The energy chief who has £22bn to spend over the next five years

first_imgSunday 15 August 2010 10:08 pm whatsapp Share Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMoneyWise.com15 States Where Americans Don’t Want To Live AnymoreMoneyWise.cominvesting.comCanceled TV Shows Announced: Full Updated Listinvesting.comInteresticleMan Finds Wierd Cave In Scottsdale, Enters And Drops To His KneesInteresticle Show Comments ▼ NATIONAL Grid’s surprise £3.2bn rights issue, which successfully closed in June, still touches a raw nerve with chief executive Steve Holliday.Large investors said he had spent the previous 18 months telling them the firm did not need to come to them for cash. And then in May, alongside its results, it announced the largest ever cash call by a UK utility. Some shareholders felt they had been “misled” by the company, which runs the country’s energy transmission network. The firm’s stock slid seven per cent on the day of the announcement.It is the only time the confident Holliday, who has been at the helm of the company for three years, looked on the back foot during our hour-long meeting.“It is always challenging to communicate a step change,” says Holliday as he leans his powerful frame back into his seat (he used to play rugby as a fly-half to a good standard) in his spacious fourth floor office in The Strand overlooking Trafalgar Square. “But at some stage in the future it was clear that we were going to have to ramp up our investment programme.”He says a series of projects the firm had earmarked all came together in a remarkably short space of time.RISE IN CAPITAL SPENDING TO £22BNOver the last five years National Grid spent £14bn on capital projects; over the next five years this will rise to £22bn. Last year the firm spent £3.3bn on its infrastructure; this year that will rise to £3.9bn.The firm has an impressive list of investments on its hands over the next couple of years. Around £2.8bn has been earmarked for nine major projects to link up the next generation of nuclear power stations as well as wind farms in Suffolk, Somerset and Wales.It will also spend £1bn ripping out the old electrical wiring in London and Birmingham, some of which dates back to the 1950s, and installing the latest systems housed in three-metre high tunnels. Holliday says: “This is essential work for these two cities, which play critical roles in the UK economy.”The firm will spend £800m upgrading the UK’s gas network to secure the country’s liquefied gas supply from abroad. And Holliday says the business will also set aside £1bn “to take advantage of non-regulated opportunities [activities that are largely not subject to price control]” such as three projects to run electricity interconnectors between the UK and Norway, Belgium and France.Holliday says this investment over the next five years will expand the UK generation capacity by an “unprecedented” 22,000 megawatts, a third of what the country currently uses (although much of this new capacity will be wind power and so will not be in constant use).UP TO 5,500 NEW JOBS TO BE CREATEDThis investment programme is expected to create 500 new jobs at National Grid, which currently employs 27,000, and another 5,000 jobs among its suppliers.Holliday said the board looked at a number of ways to finance this expansion.He says: “As you would expect us to we diligently looked at all of our options to finance this additional spending. We looked at debt, cutting the dividend, issuing new equity. We thought that equity was the best way to finance this.”Holliday adds that the deal was constructed to allow the firm to keep its single A-grade credit rating. And that its debt over the next five years is expected to rise from £22bn currently to £30bn.This deal will also allow it to fulfil an earlier promise to continue to boost its dividend by eight per cent a year for the next two years.One National Grid insider said investors and the senior management had their wires crossed over how new projects would be financed.The source said: “Investors continually asked us whether we had the ability to raise debt as a result of the credit crunch. We always told them yes. Shareholders knew new projects were on the way, and assumed they would be wholly financed by debt, rather than a mixture of debt and equity.” Holliday is keen to stress that he will only invest in projects once he has signed contracts from generators to use his networks for sometimes as long as twenty years ahead. The energy boss says: “We will only invest once we have locked in returns.”Holliday adds that the speed at which the investment became due is what might have caught investors on the hop. He says: “Investors needed to see this and understand this. And when they did, they took up their entitlement of shares in overwhelming numbers.”And indeed in June 94.2 per cent of existing investors took part in the £3.2bn fundraising, buying two new discounted shares at 335p each for every five they held.NUCLEAR POWER OR WIND POWERInvestors stumped up the cash because the firm’s very long contracts with power generators give it strong returns. As one large shareholder said: “It has got to be among the most stable companies in Britain.” But Holliday adds: “We have to reflect on the amount of information we put out telling our major shareholders and others about our investment plans.”At the same time as its rights issue in May it also posted a 12 per cent jump in pre-tax profits to £1.97bn on the back of strong long-term contracts. The business is also the second largest power firm in the US, servicing eight million customers after its acquisition of rival Keyspan in New York in 2006. But National Grid has said it may exit some of its smaller US businesses if US regulators do not allow it more attractive returns. Holliday says he has found the transition from a Labour government to a coalition one, under energy secretary Chris Huhne, plain sailing so far. He says this is because the broad themes of energy policy – moving towards 20 per cent of power from renewable sources by 2020, nuclear new build, and security of supply concerns – are shared across all the major parties.The energy boss says: “There has been a high level of political consensus over these issues for some time. Differences may lie in execution, but not over the broad targets.”Holliday backs the consideration the energy department is giving to setting a floor for carbon credits, which would make investment in nuclear energy and other low carbon generation much more attractive. But he insists this should be simply the start.He says: “The government needs to work out how to provide enough incentives to attract private capital over the next ten years and more, so that private investors will back building new power stations.”Power transmission will look very different in the future. Instead of National Grid having to link up just a relatively small number of large nuclear or coal-fired power stations to the network, it will now also have to link up a number of smaller sources like wind farms.But this thought seems to animate the power chief. He says: “We need a mixed bag of big and small power. All these horses need backing.”He adds: “How will the energy mix look in 2050? We know how some of it will look because we are building it now. But it is important to leave room for technologies we can’t quite commercialise now, but we may be able to in the future. It’s such a bloody exciting challenge.”Now that Holliday has smoothed over his difficulties with shareholders, he can go back to his main job – making sure the UK has the power it needs when it needs it.CV | STEVE HOLLIDAYAge: 54Work: Chief executive of National Grid since January 2007. From 2002 to 2007, he was National Grid’s group director for UK gas distribution and business services. Before that he was the executive director of British Borneo Oil and Gas. Prior that he spent 19 years with the US energy giant Exxon, during which time he held a number of senior positions.Education: BSc in mining engineering from Nottingham UniversityFamily: Married with three children, lives in West LondonHobbies: The England rugby team and the arts The energy chief who has £22bn to spend over the next five years KCS-content whatsapplast_img read more

CITY VIEWS: ARE YOU WORRIED ABOUT ANOTHER WAVE OF STRIKES?

first_img whatsapp Monday 13 September 2010 7:42 pm KCS-content whatsapp JAMES DEVON | GEORGESON“I am not entirely worried about more strikes but I do expect more to happen as it seems to be a growing trend at the moment. But they seem to be causing less impact now as companies are coping. I beat the tube strike by taking thetube!”SONY DHOKIA | TOUCH ONE ADVERTISING“I am worried that more strikes will happen, mainly because I think people are going to continue disputing low pay and now seems like the perfect chance to take action because of therecession.”RENATO RODRIGUES | BLP INSURANCE“I think another wave of strikes is likely and I worry that strike action will inevitably cause distress. Unions should be sensitive to the state of the economy. Take a company like BA, which is really being harmed by strikes.”RICHARD GRAINGER | TORUS INSURANCE“I am not worried about more strikes but there seems to be a tendency now to move towards pro-actively taking strike action, which is naïve given the current economic climate. I do think there will be more strikes.” CITY VIEWS: ARE YOU WORRIED ABOUT ANOTHER WAVE OF STRIKES? Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily 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 ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Share Show Comments ▼ Tags: NULLlast_img read more

Robert Wiseman warns on profit as price war hits

first_img Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking 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 ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof KCS-content Robert Wiseman warns on profit as price war hits Robert Wiseman Dairies yesterday said it expected stiff competition to hurt its operating profits for the second half and next year, sending the shares down by nearly a third. whatsapp The company that procures, processes and delivers milk to customers across the UK forecast second-half operating profit falling by around £7m and by £16m in 2012.“Some of the assets that Dairy Farmers of Britain (DFOB) used to own are now coming back into operation. We are seeing more capacity and more dairy companies chasing volume,” a spokesman said. Along with an increase in the number of small and mid-sized local rivals after the demise of co-operative DFOB last year, aggressive supermarket pricing tactics are also affecting Robert Wiseman’s business. Asda began discounting milk and market leader Tesco followed. Share Show Comments ▼ Thursday 16 September 2010 8:26 pm 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 PastNoteabley25 Funny Notes Written By StrangersNoteableyPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com whatsapplast_img read more

Confidence fell in September

first_img whatsapp Confidence fell in September Show Comments ▼ 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 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 WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad: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 Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content center_img Share FEARS among consumers of imminent government measures to slash public spending have intensified, prompting confidence to plummet last month and wiping out the gain seen in August, the Nationwide September survey will say today. The headline confidence index slumped nine points to 53, its weakest in more than a year and well below its long-term average of 83. More worryingly, confidence in spending took a sizeable knock last month, with the spending index at its lowest since November 2008 at the height of the financial crisis. Martin Gahbauer, chief economist at Nationwide, said: “It would seem that the pessimistic sentiments of a few months ago have been renewed and this has perhaps been driven by a realisation of the true impact of the cuts announced in the emergency Budget. The government’s impending spending review is likely to have a strong influence on consumer confidence in the coming weeks.”The expectations index fell by 12 points during September to 73 and reversed the previous increase in sentiment. This index has now fallen by 47 points since February.Gahbauer said it would need a significant shift in sentiment to reverse this downward trend.However, consumers expressed a guarded optimism towards the housing market in September, with a very marginal improvement in sentiment. They now expect the value of their home to increase by 0.1 per cent over the next six months. 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 PastBrilliant TravelerHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeBrilliant TravelerMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailThe Sports DropForgotten College Basketball Stars: Where Are They Now?The Sports DropBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderTaco RelishOnly People With An IQ Of 130 Can Name These ItemsTaco Relish Tags: NULL Tuesday 12 October 2010 9:18 pmlast_img read more

HMV cuts dividend as losses widen

first_img Tags: NULL 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 Thursday 9 December 2010 3:35 am HMV cuts dividend as losses widen whatsapp Show Comments ▼ whatsapp Share John Dunne Music, DVD, games and books retailer HMV posted a worse than expected widening in first-half losses, blaming a sharp fall in sales on weak entertainment markets.The group said it was cutting its dividend and cautioned that despite more encouraging trading at the beginning of its second half, the start to Christmas trading had been undermined by the severe weather of the last two weeks.“The outcome of our full financial year will be largely determined by the next four weeks of the key Christmas trading period, which together with the final four months of our financial year, account for 60 percent of our full year sales,” said the firm.The group, which trades from over 730 HMV, Fopp and Waterstone’s stores, made an underlying pretax loss of £41.3m for the six months to 23 October.That compares with analysts’ consensus forecast of a loss of £38-39m, according to a company poll, and a loss of £24.9m in the same period last year.HMV traditionally makes all its profit in its second-half, which includes the crucial Christmas trading period.Sales fell 6 percent to £749.5m, with sales at stores open over a year down 11.5 per cent.The firm, which ended the period with net debt of £151.6m, said it had reviewed its dividend policy and halved the interim payout to 0.9 pence last_img read more

Diageo faces Jim Beam fight

first_img KCS-content 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 PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Todaymoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Herald Diageo faces Jim Beam fight Show Comments ▼ Sharecenter_img More From Our Partners Mark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.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.orgWhy people are finding dryer sheets in their mailboxesnypost.com whatsapp Thursday 9 December 2010 8:42 pm DIAGEO could be in for an epic struggle to cherry pick top brands including Jim Beam from US conglomerate Fortune.Sources close to the US firm say its management is determined to hang onto the drinks business after splitting the firm in three.Fortune announced it will separate its most profitable drinks division from its home & hardware and golf arms, both of which it plans to spin off.An industry source told City A.M.: “The management have said they want to spin off the other divisions but hold onto drinks. They feel they can grow the value of that part of the company and if they are reluctant to sell, a deal could be difficult.”However, analysts remain confident the Beam Global Spirits & Wines business will not remain independent for long, with other industry rivals also eyeing its prized assets. Sources close to Diageo hinted it would be interested if regulatory hurdles could be overcome.Although Diageo could comfortably afford to snap up the entire drinks division, which has an estimated value of $8.7bn (£5.5bn), competition issues mean it is far more likely to team up with another drinks retailer.Simon Hales of Evolution Securities says an auction involving Diageo and Bacardi is the most likely scenario, circumventing conflicts with the Guinness owner’s distribution deals with LVMH Moet Hennessy on cognac and Casa Cuervo for Jose Cuervo tequila.The brands likely to interest Diageo most, including Jim Beam and Maker’s Mark bourbon, would set the firm back around $5.5bn. Tags: NULLlast_img read more

US to recover faster in 2011

first_img US to recover faster in 2011 Show Comments ▼ 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 TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoBetterBe20 Stunning Female AthletesBetterBeUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionUndothedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndo whatsapp Share whatsapp Read This Next’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe WrapHow HGTV’s ‘Renovation Island’ Changed Bryan and Sarah Baeumler’sThe Wrap’Bridgerton’ Stars Phoebe Dynevor and Nicola Coughlan on Daphne andThe WrapBest Wine Gifts & Wine Accessories at Every PriceGayot’Hitman’s Bodyguard’s Wife’ Earns $17 Million 5-Day Opening as Box OfficeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The WrapEverything We Know, or Think We Know, About the Time-Keepers on ‘Loki’The Wrap’The Crown’: What Went Into Finding Princess Diana and Margaret ThatcherThe Wrapcenter_img Tuesday 11 January 2011 7:42 pm The American recovery should grow “slightly more rapidly” this year than last, according to senior Federal Reserve member Narayana Kocherlakota. However, he warned that the impact of the recession is still being felt and unemployment is likely to stay above eight per cent. Kocherlakota was speaking yesterday at a meeting in Wisconsin. KCS-content Tags: NULLlast_img read more

Industry up in France and Italy

first_img Industrial output increased in both France and Italy at the end of 2010, official data showed yesterday. The boosts to industry in the Eurozone countries contrasted with a decline in German output, after a severely snow-affected December. Italy’s output rose 0.3 per cent compared to the previous month, slightly above the expectations of economists. French industrial production rose 0.3 per cent in December, confounding average expectations of a 0.4 per cent fall. “Germany was hit by very adverse weather conditions at the end of the fourth quarter while the shock was felt much less in Italy and France,” said Gilles Moec of Deutsche Bank. whatsapp whatsapp Thursday 10 February 2011 8:13 pm Share Show Comments ▼center_img KCS-content Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoWanderoamIdentical Twins Marry Identical Twins – But Then The Doctor Says, “STOP”WanderoamUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBrake For ItThe Most Worthless Cars Ever MadeBrake For ItUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndoBetterBe20 Stunning Female AthletesBetterBeUndo Industry up in France and Italy Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’Sportsnaut Tags: NULLlast_img read more

Tchenguiz wins UK ruling on Kaupthing

first_imgWednesday 16 March 2011 9:56 pm 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}MoneyPailSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsBrake For ItThe Most Worthless Cars Ever MadeBrake For ItPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusBetterBe20 Stunning Female AthletesBetterBe whatsapp Share THE Tchenguiz family has won the right to have a damages claim against Icelandic bank Kaupthing heard in the UK courts, after a judge determined that claim, worth more than £1bn, was subject to English law.Property investment tycoon brothers Robert and Vincent (pictured) Tchenguiz, who were arrested on 9 March as part of a fraud investigation into Kaupthing’s collapse, will now have the merits of their damages claim heard in the English High Court, upholding a jurisdictional clause in the original loan agreement with the bank. The Icelandic lender, taken under state control in October 2008, had tried to have the claim dismissed from the UK system, leaving a separate claim to be filed as part of administration procedures in Iceland. A statement released on behalf of Consensus Business Group, of which Vincent Tchenguiz is chairman, said: “I am delighted that the English High Court has recognised the right of the claimants to bring their claim in England. All dealings with Kaupthing Bank were conducted in England under English law … The substantive claim for damages of over £1bn will now proceed in the English courts.” The family’s trust is also pursuing Kaupthing in Reykjavik court, as part of the bank’s winding up procedure under the Icelandic administration regime. The Tchenguiz brothers were released without charge last week as part of an ongoing investigation into the Icelandic bank’s downfall. center_img Tchenguiz wins UK ruling on Kaupthing Tags: NULL Show Comments ▼ More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.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.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com KCS-content last_img read more

US doles out Libor subpoenas

first_img whatsapp US doles out Libor subpoenas AMERICAN authorities have issued subpoenas to several international banks as part of an investigation into “manipulation” of the London interbank offered rate (Libor) during the financial crisis.The investigation came to light as part of a disclosure made by UBS in its annual report saying it had been subpoenaed by the US Securities and Exchange Commission (SEC), the US Commodity Futures Trading Commission (CFTC) and the Japanese Financial Services Authority (FSA) regarding “whether there were improper attempts by UBS, either acting on its own or together with others, to manipulate Libor rates at certain times”. Sources familiar with the situation have confirmed to City A.M. that Barclays, Bank of America Merrill Lynch and Citigroup have also received subpoenas on the matter, and said that “a lot of banks are in the same situation”. All the banks named declined to comment, as did the SEC and CFTC.Libor is calculated by Thomson Reuters for the British Bankers’ Association (BBA) and is used internationally as a benchmark to set prices on numerous derivatives and financial instruments. Submitting an incorrect figure for Libor could be seen as “market manipulation” that might affect the market’s perceptions of risk and ease of credit between banks. The BBA said in a statement: “Libor is fully transparent – all of the data inputted by the contributor banks is publicly available, as is our methodology. It added: “And all decisions regarding the design and governance of the benchmark are taken in full consultation with market participants.” KCS-content Show Comments ▼ Tags: NULLcenter_img More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.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.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.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.comWhy people are finding dryer sheets in their mailboxesnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comConnecticut man dies after crashing Harley into live bearnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com 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 PastUndoMoneyPailShe Was Famous, Now She Works In {State}MoneyPailUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusUndoBetterBe20 Stunning Female AthletesBetterBeUndoDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaUndo Share Thursday 17 March 2011 9:10 pm whatsapplast_img read more