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Tuesday Papers: Harbinger Capital to halve Inmarsat holding - tips, comment and bids
And Bank of America Merrill Lynch has sold loans it made to Foxtons estate agents to Haymarket Financial.
Markets
Financial Times
* Harbinger Capital has ruled out an offer for Inmarsat after announcing plans to offload just less than half of its holding in the UK satellite operator.
* RSA, the non-life insurer, has offered C$420 million (£259 million) to takeover GCAN, a Canadian commercial insurer.
* China’s hopes of derailing BHP Billiton’s $39bn hostile takeover bid for PotashCorp of Canada have suffered a setback after a report commissioned by Saskatchewan warned authorities against a takeover from a state-owned enterprise.
* AIG, the US insurer, plans to press ahead with the sale of at least half of its Asian businesses in spite of a valuation of $28.5 billion - $30.5 billion that is at the lower end of expectations.
* Bank of America Merrill Lynch has sold loans it made to Foxtons estate agents at the peak of the London property bubble to Haymarket Financial, a corporate lender launched last year.
The Lex Column
* Sanofi/Genzyme - The French drugmaker claims shareholder support for talks with its acquisition target.
* UK bank reform - The moment for an intellectual revolution looks to have passed.
* The business cycle - US manufacturers survey suggests that recession may be looming again.
* AIA IPO - AIG is to list its AIA Asian arm for $5bn less than the failed Pru deal.
* Swiss banks - The “Swiss finish” reveals the high cost of reputation management.
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7 comments so far. Why not have your say?
antonio monaco
Oct 05, 2010 at 08:26
very useful to the point headlines
report thisDavid987
Oct 05, 2010 at 10:16
Osbourne has shot the coalition and particularly the Tories in the foot. Attacking child benefits to raise a measly £1bn will have a massive political cost.
The income threshold could have been phased in or set at a more realistic £100k!
Alternatively he could have easily raised this much and more immediately from the banks which continue to pay bonuses in the billions.
The banks caused the deficit and the recession and so they should bear the costs.
report thisBagash
Oct 05, 2010 at 11:01
Himanshu
Excellent article in response to all the criticism you have received. I trust you will keep up the standard. Cheers:-)
report thisdavid ellison
Oct 05, 2010 at 11:17
Why not just make all benifits taxable , ( like the state pension ), then the Chancelor would claw back 50% from the high earners nothing from low paid. Those who have substantial benifits would be introduced to the real world of haveing to pay tax and filing a tax return like the rest of us. The cost in implementing this would be minimal.
report thisMagnus
Oct 05, 2010 at 11:29
A newspaper summary that was understandable and a pleasure to read. Glad to see The Times included too. Keep it up, Himanshu!
report thisBill Steele
Oct 05, 2010 at 11:29
Child benefits should have been scrapped altogether.
If a couple cannot afford kids they should not have them.
Why should the taxpayer have to foot the bill for other peoples children?
report thissnoekie
Oct 05, 2010 at 15:48
David 987, the banks did not cause the deficit, it was Bliar/Brown/Ballses/Zanuliebore.
The Banks merely added to the dead, but it was the aforementioned that budgeted for greater spending than their income, even taking into accounts the assets sold, and then having to pay for those assets, with the higher rate kicking in about now.
The child benefit should be dealt with by tax allowances, but for no more than two children, and some help for those not working.
No payments for more than two children, and removal of hosing priority, preference to the indigenous population, no newcomers.
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