Directors and officers insurance premiums soar 4 Apr 2003 What's the surprise here? Insurers slashed premiums during the bull market even as business volumes soared.. The bear market has exposed the moral hazard intrinsic to the D&O business.
Messier’s ghost haunts Vivendi 4 Apr 2003 Tuppennycoloured tales about its former chief executive's shareholding just add to the perceived risks of the struggling conglomerate. Equity investors should take more notice of its current debt refinancing exercise.
Retiring bankers abandon Mammon for good works 3 Apr 2003 It is easy to see why bankers with strong personal balance sheets are quitting. But why for pro bono work? Top bankers did better than many of their clients and investors over the past decade. Perhaps this is their way of putting something back.
Danske bid shames Nordic bank merger 3 Apr 2003 It s taken a Dane to highlight the Norwegian quiddities not to mention stinginess of DnB s offer for Union Bank. But Danske will have to go openly hostile with its higher bid if it really wants to unpick this Norwegian stitchup.
Corus in talks with two steelmakers – reports 3 Apr 2003 Given the tattered state of Corus finances the reports are on balance encouraging. If it is to stave off a liquidity crisis, it looks like Corus needs to sell assets or itself and fast.
ICI should break itself up 3 Apr 2003 Following the chemical group's profit warning, investor rage has been focussed on management's poor performance. But ICI's botched transformation has turned it into a messy conglomerate and that needs to change.
Banks start unbundling commissions 3 Apr 2003 UK fund manager Gartmore is making Goldman and Merrill redirect commissions to other brokers to reward research in a more systematic manner. Greater transparency may put more pressure on equities revenues. But if this is the new model, the two banks have firstmover advantage.
Sars – the latest headache for investors 3 Apr 2003 The effect of the flulike virus on marginal spending on travel and tourism, especially in Asia has already been huge. But its effect on broader, global markets is likely to be marginal.
Arbs try to fleece Munich Re in Allianz issue 2 Apr 2003 Munich Re's declaration that it will only partially participate in Allianz's rights issue has created a classic arbitrage opportunity. But shorting Allianz and mopping up Munich Re's unwanted warrants may be riskier than it seems.
Cable & Wireless names Francesco Caio as CEO 2 Apr 2003 The appointments signal that strategy will be led by customers rather than products. With the exOmnitel chief on board, and Kevin Loosemore as COO, chairman Richard Lapthorne has assembled an impressive management.
Norway’s DnB increases bid for Union Bank 2 Apr 2003 The extra cash on hand still doesn t make the bid that generous. But the chances of an interloper remain slim. Norway is only now beginning to think about relaxing the restrictions that foreign banks face when buying stakes in local banks.
Seat circled by four LBO groups 2 Apr 2003 Telecom Italia may meet its asset disposal targets with a directories sale of E5.6bn, or 9 times ebitda. But what's left of Seat should not command as high a price as the market is currently according it.
Vodafone should boost its dividend 2 Apr 2003 The global mobile giant has been pouring out cash to buy in minority shares and bonds. This is good housekeeping. But Vodafone remains reluctant to release cash to shareholders. It still has room for a dramatically bigger dividend, if not a buyback.
Emerging market bonds pierce the gloom 1 Apr 2003 Driven by the switch to bonds from equities, the asset class has been a star performer gaining a healthy 15% over the past year. But can the rally continue? EMBI spreads are still 300bp wider than their tightest ever levels, which suggests it can.
London Stock Exchange ups fees 1 Apr 2003 Common sense says the LSE would be the first company to slash prices when times get tough. In doing the opposite, it is exploiting an effective monopoly on liquidity in UK stock trading.
Benetton set free 1 Apr 2003 Slipping into the red may be the best thing that ever happened to the Italian clothing group. At least the Benetton family, which still owns 69% of the business, is stepping aside.
Mediobanca shareholders reach truce 1 Apr 2003 Unicredito and Capitalia have seen their Generali gamble pay off. They thwarted Bollore s advances on the insurer. Moreover, they no longer need to tie up capital in Generali and Mediobanca. But will they escape unscathed?
Alstom plays down bid approach 1 Apr 2003 It is hard to see why anyone would choose to inherit the French group's liabilities. Investors buying the shares on bid speculation may be taken for April fools.