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Speculation has been mounting that further interest rate cuts will be announced by the Bank of England, after minutes from its previous meeting on cuts were released. They reveal that the Bank's n...
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Monday 25th August 2008
While there has been a flurry of takeover rumours around US financial giant Lehman Brothers, with the state run Korea Development Bank among the front runners, there is real concern that the group is in big trouble. Even though the Korea Development Bank had publically expressed an interest in acquiring part of or the entire banking giant this seems to have been curtailed by government officials who suggested such a move would be ‘improper’.
Shareholders in Lehman Brothers have seen their investment fall by near 80% over the last 12 months and while the last few days had seen the shares pick up on the back of the rumours they have slumped again today. So what next? Can Lehman Brothers survive by itself?
To add further fuel to the fire there seems to be a concerted campaign to jettison chief executive Richard Fuld with many of the opinion that he will be lucky to see out 2008 never mind 2009. If the chief executive was to be ejected from the group this would leave it wide open to attack from a hostile bidder. There is still value within the company but the credit crunch has hit the group very hard on a number of fronts. |
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