UBS to raise 2.1bn as it warns of loss June 25, 2009 SWISS bank UBS, one of the world’s hardest-hit banks in the financial crisis, said yesterday it would raise about Sfr3.8bn (£2.1bn) of equity capital and warned it would fall to a net loss in the second quarter of 2009. UBS is offering about 293.3m new shares at a price of Sfr13.00 per share, a 6.9 [...]
NOT GUILTY, YOUR HONOUR June 25, 2009 TEXAS financier Allen Stanford pleaded “not guilty” to a $7bn (£4.3bn) fraud last night in a Texas court. Stanford could face life in prison if he is convicted of the alleged fraud, relating to his Antigua bank. A judge set the bail bond at $500,000.
Barclays’ Lehman deal probed June 25, 2009 A US bankruptcy judge has ruled that Lehman Brothers Holdings has the right to investigate the details of the sale of its broker-dealer unit to Barclays, to determine whether the UK bank got “too good of a deal”. Barclays snapped up the brokerage last year after Lehman filed for bankruptcy, but the company’s lawyers now [...]
Bernanke defiant over BoA deal June 25, 2009 Federal Reserve chairman Ben Bernanke last night denied that he had strongarmed Bank of America (BoA) into buying Merrill Lynch in a $50bn (£30.5bn) deal, in testimony before a congressional committee. BoA chief executive Kenneth Lewis has claimed that he was pressured into the deal by former Treasury secretary Hank Paulson, at Bernanke’s request. The [...]
BBC boss in expenses row June 25, 2009 Mark Thompson, the director-general of the BBC, claimed £2,000 in expenses when he cut short a family holiday in the US to fly back to the UK and deal with the Andrew Sachs telephone furore, it emerged yesterday. The claim was published among hundreds released under the Freedom of Information Act. Thompson said the release [...]
FESTIVAL ATMOSPHERE June 25, 2009 City workers gathered yesterday in Paternoster Square as a musically-gifted one of their number performed an impromptu recital on one of the pianos dotted about London by mayor Boris Johnson. The piano initiative was put in place as part of this year’s Canada Festival, running until 7 August, which involves a number of [...]
GLAMOROUS DRAGON HAS SIGHTS ON TV DEN June 24, 2009 ENTREPRENEURIAL types and their brave backers packed the Institute of Directors yesterday for the fifth bi-annual Entrepreneur Country conference, hosted by BBC Dragon, Ariadne Capital chief executive and City PM columnist Julie Meyer. Meyer was proud to introduce her new protégé, Warren Cole, to the investors in the room, after he became her third investment [...]
Comet owner Kesa plunges into the red June 24, 2009 KESA Electrical, the owner of Comet, yesterday said it had plunged to a £81.8m full-year loss due to a slump in demand for electrical goods. The group, which owns a number of European electrical retailers including Darty in Frnace, boasted a pre-tax profit of £128.8m a year ago. The losses were largely due to a [...]
CAN KESA ELECTRICALS RECOVER FROM ITS NOSEDIVE INTO THE RED? June 24, 2009 DAVID JEARY INVESTECIt is clear that trading conditions remain challenging. The company has already announced cost cutting measures for Comet and its Spanish division, and cost reduction is to remain a key focus. Much will depend on the continued resilience of the key Darty division, which has performed solidly.” MATTHEW MCEACHRAN SINGER CAPITALThese results look [...]
KESA’S SLUMP June 24, 2009 LOSS BEFORE TAX£81.8m2008: Profit £128.8m DARTY FRANCE REVENUE&9660;5%like-for-like basis OPERATING PROFIT£77m2008: Profit £141.3mCOMET REVENUE&9660;7.7%like-for-like basis GROUP REVENUE&9660;6.2%like-for-like basis OTHER REVENUE&9660;6.3%
