Latest Posts

  • News 0

    US investigates Credit Suisse

    Banking giant Credit Suisse said Friday it had received notice that it is being investigated by the US Department of Justice and other authorities regarding private banking services provided on a cross-border basis to US taxpayers. The bank said in a statement it will continue to cooperate with US authorities to resolve these matters, and has “already been responding to requests for information, including subpoenas.” The Credit Suisse statement comes five months after four Credit Suisse employees from the private banking division were indicted by the US on charges they had conspired to assist clients to evade taxes in the US. Meanwhile, o...
    On July 15, 2011 / By
  • News 0

    Moody’s downgrades US

    US treasuries futures fell late on Wednesday after Moody’s Investors Services placed the US government on review for a possible downgrade, which could see it stripped of its AAA rating. The ratings agency upped the likelihood of the US defaulting on loan obligations, saying that the possibility was higher than a month ago when it first warned the government. The Moody’s statement said: “The review of the US government’s bond rating is prompted by the possibility that the debt limit will not be raised in time to prevent a missed payment of interest or principal on outstanding bonds and notes. As such, there is a small but rising risk o...
    On July 14, 2011 / By
  • News 0

    IMF urges Italy to cut budget deficit; UK energy bills to soar

    The IMF urged the Italian government late on Tuesday to “continue pursuing fiscal consolidation”, stressing that it should cut its budget deficit to below three percent of GDP by 2012 through “decisive implementation”. Italy is hoping to approve a €40bn austerity plan by Sunday in an attempt to stabilise its budget and restore confidence in markets. The statement by the IMF comes as concerns continue to mount that Italy could become the next European country to be affected by the debt crisis after both Portugal and Greece required a bailout from the IMF, ECB and EU. The fund stated in its annual assessment of Italy’s economy: “D...
    On July 13, 2011 / By
  • News 0

    Phone hacking may have included Downing Street

    The attention surrounding News International – Rupert Murdoch’s media empire – intensified as allegations emerged that former Prime Minister Gordon Brown had personal data targeted by several News International publications. Brown on Tuesday accused Murdoch’s newspapers of employing criminals to obtain confidential details about him and his family. The former prime minister believes, while in office, The Sunday Times, another News International publication, had attained confidential data including his bank account details and legal files. “I’m shocked, I’m genuinely shocked, to find that this happened because of their links with...
    On July 12, 2011 / By
  • News 0

    Nestlé agrees $1.7bn deal to buy sweet maker Hsu Fu Chi?

    Nestlé, the world’s largest food and drink group, announced on Monday that it intends to buy a majority stake in Chinese confectioner Hsu Fu Chi for $1.67bn or SFr1.4bn.? The Swiss food company, which produces Dreyer’s ice cream, Nescafe Coffee and chocolate bars including KitKat, stated it will acquire 60 percent of shares in Hsu Fu Chi whilst the Hsu family will retain the other 40 percent. ?According to a company statement, Nestlé will purchase 43.5 percent of the company from shareholders and then buy the remaining 16.5 percent stake in the company from the group’s family members who hold a majority stake. Nestlé CEO, Paul Bulcke...
    On July 11, 2011 / By
  • News 0

    JPMorgan Chase agrees record $211.2m settlement

    JPMorgan Chase reached a record $211.2m settlement late on Thursday with federal and state regulators on charges it manipulated a bidding process to gain business from municipalities. The agreed settlement by the bank’s Wall Street division with 25 states and various federal regulators will see the bank paying, among others, the SEC, the Justice Department and the Office of the Controller of the Currency. Under the terms of the settlements, JPMorgan Chase will pay the net amount of $211.2m as follows: $50m to the IRS, $51.2m to the SEC, $35m to the OCC, and $75m to the State Attorney General. According to the company, of those funds, $129.7...
    On July 8, 2011 / By
  • News 0

    News of the World to close amid phone hacking scandal

    News of the World, the British tabloid paper that sold to millions as “the best for news, showbiz and sport exclusives” is shutting down amid the escalating phone hacking scandal, the head of News International James Murdoch said late on Thursday. It is widely believed that shutting down the 168-year-old title is an attempt to distance itself from the scandal over voicemail interception by some of its journalists after police said there could be as many as 4,000 victims. The tabloid will be published for the last time on Sunday it was announced. James Murdoch, who is the son of News Corp chairman Rupert Murdoch, said: “The good things t...
    On July 7, 2011 / By
  • News 0

    ThyssenKrupp to raise 1.7bn euro through share sale

    German engineering and steel conglomerate ThyssenKrupp announced late on Wednesday plans to sell all of its remaining 49.48 million treasure shares accrued from its 2006 and 2008 buyback programmes. The share sale, which would generate €1.7bn based on Wednesday’s closing share price, will assist the company in paying off part of its €6.5bn debt. The placement of treasury stock will also assist in strengthening the group’s equity and providing more financial flexibility. According to a company statement the sale will be carried out through an “accelerated book building process”, in which the shares are offered to institutional inve...
    On July 7, 2011 / By
  • News 0

    Record first half revenues for Tullow Oil

    FTSE 100 oil company Tullow Oil published a trading and operation statement on Tuesday ahead of the group’s half-year result release showing record revenues of $1.05bn. The company raised its full-year production guidance as it said that high revenues were due to strong operational performance driven by production in Africa. The group indicated that average working interest production for the half year ending June 30 was 75,350 barrels of oil equivalent per day, up from 55,800 bopd the year before. It was specifically its Jubilee oil field in Ghana which ramped up output as it has produced over 10 million barrels of oil to date. It currentl...
    On July 5, 2011 / By
  • News 0

    VW takes majority stake in MAN

    Volkswagen, Europe’s biggest automaker, has secured a majority stake in German-based heavy truck maker MAN SE, the company said on Monday. VW now holds 55.9 percent of the voting rights in MAN, which brings it a step closer to a tie-up with Swedish Scania. The company said it had made a mandatory offer to all shareholders of MAN SE in accordance with German takeover law to acquire their shares in MAN SE with the offer period running from 31 May until 29 June 2011. VW statement said it offered €95.00 for ordinary shares and €59.90 for preference shares in MAN and paid a total of just over €3.4bn for 35,857,607 ordinary and 164,613 pref...
    On July 4, 2011 / By