MPS PRESSURE VICKERS TO DEFINE BANK BONUS RULES
Sir John Vickers is facing pressure from senior MPs to widen his work on making banks safer by defining new bonus transparency rules, to provide an early warning of the build-up of risk. Members of the Commons treasury committee will next month urge Sir John to ensure that his commission’s final report on Britain’s banking industry contains much tougher scrutiny of the role bonuses play in creating systemic risk.
CIC SET FOR UP TO $200BN IN FRESH FUNDS
China Investment Corp, the Chinese sovereign wealth fund, will soon receive $100bn-$200bn in new funds from the government, according to three people familiar with the matter. CIC, which has already fully allocated the $110bn it had available for offshore investments, is to get the new money as Beijing seeks to reduce its exposure to US government debt.
LENOVO TO EXPORT ITS RURAL EXPERTISE
Lenovo is kicking off an aggressive campaign to penetrate rural markets in five developing countries, seeking to challenge competitors such as Hewlett-Packard, Dell and Acer using the recipe behind its recent successes in its Chinese home market. The PC maker plans to build a vast distribution network to “fully cover” rural areas in Indonesia, Brazil, Mexico, India and Turkey during the next three years.
LAWSON SOFTWARE CLOSE TO DEAL WITH INFOR
Lawson Software is close to agreeing a deal with Infor, another business software company, and Golden Gate Capital, after last month revealing it had received an approach from the pair.
COVENTRY AIMS TO TURN ROCK BACK INTO A BUILDING SOCIETY
Coventry Building Society is preparing a publicity campaign to persuade politicians to allow it to take over Northern Rock’s “good” bank. The society has gone through the numbers on a possible transaction, leading it to believe that it would need only about £200m in new capital to merge with Northern Rock. It has carried out a secret poll asking whether the public would support the nationalised bank becoming a mutual, which produced a positive result.
LEGAL ROW BREWING WITH STANFORD CREDITORS
A legal row is brewing in London over the fate of more than $100m held in frozen bank accounts connected to the disgraced American financier Allen Stanford. The US Government wants the funds repatriated.
The Daily Telegraph
RAIL COMPANIES ‘SHOULD BE ABLE TO INCREASE FARES’
Rail companies should be allowed to introduce “airline-style fares” that could see them charging hundreds of pounds for tickets during peak times and banning passengers without pre-booked seats from travelling, a Government review is set to recommend.
CABLE & WIRELESS WINS EMERGENCY CONTRACT IN MURDER CAPITAL
Cable & Wireless Communications has turned crime-fighter in El Salvador – the country with the world’s worst murder rate. Under the programme, it will be possible to monitor the location of every police unit in the country at all times via tracking devices. The US government rates El Salvador as a “critical crime threat country” where “random and organised violent crime is endemic”.
THE WALL STREET JOURNAL
ORACLE'S FINANCE CHIEF RESIGNS
Oracle said its chief financial officer had resigned and will be immediately succeeded by the company’s co-president, the latest executive switch at the large software maker. The executive, Jeff Epstein, joined Oracle in September 2008 and oversaw investor relations in addition to the company's finance operations. His duties will be added to those of Safra Catz, the co-president who was his immediate superior.
FDA WILL REGULATE E-CIGARETTES AS TOBACCO PRODUCTS
The Food and Drug Administration said yesterday that it wouldn’t appeal a January federal court ruling stating that electronic cigarettes should be regulated as tobacco products, not drug delivery devices, in a move that was hailed as a victory for e-cigarette manufacturers and distributors.