BP TO PRESS ON WITH CANADA OIL SANDS PLAN
BP will press ahead with its plan to invest in Canada’s controversial oil sands, the company will signal at Thursday’s annual general meeting, in spite of protests from environmentalists and concerns among some shareholders. More than 140 investors have backed a resolution calling for a review of BP’s plans.
PERMIRA CHAIRMAN TO JOIN NEW BOARDS
Damon Buffini, the private equity boss, is returning to deal making by joining the boards of German fashion group Hugo Boss and set-top box maker NDS before he steps down as Permira’s chairman in June. The moves gives Buffini a seat on two of Permira’s biggest portfolio companies, showing that the 47-year-old has no intentions of fading away.
CANADIAN BANK ARM LEADS TABLE OF BROKERS
TD Waterhouse has overtaken Barclays Stockbrokers to become the number one execution-only stockbroker in the UK by trading volume, according to data from industry analyst Compeer.
Following it’s acquisition of OMX Securities and the customers of Hoodless Brennan last year, TD Waterhouse’s market share increased to 27 per cent.
DEMAND FOR CREDIT HELPS IPF BOUNCE BACK
International Personal Finance enjoyed an improved start to the year as higher demand for credit in central Europe and recovering economies helped the lender return to profit in the first quarter.
The International Personal Finance, lends small amounts of money to borrowers in emerging markets such as Poland, Hungary, the Czech Republic and Mexico.
FUJITSU STEPS UP THE BATTLE WITH BROADSIDE AGAINST FORMER PRESIDENT
Fujitsu yesterday launched a verbal broadside against its former president, pouring fuel on to a toxic blaze in the boardroom of one of Japan’s most venerable industrial houses. In a statement that sought to refute almost everything that Kuniaki Nozoe has said in public over the past few weeks, Fujitsu said that it was ready to do battle in court.
DREAMING OF A MILLION MEN FROM THE PRUDENTIAL
Prudential plans to increase significantly its agency workforce to at least one million in Asia as part of a recruitment drive to follow its $35.5 billion acquisition of AIA. Barry Stowe, the chief executive of the Pru’s Asian arm, said that the target was “absolutely achievable; it’s realistic”.
The Daily Telegraph
GORDON BROWN ADMITS HIS MISTAKES ADDED TO FINANCIAL CRISIS
Gordon Brown admits for the first time on Wednesday that he made mistakes that contributed to the financial crisis. The Prime Minister concedes that he bowed to pressure from the City and failed to regulate the banks properly. The crisis has cost taxpayers tens of billions of pounds. RBS and Lloyds Banking Group came close to collapse and Northern Rock and Bradford & Bingley had to be nationalised.
PRIMARK WITHDRAWS PADDED BIKINI TOPS FOR GIRLS
Primark, the discount clothing store, has withdrawn padded bikini tops aimed at girls as young as seven following criticism that the items were sexualising children. The £4 bikini, was part of the retailer’s swimming costume range.
WALL STREET JOURNAL
FOREIGN LOANS FUELED CRISIS IN ICELAND
Large loans from foreign banks, including Citigroup and Deutsche Bank AG, helped feed “the build-up of risk” in the Icelandic banking system, which collapsed spectacularly in 2008, a comprehensive report from a parliamentary commission concluded. The big loans to wealthy Icelandic tycoons helped fund their spree of corporate acquisitions—and helped turn the fish-exporting nation of 300,000 into an unlikely financial center.
GERMANY, RUSSIA INVESTIGATE HP
German and Russian authorities are investigating whether Hewlett-Packard executives paid bribes to win a contract in Russia, according to people familiar with the matter. German prosecutors are looking into whether H-P officials paid about €8m in bribes.