haye return BOXING: Britain’s David Haye will make the first defence of his WBA world heavyweight championship against John Ruiz in Manchester on 3 April. American Ruiz is the mandatory challenge for Haye, who clinched the title with a crushing defeat of Russian giant Nikolay Valuev in November. “It’s been 10 years [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 15, 2010 FINANCIAL TIMES RBS eyes £10bn debt buy-back as it plans balance sheet shake-up Royal Bank of Scotland is planning a vast balance sheet restructuring in an attempt to boost its capital strength and its standing with bond investors. The move could involve at least £10bn (€11bn) of the bank’s £28bn of debt being bought back [...]
Bonus supertax to raise up to £3bn as firms pay in full January 5, 2010 SENIOR bankers have told City A.M. that the government’s supertax on bank bonuses will not reduce City payouts, predicting the levy will raise up to £3bn as firms cough up to protect their London employees. That is six times the £550m tax take predicted by chancellor Alistair Darling when introducing the 50 per cent levy [...]
Abbey takes Spanish brand January 11, 2010 SPANISH banking giant Santander yesterday signalled that it would join the growing ranks of buyers circling the branches being sold off by Northern Rock, Lloyds and Royal Bank of Scotland. Chairman Emilio Botín yesterday said that the bank would “take advantage of opportunities” in the UK. Branches up for sale include more than 300 from [...]
Hugh Osmond returning to the market January 24, 2010 THE founder of pub chain Punch Taverns is returning to the market to raise up to £500m for an investment vehicle aimed at buying distressed companies and funds. Hugh Osmond, who also floated Pizza Express, is joining other City heavyweights to launch Horizon, which will try to raise the cash via a public offering on [...]
Doing God’s work in the City February 25, 2010 LLOYD Blankfein, the chief executive of Goldman Sachs, caused a stir when he said the bank was doing “God’s work”. Well, perhaps he should meet Mark Speeks, the managing partner and co-founder of Acuity Capital, a private equity firm based in the City, who is also an assistant priest at St Botolph’s church in Aldgate. [...]
A £53M CHEQUE GETS YOU THINKING February 25, 2010 WITH The Capitalist taking a well earned holiday, this ancient scribe has been ruminating over a few whimsical anecdotes that he has come across over the past 47 years in the City of London. My first recollection while learning the merchant banking ropes at Philip Hill, Higginson, Erlangers was to be sent to collect a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 11, 2010 FINANCIAL TIMES PUSH FOR CLEARING HOUSES FAILS TO MOVE OIL TRADERS Big oil traders are choosing to keep more derivatives deals private, in spite of a global regulatory campaign to steer such contracts to clearing houses. Their willingness to take on risks viewed as intolerable just a year ago reflects renewed faith in the strength [...]
CRISIS IN THE SKY FOR VETERAN BROKER February 22, 2010 SIGHS of relief all round yesterday as a veteran of the City broking community emerged unscathed from a terrifying near-death experience. Brewin Dolphin divisional director Stephen Williams – a former head of small company research at Williams de Broë – was one of 231 passengers aboard a Thomas Cook Boeing 757 jet which had to [...]