News

Your daily news update straight from the City PM newsroom in London

Turquoise in buyer search

August 18, 2009

UBS was yesterday in the initial stages of finding a buyer for fledgling trading platform Turquoise, as the market mulled over how to value the loss-making business. The pan-European trading platform launched in August 2008 – one of a number that arrived on the scene after European deregulation – and has been able to capture [...]
Lazard hires Goldman Sachs veteran to boost IPO presence

August 18, 2009

LAZARD toasted a major coup in its bid to boost its presence in the initial public offering (IPO) market yesterday, after the investment bank said it had hired veteran Goldman Sachs banker Tom Tuft. The group has named Tuft, who advised Lazard on its own IPO in 2005, as chairman of its Global Capital Markets [...]
Blow for Northern Rock credit holders as it halts bond payouts

August 18, 2009

NATIONALISED lender Northern Rock shocked bond markets yesterday by ceasing payouts on several of its bonds in a bid to hoard cash ahead of a further £3bn government bailout. The value of the failed sub-prime mortgage lender’s credit plummeted as it announced it is to delay all payments where it is legally possible. The lender [...]
SCHAEFFLER BAGS CONTINENTAL

August 18, 2009

GERMAN carparts maker Schaeffler said yesterday it had arranged a £10.22bn refinancing deal that will see its owners – including Maria Elisabeth Schaeffler (pictured) – take control of rival Continental. The move by Schaeffler was led by chief executive Juergen Geissinger (also pictured). The merged group would have about £28bn of annual sales and around [...]
US probes UBS clients as Bern prepares stake sale

August 18, 2009

MORE than 150 American clients of UBS are being investigated by the US authorities for suspected tax evasion, federal prosecutors said yesterday, as analysts predicted the Swiss state would soon sell its stake in the troubled investment bank. A court filing said that the 150 people under investigation were on a list of 250 names [...]
SAAB SALE SKIDS

August 18, 2009

KOENIGSEGG, the supercar maker that is in talks to buy Swedish brand Saab from General Motors (GM) was last night locked in talks with the Swedish government over additional funds it needs to take over Saab. Earlier yesterday, GM said it had struck a firm agreement to sell Saab, but Koenigsegg said it only had [...]
Inflation rate holds steady but will drop

August 18, 2009

INFLATION unexpectedly held steady in July, as rises in the prices of games, toys and hobbies offset falls in the cost of food and drinks. But economists warned that deflation still looms. The Office for National Statistics said that the consumer price index (CPI) – the government’s preferred measure – was unchanged from June, keeping [...]
CITY VIEWS: ARE YOU EXPECTING THE PRICE OF GOODS TO KEEP FALLING?

August 18, 2009

HANESH PURI COCA COLA ENTERPRISES“I think prices will level out soon, and consumer spending will increase. I’m personally waiting for a year to monitor market fluctuations before I make any large purchases. Consumers don’t yet have the confidence to spend.” IAN JACKSON IROKO SECURITIES“Although it came in below economists expectations, I wasn’t disappointed in the [...]
Bidders circle British Land’s Broadgate

August 18, 2009

BRITISH Land yesterday revealed it had been approached by several buyers interested in snapping up a 50 per cent stake in Broadgate, its iconic City development. US private equity group Blackstone has been tipped to beat rivals to a share of the 16 office buildings close to Liverpool Street Station. Yesterday finance director Graham Roberts [...]
Scrap plan boosts Pendragon

August 18, 2009

CAR DEALER Pendragon said yesterday its first-half profit has halved, but added the government’s “cash-for-bangers” scheme had boosted sales, and that the slump was coming to an end. The UK’s largest car dealership, which trades as Stratstone, Evans Halshaw and Chatfields, reported a pre-tax profit of £8.7m for the six months to June, on revenues [...]