WHAT THE OTHER PAPERS SAY THIS MORNING

first_imgSunday 14 November 2010 11:25 pm FINANCIAL TIMESLLOYDS TO SPIN OFF BUY-OUT ARMThe private equity arm of Lloyds Banking Group has for the first time outlined plans for the UK’s most prolific buy-out investor to spin off from its banking parent. Darryl Eales, chief executive of Lloyds TSB Development Capital, said it was expected to start raising money from third-party investors by 2013. LDC invests about £250m each year from Lloyds’s balance sheet into 15-20 companies.MAN CHIEF HITS OUT AT MOVE TO SHUT THE FSAThe UK government’s decision to abolish the Financial Services Authority (FSA), the financial regulator, has damaged London’s ability to withstand punitive regulation from Europe, according to one of the City’s leading figures. Peter Clarke, chief executive of Man Group, the FTSE 100-listed hedge fund, said the UK’s bargaining position in Europe had been “impaired” by the decision to shut the FSA down.PUBLIC SECTOR WORKERS FACE CONTRIBUTION RISEThe Treasury will shortly launch a consultation into the methods used to calculate public sector workers’ contributions to their pensions, the results of which are likely to require that employees contribute at least £3bn more per year than they pay now.GAZPROM SET TO EMBARK ON HIRING SPREEGazprom, the Russian state-owned gas company, is mounting an aggressiving hiring spree that could see it recruit up to 600 staff in London as it seeks to expand its energy and commodities trading operations. The Kremlin-owned oil and gas producer already employs 300 staff at its Hampton Wick premises but will move to headquarters for up to 900.THE TIMESBRITISH GAS DOUBLES ITS PROFITS, THEN RAISES PRICES 7 PER CENTBritish Gas was lambasted by consumer groups last night after increasing prices just weeks after announcing a 98 per cent rise in profits. Eight million households will see their fuel bills rise before Christmas.Tariffs for both gas and electricity will rise by an average of 7 per cent from 10 December, raising the annual bill for a typical dual-fuel customerby £81 from £1,157 to £1,238.TROLLS DIAGNOSES PROBLEM THAT SPARKED OIL FIRERolls-Royce said that it had identified the faulty part that caused an oil fire inside one of its Trent 900 engines, provoking the first significant safety incident involving the world’s biggest passenger jet. The engine manufacturer stands to lose tens of millions of pounds as it rectifies the problem.theguardianJOHN LEWIS SEES EARLY START TO CHRISTMAS SALESJohn Lewis said the starting gun had been fired for Christmas as sales jumped more than 10 per cent last week to put takings ahead of the level seen a year ago. Its managing director Andy Street said: “With very strong figures from last year against us, our results are a clear sign that the steep sales climb towards Christmas has begun in earnest.”TESCO LAUNCHES FOUR-HOUR SHIFT SYSTEMTesco famously claims “every little helps” – now Britain’s biggest private-sector employer is among the first to offer the option of working “slivers of time” to its employees. A four-hour shift might not appeal to many of us, but the spin is that it is good news for workers with complicated home lives such as carers or those with illnesses.THE WALL STREET JOURNALEUROPEEURO-ZONE GROWTH EASESThe Eurozone economy slowed in the third quarter but still grew at a moderate pace, suggesting that continued financial strains on the currency bloc’s weakest members haven’t yet derailed the region’s overall economic recovery. Eurozone gross domestic product grew by 1.5 per cent in the third quarter at an annualised rate, according to calculations based on data from the European Union’s statistics arm. GREECE EXPECTS BUDGET PRESSURE FROM EU, IMFDebt-ridden Greece expects “substantial pressure” from the European Union and the International Monetary Fund this week to adopt further austerity measures, a senior government official said yesterday, amid expectations that the country will miss its deficit targets. Show Comments ▼ whatsapp WHAT THE OTHER PAPERS SAY THIS MORNING KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeWorldLifeStyleMom Sells Baby’s Crib, But Buyer Returns And Tells Her To Look In The TrunkWorldLifeStyleNext RefinanceThey Drained Niagara Falls — They Weren’t Prepared For This Sickening DiscoveryNext RefinanceStudent SeaWoman Sees _1FStudent SeaProstaGenixThe King Is Back! How Larry Fixed His ProstateProstaGenixBlood Sugar1 Easy Way to Lower Blood Sugar Levels NaturallyBlood SugarZen HeraldEllen Got A Little Too Personal With Blake Shelton, So He Said ThisZen HeraldDefinitionThe Most Worthless Cars Ever MadeDefinitionOpulent ExpressAn Aircrew Saw Movement On A Remote Island, Then Took A Closer LookOpulent ExpressLivestlyA List of The 18 Best Breeds That Don’t ShedLivestly Share Tags: NULL whatsapp last_img read more

CITY MOVES | WHO’S SWITCHING JOBS

first_img iSharesThe exchange-traded funds platform of BlackRock, iShares, has promoted David Gardner to the newly created role of head of sales for Europe, the Middle East and Africa (EMEA). He will be based in London and report to EMEA managing director Joe Linhares. Gardner has worked at iShares for a decade in locations across Asia and the US. He has been promoted from his role as head of sales for northern Europe.DeticaKevin Rutledge has been appointed as head of energy and utilities at consultancy Detica. He will be responsible for heading up SmartReach, a group of companies that aims to supply the government’s smart meter programme and will be in charge of Detica’s cyber security services. He moves over from HCL AXON and has 15 years’ experience and has previously worked at Wipro Technologies.JP Morgan Asset ManagementMark Riggall has joined JP Morgan Asset Management on the international sales team. As head of strategic alliances, he will report to Simon Littmoden and will focus on developing the firm’s cross-border company relationships. Riggall has 25 years’ experience in financial services and moves to JP Morgan from Jupiter Asset Management.Mills & ReeveRichard Hanson has joined national law firm Mills & Reeve as a partner in the real estate disputes practice, so that the number of partners now stands at 93. Hanson will be moving from Eversheds in London, where he headed the firm’s London and Cambridge real estate dispute team. He is also a trustee and co-founder of the charity Blind in Business.RufferInvestment manager Ruffer has appointed David Benson as investment director, with responsibility for absolute return for pension funds. He has worked as a fund manager at Societe Generale Asset Management, as an engagement manager for McKinsey and as business development director at Deutsche Asset Management.Logica Business ConsultingLogica has appointed Melba Foggo as a managing partner of sustainability services and business consulting. Foggo moves over from Ernst & Young and will be in charge of providing advice to clients on business efficiency. She will report to Amanda Mesler, chief executive officer of Logica Business Consulting. More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Show Comments ▼ Tuesday 23 November 2010 7:13 pm KCS-content CITY MOVES | WHO’S SWITCHING JOBS center_img whatsapp Share whatsapp Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”Wanderoammoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comlast_img read more

Myners to join board of children’s charity ARK

first_img KCS-content Show Comments ▼ Sunday 28 November 2010 9:18 pm Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof LORD MYNERS will today be appointed to the board of trustees for the international children’s charity ARK (Absolute Return for Kids).Myners, who started his career as a teacher, described ARK as a “tremendously innovative and dynamic charity”.A former chairman of Marks & Spencer, Myners was headhunted by ex-Prime Minister Gordon Brown to be City minister in 2008. He became the centre of controversy after allegedly agreeing to a “compromise deal” over Sir Fred Goodwin’s pension, allowing the former RBS boss to increase his pension pot by £8m. Myners said: “ARK can claim a genuinely catalytic impact on public policy in a number of countries.”Absolute Return for Kids – founded by French hedge fund manager Arpad Busson – runs academy schools in the UK, including a Church of England academy in West London. Next year, the charity is also planning to open two London primaries under the coalition’s free schools programme.ARK also raises contributions for children who are victims of abuse, illness, disability and poverty. Share whatsapp Myners to join board of children’s charity ARK whatsapp Tags: NULLlast_img read more

Mouchel calls in Deloitte as austerity bites

first_imgThursday 2 December 2010 7:35 pm MOUCHEL yesterday confirmed Deloitte has been drafted in to examine how far the firm’s future income could drop, sparking fears it could follow Connaught and Rok into administration.The engineering consulting and design group has been rocked by swingeing cuts in government spending, resulting in the haemorrhaging of contract income.Deloitte was called in by the firm’s lenders – including Royal Bank of Scotland (RBS), Barclays and Lloyds – to complete the review before it refinances its £190m debt pile.Mouchel is already spending huge sums to service its debt and if its banks are forced to lend it more it is likely to be at sky-high rates. Almost a third of Mouchel’s debt is due to be paid back in 2012. Industry sources told City A.M. the review does not mean Mouchel will follow in the footsteps of Connaught and Rok. However, the news is likely to spook investors who have already been hit by a series of profit warnings. A company spokesman said: “Mouchel confirms that Deloitte has been appointed by its lending banks, with the agreement of the company, to perform a limited scope review. “Mouchel continues to expect the refinancing to be completed by the time of its interim results in March 2011. Its banks remain supportive.”Mouchel, which works on government projects such as highway maintenance, slumped to a full-year loss in October and warned of an uncertain outlook due to government austerity measures, which has wiped more than a quarter from its stock market value this year.GERRY LOFTUSDELOITTEGERRY Loftus, national head of reorganisation services at Deloitte, is understood to be overseeing the Mouchel account.He joined Deloitte in May 2001. Before this he worked in PwC’s financial advisory services division for 14 years, seven of which he was a partner.He specialises in reviewing the business strategies of medium and large firms in financial trouble, including developing turnaround strategies and balance sheet reconstructions.Earlier this year Loftus is understood to have worked on the restructuring of troubled UK-based Greek telecoms giant Wind Hellas, which had only just emerged from administration.CONNAUGHT | BLAMES CUTSSeptember 2010Social housing repair firm Connaught put most of its business into administration after its lenders refused to fund the company further.The FTSE 250 member said its public sector business will be put into the hands of administrators KPMG, though its environment and compliance arms will remain in operation. The company blamed government spending cuts for its dire financial state. Unsecured lenders exposed to the firm’s social maintenance arm will recover at most one penny in the pound. It had around £220m of debt, provided by six banks and four other creditors.Connaught drafted in Deloitte to examine its accounting practices in July, the results of which have not been made public. The Connaught administration will be one of KPMG’s largest jobs in several years.ROK | NEXT DOMINO TO FALLNovember 2010Rok said it would go into administration and trading in its shares was suspended.Just 500 jobs out of a workforce of 3,800 look set to be saved after PriceWaterhouseCoopers (PwC) found buyers for only parts of the firm.PwC said it had sold parcels of the construction and social house building division to Mansell Construction Services, a subsidiary of Balfour Beatty, saving 381 jobs. PwC is retaining a team of 200 people across the group to help wind up the business but these jobs will go once the parent group closes.In September Rok cleared its former finance director Ashley Martin after an investigation failed to uncover any evidence of malpractice on his behalf related to problems at its plumbing, heating and electrical unit. KCS-content Mouchel calls in Deloitte as austerity bites whatsapp Share whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCute Show Comments ▼ Tags: NULLlast_img read more

BEST OF THE BROKERS

first_img STAGECOACHDeutsche Bank has downgraded the transport group to “hold” from “buy”, with a target price of 240p. The broker has raised its earnings per share forecast for 2010 by five per cent, and believes the firm will weather the withdrawal of some subsidies, though fuel costs could dampen growth.BETFAIRNumis rates the bookmaker “buy” with a target price of £16. The broker expects the firm to report flat revenue during its maiden interim results next Tuesday, but notes that Betfair’s quarterly growth is usually volatile and expects limited share liquidity to cushion any drop following the results.DE LA RUEUBS has upgraded the banknote printer to “neutral” from “sell” with a new 12-month target price of 845p, up from 500p. The broker believes Oberthur’s takeover offer needs to hit 950p a share before De La Rue shareholders consider it, and notes that a deal would probably be a good strategic fit. Tags: NULL Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap Share whatsapp BEST OF THE BROKERS Thursday 9 December 2010 7:27 pm whatsapp KCS-content last_img read more

City warns over rights issue rip off

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndo More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.com whatsapp INVESTMENT banks have been slammed by the City’s top institutional investors for charging unfairly high fees to companies raising capital through rights issues.An inquiry commissioned by the Institutional Investor Council, backed by the Association of British Insurers and the National Association of Pension Funds, lashes out at investment banks today for charging underwriting fees far in excess of the level of risk they face, and taking advantage of companies’ inexperience in capital markets.The Rights Issue Fees Inquiry follows criticism of credit crunch rights issues launched by companies such as housebuilder Taylor Wimpey. The fees charged were a poor use of shareholder capital and should come under a similar level of scrutiny as outgoings such as executive pay, it said.Inquiry chairman Douglas Ferrans said companies were “paying too much to ensure the deal is a success.”“These costs have increased disproportionately to the risks,” he said. “What we have seen over the period is the risks of underwriting contract quite substantially and we would have expected costs to come down.”Rights issue fees almost doubled from two per cent in 1999 to 3-4 per cent in 2009 as distressed companies were forced to raise fresh capital in risky market conditions.Shortly after the credit crisis property firm Barratt paid £27m in fees to banks advising its £720m rights issue, while builders merchant Travis Perkins paid HSBC and Citigroup £12m to underwrite its £300m issue. Business Secretary Vince Cable welcomed the inquiry’s work.“Their report calls for more transparency and competition in the capital-raising process to ensure highly inflated fees become a thing of the past,” he said. But investment banking sources told City A.M. last night underwriting was still highly competitive. “The danger with these reports is that it might be inferred that there is something sinister going on – but these services are being provided by a competitive industry,” one source said.RBC Capital Markets and Barclays Capital structured a £2bn rights issue for life funds group Resolution in June in which they charged full fees for only the risk they underwrote and reduced fees for the risk that was sub-underwritten. Joshua Critchley of RBC Capital Markets said: “It better aligned risk and reward for the underwriting banks. I believe that you’ll see this structure used again.” Monday 13 December 2010 9:41 pm Share Show Comments ▼ City warns over rights issue rip off whatsapp KCS-content Tags: NULLlast_img read more

Qatar PM mulls Glencore stake

first_img Qatar’s sovereign wealth fund is looking at taking a stake in Glencore during its $60bn (£37.3bn) initial public offering, the Qatari Prime Minister said yesterday. Sheikh Hamad bin Jassim bin Jabr al-Thani said at a conference that he has a meeting planned with Glencore bosses in the next two days. Show Comments ▼ Share Tags: NULL whatsapp Monday 28 February 2011 9:19 pm Qatar PM mulls Glencore stake whatsapp Read This NextNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap KCS-content last_img read more

Deutsche Boerse banks on upper hand in merger

first_imgSunday 6 March 2011 10:24 pm DEUTSCHE Boerse will have the upper hand in the planned mega-merger deal with NYSE Euronext, the exchange operators’ chief executive told a paper, as fears that the German firm will lose power linger.The proposed $10.2bn (£6.2bn) takeover of NYSE Euronext by Deutsche Boerse unveiled last month would leave Boerse’s shareholders with 60 per cent of the combined entity, but analysts have cautioned that the company may end up with less power. NYSE Euronext Chief Executive Duncan Niederauer told NYSE staff the deal was a “merger of two great companies, not a sale or an acquisition”.In an interview with German business daily Handelsblatt, to be published today, Deutsche Boerse Chief Executive Reto Francioni said the high market capitalisation “puts us (Deutsche Boerse) in a position to do this deal the way we envisage it.” Show Comments ▼ Share whatsapp Deutsche Boerse banks on upper hand in merger whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapKatt Williams Explains Why He Believes There ‘Is No Cancel Culture’ inThe Wrap KCS-content Tags: NULLlast_img read more

KPMG: UK banks must double capital for new Basel rules

first_img KPMG: UK banks must double capital for new Basel rules Sunday 13 March 2011 10:48 pm Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldDrivepedia20 Of The Most Underrated Vintage CarsDrivepedia BANKS need to double their core capital in order to comply with Basel III, according to KPMG’s annual benchmark report on UK banks.The report warns that despite a recovery in profits (see chart above) and a marked drop in impairments across the board, new capital and liquidity requirements will throw up barriers to better returns.It points to data showing that 90 “group one” banks would have to have raised £577bn in 2009 in order to comply with Basel III, making capital-raising a top priority for 2011.In addition, KPMG estimates that under the FSA’s stringent new liquidity regime, £600-£700bn is now “tied up in liquidity buffers” in the UK. The report also warns that despite attempts to coordinate internationally, “tensions and competing priorities between nations” will result in an “unlevel playing field” for banks on a range of vital issues, including capital requirements, remuneration and structural changes.Banks are also having to shift their funding sources towards retail deposits, which are regarded as more “sticky” and stable. But the competition for deposits has narrowed interest margins. Share whatsappcenter_img Tags: NULL More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com KCS-content whatsapplast_img read more

JJB launches £65m capital raising

first_img whatsapp JJB launches £65m capital raising Show Comments ▼ Wednesday 6 April 2011 9:38 am whatsapp More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMark Eaton, former NBA All-Star, dead at 64nypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com Troubled sports retailer JJB Sports has announced plans to raise £65m from a share placement to provide emergency additional funding. The placement will raise £60m after expenses and will see 162.5 million new shares issued at 40p per share.JJB’s investors Harris Associates, Crystal Amber, Invesco Asset Management and the Bill & Melinda Gates Foundation Trust will support the placing while broker Numis will underwrite it, the company said.JJB’s shares have bounced 4.4 per cent to 29.75p on the news.The capital raising will “allow the company to reduce its reliance on the availability of supplier credit and provide the necessary funds for the implementation of the group’s revised business plan,” it said. “Together with the implementation of the CVA and continued availability of our banking facilities with BoS, this fundraising will mark the end of our financial restructuring process,” said JJB chairman Mike McTighe. “Once complete, it will allow the company to press on with the next stage of implementing its revised business plan and allow management to focus solely on the turnaround of the group’s retail business.”It follows a settlement with its creditor landlords last month to enable it to restructure, and with its lender Bank of Scotland to provide £25m in working capital.The deal will comprise a firm share placing, a share placing, and an open offer, it said.It needs shareholder approval and will go to a vote on 26 April. Lazard and Numis are joint financial advisers. Tags: NULL alison.lock Sharelast_img read more