LLOYDS’ TOXIC DEBT PLAN HIT September 17, 2009 LLOYDS Banking Group’s hopes of avoiding participation in the government’s Asset Protection Scheme (APS) were dashed yesterday, as the Financial Services Authority (FSA) said the bank did not have sufficient capital to spurn the facility. FSA officials, who have been stress testing the bank, have told Lloyds that the level of capital it would have [...]
The City lawyer who argues that banking has become even riskier November 4, 2009 T o David Morley, the phrase “it is better to travel than to arrive” must sound pretty strange, an expression invented only for those unfortunate souls who have not learnt to move at speed. For Morley, who joined top law firm Allen & Overy in 1980 and has led it as senior partner since last [...]
Gerrard injury forces England boss Capello to try Belarus experiment October 13, 2009 ENGLAND head coach Fabio Capello is used to being depicted as a strict headmaster, but tonight he is preparing to play the experimental scientist.With qualification for next summer’s World Cup already assured, the Italian has promised to tinker with selection and tactics when Belarus visit Wembley. His decision is made easier by the unavailability of [...]
SocGen ready to repay aid October 6, 2009 SOCIETE Générale launched a €4.8bn rights issue yesterday as it seeks to repay €3.4bn (£3.1bn) worth of state aid and build a war chest for possible acquisitions. The bank joined French rival BNP Paribas in seeking to exit government support, saying that the cash call would allow it to pursue “external growth opportunities”. However, SocGen [...]
Why next year will be critical for London’s army of M&A dealmakers October 18, 2009 WHEN Tim Jones, the London managing partner of global law giant Freshfields Bruckhaus Deringer, walks into a room, one is immediately struck by the fact that he still looks every inch the Wales B rugby prop forward he used be. However, as he settles down in one of his firm’s sixth-floor, oak-panelled meeting room, he [...]
Lloyds gets support for a cash call September 9, 2009 LLOYDS Banking Group executives believe they have secured sufficient appetite from investors for a share placing that would allow the bank to reduce its participation in the government’s costly Asset Protection Scheme (APS), City A.M. can reveal. The bank has been sounding out selected investors over the past few weeks and has received assurances that [...]
Pace triples first-half profits July 27, 2009 British set-top box maker Pace tripled first-half pre-tax profit and said yesterday it was firmly on track to meet its expectations for the full year. The company, which makes devices for BSkyB, Comcast and Canal Plus, posted adjusted pre-tax profit of £34.3m on revenue of £526.5m for the six months to end-June, up from £231.1m.
Bond insurers obliged to pay out over Bradford & Bingley July 9, 2009 COMPANIES that provide insurance against bond defaults will have to pay out to cover the recent non-payments by nationalised building society Bradford & Bingley (B&B), following a key ruling yesterday. The International Swaps and Derivatives Association (ISDA) ruled that B&B’s failure to keep up with payments on £325m of Tier 2 bonds constituted a “credit [...]
ITV execs in the frame for C4’s top job September 16, 2009 TWO ITV executives were yesterday being hotly tipped to succeed Andy Duncan as chief executive of Channel 4 (C4) when he steps down later this year. Peter Fincham, ITV’s director of television, and John Cresswell, the commercial broadcaster’s chief operating officer, are both believed to be favourites for the high-profile role. C4’s Duncan ended months [...]
B&Q owner boosted by summer sun July 23, 2009 KINGFISHER, the owner of DIY chain B&Q, yesterday reported a surprise rise in like-for-like sales in the second quarter, as cash-strapped consumers snapped up summer accessories thanks to a spell of barbeque weather. Kingfisher, which also operates Castorama in France, said it grew its market share in the 10 weeks to 11 July, but that [...]