30th March 2013
1) The FSA has expressed its extreme disapproval about not being told about Prudential’s bid for AIA – fining the firm £30m and saying that chief executive Tidjane Thiam was “knowingly concerned” in the breach. The FSA says it should have been informed about the plans as reported on Sky. But what we don’t know is whether this will put a dampener on future mergers and acquisitions at least where UK financial stocks are concerned. At very least, they will have to keep the regulator in the loop.
2) We know that Cyprus has not suffered a huge bank run but that is surely because the EU and Cypriot government have imposed capital controls as Reuters reports.
3) The Telegraph has an excellent article discussing whether such as bank raid could happen here. Most experts say not thank goodness.
4) US PC maker Dell is favouring a proposal to take it private from founder Michael Dell and private equity firm Silver Lake partners as Reuters reports, rather than one from Blackstone Group and billionaire investor Carl Icahn which it argues involves taking on too much debt while staying public. This, it says, would be too risky a strategy.
5) US index, the S&P 500 hit a record high at close of trading on Thursday, amid relief that Cyprus has been sorted. The index closed at a high of 1,569. They may not be quite so optimistic in Nicosia as in New York.