Paritosh's Feed
Jan 26, 2012

Barclays investment bank bonuses seen down 30 pct-source

DAVOS, Switzerland, Jan 26 (Reuters) – Year-end
bonuses at Barclays Plc’s (BARC.L: Quote, Profile, Research) investment bank are expected
to be down about 30 percent this year, on average, a source
familiar with the matter said on Thursday, making the UK bank
the latest to cut back banker pay.

The cash portion of employee bonuses is expected to be
smaller and may be capped, while the deferred stock component
would be higher, the source said.

Jan 26, 2012

AIG debates if it could buy back AIA

DAVOS, Switzerland, Jan 26 (Reuters) – American
International Group Inc (AIG.N: Quote, Profile, Research) Chairman Steve Miller said on
Thursday the bailed-out insurance company may eventually want to
buy a life insurer outside the United States, including possibly
a larger stake in the spun-off Asian unit AIA Group Ltd
(1299.HK: Quote, Profile, Research), as confidence in its turnaround grows.

Miller said in an interview on the sidelines of the World
Economic Forum in Davos, Switzerland, that any decision was
probably two to three years down the road, but as the company
thought about possible alternatives, rebuilding a global life
insurance business was logical.

Jan 26, 2012

Top bankers say more optimistic on euro crisis

DAVOS (Reuters) – The World Economic Forum’s signature closed-session on banking saw financiers increasingly hopeful that the euro zone’s debt crisis can be resolved and confident of a deal to ensure Greece’s now inevitable debt default will be orderly.

The private meeting of financial services CEOs from major players including JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Barclays (BARC.L: Quote, Profile, Research, Stock Buzz), Citigroup (C.N: Quote, Profile, Research, Stock Buzz) and UBS (UBSN.VX: Quote, Profile, Research, Stock Buzz), acknowledged that progress had been made, participants said on Thursday.

Jan 26, 2012

AIG debates if it could buy back AIA in future

DAVOS, Switzerland (Reuters) – American International Group (AIG.N: Quote, Profile, Research, Stock Buzz) Chairman Steve Miller said on Thursday the bailed-out insurance giant may eventually want to buy a life insurer outside the United States, including possibly a larger stake in the spun-off subsidiary AIA Group (1299.HK: Quote, Profile, Research, Stock Buzz), as confidence in its turnaround grows.

Miller, in an interview on the sidelines of the World Economic Forum in Davos, Switzerland, said any decision was probably two to three years down the road, but as the company thought about its possible alternatives in the future, rebuilding a global life insurance business was a logical issue to consider.

Jan 25, 2012

As Myanmar opens, hoteliers see prospects

DAVOS, Switzerland, Jan 25 (Reuters) – Travellers
hoping to glimpse the golden pagoda of Rangoon or hear the
“tinkly temple-bells” of Kipling’s Road to Mandalay may soon be
able to book into a Westin or a Marriott, thanks to Myanmar’s
re-emergence from political isolation.

Starwood Hotels & Resorts – which runs chains such
as Westin, Sheraton and W – and Marriott International
both said during the World Economic Forum in Davos they wanted
to start running hotels in Myanmar.

Jan 25, 2012

Global firms sharpen currency hedging on euro concern

DAVOS, Switzerland, Jan 25 (Reuters) –
International firms are spending more time at the highest levels
discussing how to hedge currency risk, particularly
euro-denominated earnings and transactions, in readiness for a
worst case scenario of a euro zone breakup.

Companies are scrutinising the inbuilt protections in their
hedge contracts and robustness of the settlement process if the
euro were to collapse, bankers and executives said in interviews
leading up to and during the World Economic Forum in Davos.

Jan 18, 2012

BankUnited aborts sale, to stay independent

Jan 18 (Reuters) – BankUnited Inc’s private
equity owners abruptly pulled the lender off the market on
Wednesday after a brief sale process drew offers below
expectations, and will instead focus on expanding in Florida and
New York.

The bank — which has Wilbur Ross’s WL Ross & Co, Blackstone
Group LP and Carlyle Group among its owners –
wanted an offer in the high $30-per-share range, a source
familiar with the situation said. It has a market value of about
$2.5 billion.

Jan 14, 2012

BankUnited hires Goldman, eyes sale: sources

NEW YORK (Reuters) – BankUnited Inc’s (BKU.N: Quote, Profile, Research, Stock Buzz) private equity owners have put the Florida bank up for sale and have hired Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) to run the process, sources familiar with the matter said on Friday.

BankUnited was approached by more than one strategic bidder, prompting the review, and a decision on whether a sale takes place could come in the next two weeks, one of the sources said.

Jan 11, 2012

Deutsche Boerse lobby in Europe to save deal – source

NEW YORK/FRANKFURT (Reuters) – Deutsche Boerse (DB1Gne.DE: Quote, Profile, Research) and NYSE Euronext (NYX.N: Quote, Profile, Research) have launched a lobbying effort in Europe to save their $9 billion (5.8 billion pounds) merger, as European antitrust regulators made it clear they would recommend the deal be blocked, a source familiar with the situation said on Tuesday.

European Commission antitrust chief Joaquin Almunia and the case team plan to make the recommendation to the so-called college of 27 commissioners, who are expected to meet early next month to decide on the fate of the deal, the source said.

Jan 10, 2012

DB lobby in Europe to save deal: source

NEW YORK/FRANKFURT (Reuters) – Deutsche Boerse and NYSE Euronext have launched a lobbying effort in Europe to save their $9 billion merger, as European antitrust regulators made it clear they would recommend the deal be blocked, a source familiar with the situation said on Tuesday.

European Commission antitrust chief Joaquin Almunia and the case team plan to make the recommendation to the so-called college of 27 commissioners, who are expected to meet early next month to decide on the fate of the deal, the source said.