City&FinanceBriefing * Calls cost 75p/min from a BT landline & last approx 1 min per quote. Not all stocks are available London Lite Friday, 10 July 2009 35 Inbrief Bailed-out AIG to pay bonuses l DISGRACED insurer American International Group is poised to pay a string of multi-million-dollar bonuses to executives despite taking US government aid of $180 billion to prevent its total collapse. The move will increase public anger at firms rewarding top management even while getting funding from the taxpayer. AIG says it needs to keep its best staff. China: Rio chiefs gave out bribes l ChInA ratcheted up the tensions with London-listed mining giant Rio Tinto today as it accused the executives it arrested on spying charges this week of bribing steelmakers. Four Rio executives were arrested on Sunday accused of stealing state secrets. Rio said it was surprised by the new allegations and was not aware of any evidence to support them. Ten countries in need of IMF aid l ThE International Monetary Fund is in talks over providing aid programmes to at least 10 European governments, it emerged today. Investors were shocked at the extent of the bailouts being discussed with countries including Bulgaria, Croatia and Macedonia, who have been crippled by the financial crisis, say sources quoted in the German Press. Founder joins in JJB loan row l JJB founder Dave Whelan has waded into the row over company chairman Sir David Joness 1.5 million loan from Mike Ashley of arch-rival Sports Direct. Timing is the issue, with Jones saying he requested the loan before joining JJB, while Ashley says it was after. Whelan claims Ashley is trying to blacken Joness good name. Australia Dollars 1.9522 Canada Dollars 1.7830 Denmark Kroner 8.1946 Eurozone Euro 1.1037 Hong Kong Dollars 11.8500 Japan Yen 142.9500 New Zealand Dollars 2.3837 South Africa Rand 12.2300 Sweden Kronor 12.2200 Switzerland Francs 1.6681 UAE Dirham 5.5519 United States Dollars 1.5383 TouRIsT RATes DOWN 18.95 at 4139.71 FTse 100 dow JoNes NIkkeI -$ up 4.76 at 8183.70 DOWN 3.78 at 9297.28 DOWN 0.62c at $1.6275 >>For all the latest City share prices, call 0905 817 1694* or visit thisismoney.co.uk * Calls cost 75p/min from a BT landline & last approx 1 min per quote. Not all stocks are available London fliers take new dive Airports operator BAA today said it saw passenger numbers drop by 5.9% to 12.7 million in June as the recession continued to hit both business travel and holidaymakers. once again stansted, down 11.5%, and Gatwick, down 7.6%, were the worst-hit. Heathrow, which is already bursting at the seams, posted a 3.1% decline. the biggest drops in traffic were on transatlantic and domestic flights . Bovis builds up funds to swoop for bargains DaviD Ritchie, chief executive of Bovis Homes, is filling the housebuilders coffers during the recession in the hope of picking up some bargains as distressed rivals are forced to sell building plots at knockdown prices. He said: We will be the only housebuilder, apart from Berkeley Homes who are in a very different part of the market, which will become debt free during 2009. We expect land prices to become much more attractive as distressed sellers try to raise cash. There are already clear signs that lenders are encouraging companies with big debts to sell off land. Ritchie doesnt expect to make any major moves this year although he is identifying potential purchases, probably for early 2010. He said: its a great opportunity to invest in assets which will produce good profits in the future. To that end Bovis, which issued two profit warnings and axed 600 staff last year, has switched its emphasis to generating cash. Net debt fell from 108 million to 14 million in the six months to end-June. Having tried to hold prices up in the first half of 2008 Bovis went into 2009 keen to shift homes. The 901 reservations seen in the first half was 92% up on the same period in 2008 but average selling prices for private homes were 18.5% lower, which is far greater than the recent 12.5% fall in the Halifax house price index earlier this week. Co-founders: Lastminute.coms Hoberman and Martha Lane Fox Four of the internets biggest stars, includ- ing Lastminute.coms Brent Hoberman and peter Dubens, the man behind telecoms group pipex, today unveiled an investment fund for online start-ups. they are joined by Michael Birch, co-founder of social networking site Bebo, which was bought by media giant AoL last year for 520 million, and Jonathan Goodwin, who built up media advisory firm LongAcre before selling it to us bank Jefferies for 40 million in 2007. the fund, profounders Capital, is to be run in the silicon Valley style with experi- enced entrepreneurs picking start-ups to invest in, and will offer new businesses between 500,000 and 1.5 million. Hoberman said: Going back to 2000, we have a decent community of people in the uK who did make money in the internet and other media businesses. those people want to invest in the next generation of entrepreneurs. the fund will be managed by sean seton-rogers, previously an associate at West End investment vehicle Balderton Capital, and ex-Citigroup analyst rogan Angelini-Hurll. BY LUCY TOBIN webs wonders offer cash help to start-ups index.html2.html3.html4.html5.html6.html7.html8.html9.html10.html11.html12.html13.html14.html15.html16.html17.html18.html19.html20.html21.html22.html23.html24.html25.html26.html27.html28.html29.html30.html31.html32.html33.html34.html35.html36.html37.html38.html39.html40.html41.html42.html43.html