US drugmaker Perrigo buys Elan for $8.6bn July 29, 2013 IRISH biotech firm Elan yesterday accepted an $8.6bn takeover offer from US drug maker Perrigo, just weeks after batting off a hostile approach from Royalty Pharma. Perrigo will pay $6.25 per share in cash plus $10.25 per share in stock for Elan, in a deal that will see the Michigan firm almost halve its [...]
Fed goes after Wall St giant July 25, 2013 US FEDERAL prosecutors yesterday criminally indicted a top Wall Street hedge fund over allegations that years of spectacular performance were partly based on insider trading. SAC Capital Advisors was charged by a court in New York on four counts of securities fraud and one count of wire fraud following a seven-year investigation by regulators. No [...]
Focus on: Chiswick July 25, 2013 NEED TO KNOW | AREA INSIGHT DESPITE being known as the a go-to destination for foodies, there’s more to Chiswick than its impressive stable of quality delicatessens, greengrocers and top-notch eateries. The affluent west London suburb is one of the top commuter hotspots due to its close proximity to central London and offers large properties [...]
We should welcome the Church’s foray into lending July 25, 2013 Archbishop Justin Welby's announcement that the Church of England could be going head-to-head with payday lenders like Wonga is good to hear. Rather than limiting the options of consumers, Welby is set to expand the choices that the most vulnerable face. In an interview with Total Politics, the former oil executive has said that he [...]
HS2 opponents lose new appeal July 24, 2013 CAMPAIGNERS against the High Speed 2 rail link yesterday lost their latest attempt to block the project – but the judges have given them permission to appeal to the Supreme Court. The Court of Appeal yesterday rejected all seven grounds argued by three group of objectors to the £42.6bn scheme, upholding an earlier High Court [...]
Court upholds pension appeal July 24, 2013 PENSION scheme members cannot jump ahead of other creditors when a company or bank goes bust, the Supreme Court said yesterday, in a landmark ruling that clarifies the ranking of creditors in an insolvency. The ruling was the result of a case brought by the administrators of the UK divisions of investment bank Lehman Brothers [...]
Former ENRC director set to fight lawsuit July 21, 2013 FORMER ENRC director Sir Paul Judge has pledged to fight a lawsuit brought by the mining company over claims he leaked information to the media. Judge said in a statement over the weekend that he “den[ies] entirely” the company’s claims that he leaked an email to the press in October. Judge, who stepped down from [...]
ENRC begins legal proceedings against former director July 19, 2013 Miner ENRC has filed a legal claim in the High Court against a former non-executive director, Paul Judge (release). For breach of fiduciary duty to ENRC, relating to the disclosure of confidential information to the media and for the return of all confidential documentation in his possession. Gerhard Ammann, chairman of ENRC said: We have [...]
Detroit goes bust: America’s biggest ever municipal bankruptcy with estimated debts of $20bn July 18, 2013 DETROIT filed for bankruptcy last night, the biggest American city to go bust in history, following decades of decline. The city’s emergency manager, Kevyn Orr, who was appointed by the state’s governor to deal with Detroit punishing financial challenge in March, signed the documents that will begin an application for bankruptcy. The Michigan city’s enormous [...]
What the other papers say this morning – 19 July 2013 July 18, 2013 FINANCIAL TIMES Sheikh in Barclays rescue sells stake The Abu Dhabi sheikh who came to the rescue of Barclays Bank with a £3.5bn capital injection at the height of the financial crisis, has sold his stake in the UK bank. The sale of the seven per cent stake – which took place three weeks ago [...]