Small firms allegedly responsible for recession misery
Since the UK was hit hard by the economic downturn, levels of trust in small businesses have fallen significantly. A recent report revealed that small businesses are being blamed for recession woes. A study of 5000 employees showed those fallen victim to redundancies or closures have been rinsed of trust. Employer trust levels fell to [...]
Ben Bernanke quizzed by financial crisis inquiry panel
Starting at 9am ET (2pm UK), Bernanke will be questioned by a bipartisan panel chaired by Phil Angelides, a former Democratic state treasurer of California, as part of a series of evidentiary sessions entitled “too big to fail: expectations and impact of extraordinary government intervention and the role of systemic risk in the financial crisis”. [...]
Economy slows to 1.6 percent as trade gap widens
WASHINGTON (AP) — The economy grew at a much slower pace this spring than previously estimated, mostly due to the largest surge in imports in 26 years and a slower buildup in inventories. The Commerce Department says the nation’s gross domestic product — the broadest measure of the economy’s output — grew at a 1.6 [...]
Mergers and acquisitions mania disrupts bankers’ summer breaks
The recently moribund merger and acquisition (M&A) departments at investment banks are unexpectedly having one of the busiest Augusts on record, following the explosion of energy deals this week. Transactions such as BHP Billiton’s $43.8bn (£28bn) takeover of Canada’s Potash Corp have lifted global M&A weekly volume to $89.8bn, the highest since November last year, [...]
BC Partners hit by Greek casino cash crisis
BC Partners, the private equity firm that owns Foxtons estate agents, faces trouble in another of its companies, Greek casino operator Regency Entertainment, which also accumulated large debts at the peak of the credit boom. The casino operator, acquired for €1bn (£800n) in 2006, has appointed investment bank Houlihan Lokey, which specialises in restructuring, to [...]
George Osborne may have saved Britain’s credit rating – but has he saved the economy?
Standard & Poor’s has kept the government on notice that it is still reviewing Britain’s creditworthiness after the Bank of England downgraded its forecasts for the country’s economic growth. The ratings agency pointed out that its own forecast for growth between 2010 and 2012 was 1.8% – considerably more pessimistic than Threadneedle Street’s prediction of [...]