Auto maker GM mulls UK output cuts September 4, 2008 Troubled US carmaker General Motors said last night it is closely monitoring the UK, Spanish and Irish markets, to see whether it should cut production due to the economic turmoil. GM Europe vice president of sales and marketing Brent Dewar said: “The economic headwinds in these three markets are concerning. We have already cut production [...]
Lehman and KDB ready for lengthy talks September 3, 2008 Speculation surrounding Lehman Brothers reached fever pitch yesterday as Korea Development Bank (KDB) confirmed it was in talks to buy a stake in America’s fourth-largest securities firm. The CEO of KDB, Min Euoo-Sung, formerly head of Lehman’s Seoul branch, confirmed yesterday that the state-run bank was in talks with Lehman, led by CEO Dick Fuld. [...]
InBev plans £1bn deal September 3, 2008 Belgian brewer InBev is planning to put its South Korean beer business up for sale, sources said yesterday. The move is an effort to shed a noncore asset and raise what could be roughly £1bn for its purchase of US brewer Anheuser-Busch. Deutsche Bank and JPMorgan Chase will run the auction for the business, called [...]
Inexperience is no bad thing in business and politics September 2, 2008 If anyone needed more evidence that the 21st century was going to be one where women take on new levels of prominence, Sarah Palin’s nomination as Vice Presidential candidate on John McCain’s ticket was there to bring home the point. What an odd choice you say? A heart beat away from the Presidency and no [...]
Business hit by wave of receiverships September 2, 2008 Business failures in Britain are set to soar to 17,000 this year. Government statistics for the first six months of 2008 show them rising by a staggering third over last year’s total of 12,507. And some of Britain’s most well-established companies are among the earliest victims. Those going into receivership, having traded for at least [...]
Atticus sees £2.7bn losses as downturn hits it hard September 2, 2008 Atticus, the high-profile New York hedge fund involved in the failed Barclays bid for ABN-Amro, has lost more than $5bn (£2.8bn) this year after its funds were battered by steep falls in financial stocks. The activist fund saw assets under management fall to around $14bn at the end of July, down from $20m last year [...]
Bumper profits at GDF-Suez September 2, 2008 The newly-formed French energy giant GDF Suez yesterday heralded the start of a “beautiful industrial adventure”, announcing that net profit had soared by 14 per cent. Rising energy demand and rocketing oil prices helped the powerhouse report bumper first-half profits of €3.4bn (£2.76bn), after it was created following the merger of France’s state owned Gaz [...]
Demand for UK equities is at its lowest for six years September 2, 2008 Demand for UK equities is set to fall to just £17bn this year, down from £68bn last year, its lowest level in six years a leading investment bank warned yesterday. Morgan Stanley. Morgan Stanley blamed plunging merger and acquisition activity levels, and a dwindling number of dividend pay outs and share buybacks for its prediction [...]
KPMG set to run Caliber liquidation September 2, 2008 Caliber Global Investment, the LSE listed mortgage-bond fund run by the hedge fund group Cambridge Place Investment Management, is seeking shareholder approval to appoint KPMG, the accountancy firm, to oversee its liquidation. Caliber is unwinding holdings of US and European mortgage-backed debt, which totalled $908m in March 2007, after taking losses on subprime mortgages. The [...]
Dresdner Kleinwort set for job cuts after Commerzbank seals the deal September 2, 2008 Dresdner Kleinwort employees were bracing themselves for a round of sweeping job cuts yesterday, after German bank Commerzbank completed a deal to buy Dresdner Bank from insurers Allianz at the weekend. Dresdner Kleinwort, led by CEO Stefan Jentzsch and his team employs about 5,500 staff in the UK, with 2,000 of those based in the [...]