Thu 13 May 2010
Prudential hopes to launch its delayed $21bn (£14bn) rights issue early next week after agreeing to changes to the financing of its propoosed $35.5bn takeover of AIA, the Asian businesses of the stricken US insurer AIG, according to the FT. Britain's giant lenders are facing the threat of extinction after the new coalition Government pledged to establish an independent commission to decide whether to break up the banks. The commission was the centrepiece of the Conservative and Liberal Democrat agreement on banking reform, which included a pledge to introduce an extra tax on the industry and "robust action to tackle unacceptable bonuses", says the Telegraph.
he European Commission hopes that a radical shake-up of the rules governing the eurozone will be enough to prevent the single currency area facing further Greek-style debt crises in the future. Under proposals submitted yesterday by Mr Barroso, and Olli Rehn, the EU's monetary affairs commissioner, governments of eurozone countries would have to submit their budgets for inspection each year, writes the Independent.
The Guardian adds that Germans have been urged to face reality as the full impact of the euro bailout on Europe's biggest economy was laid bare by politicians and financial experts for the first time. The nation is to be forced to make savings more extensive than at any time since the end of the second world war, with education and family welfare expected to take the largest hits.
Oil companies face an immediate tax rise of 1 cent per barrel to help to pay for the clean-up in the Gulf of Mexico under proposed legislation rushed out by the White House yesterday, reports the Times.
The FT adds that a litany of failures led to the catastrophic spill fromBP’s Gulf of Mexico well, a powerful US Congressional investigations panel revealed on Wednesday, suggesting officials from numerous companies overlooked many warning signs.
Standard Chartered has approached Old Mutual with an informal plan to buy its stake in Nedbank. The offer by the emerging markets bank is intended to spearhead a return to prominence in South Africa, according to the Times.
The cost of an overdraft at Britain's banks is now higher than at any time for a decade, research shows, despite the fact that the Bank of England base rate has now been at an historic low of just 0.5 per cent for 14 consecutive months, says the Independent.
The owner of the Icelandic investment company that bought a huge swath of the British high street has been accused of leading the $2 billion “looting” of an Icelandic bank shortly before its collapse. In a lawsuit filed in New York by Glitnir, the collapsed bank, Jón Ásgeir Jóhannesson and his associates are accused of draining funds from the bank before it collapsed in 2008, writes the Times.
Paramount Restaurants, the Chez Gérard operator, is expected to be put up for sale amid speculation that its chief executive and its chairman are to quit. The Times understands that Sir David Michels, who was appointed non-executive chairman less than six months ago, and Mark Phillips, the chief executive, are preparing to resign over a difference of strategy with the controlling banks.
The Guardian adds that Germans have been urged to face reality as the full impact of the euro bailout on Europe's biggest economy was laid bare by politicians and financial experts for the first time. The nation is to be forced to make savings more extensive than at any time since the end of the second world war, with education and family welfare expected to take the largest hits.
Oil companies face an immediate tax rise of 1 cent per barrel to help to pay for the clean-up in the Gulf of Mexico under proposed legislation rushed out by the White House yesterday, reports the Times.
The FT adds that a litany of failures led to the catastrophic spill fromBP’s Gulf of Mexico well, a powerful US Congressional investigations panel revealed on Wednesday, suggesting officials from numerous companies overlooked many warning signs.
Standard Chartered has approached Old Mutual with an informal plan to buy its stake in Nedbank. The offer by the emerging markets bank is intended to spearhead a return to prominence in South Africa, according to the Times.
The cost of an overdraft at Britain's banks is now higher than at any time for a decade, research shows, despite the fact that the Bank of England base rate has now been at an historic low of just 0.5 per cent for 14 consecutive months, says the Independent.
The owner of the Icelandic investment company that bought a huge swath of the British high street has been accused of leading the $2 billion “looting” of an Icelandic bank shortly before its collapse. In a lawsuit filed in New York by Glitnir, the collapsed bank, Jón Ásgeir Jóhannesson and his associates are accused of draining funds from the bank before it collapsed in 2008, writes the Times.
Paramount Restaurants, the Chez Gérard operator, is expected to be put up for sale amid speculation that its chief executive and its chairman are to quit. The Times understands that Sir David Michels, who was appointed non-executive chairman less than six months ago, and Mark Phillips, the chief executive, are preparing to resign over a difference of strategy with the controlling banks.
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