UNICREDIT CHIEF SIGNALS RIGHTS ISSUE TO INCREASE CAPITAL LEVELS
UniCredit has given its clearest signal yet that it will seek to raise its capital buffers as market turmoil continues to hit European bank shares. In his first big interview since becoming chief a year ago Federico Ghizzoni told the Financial Times that details of his “industrial plan” – a blueprint for the bank’s future strategic directionas well as its forecast capital and liquidity needs – were still a work in progress.
GALLAGHER TAKES ON SPIRIT FINANCE ROLE
Spirit, the managed pub operator that demerged from Punch Taverns this year, has appointed Paddy Gallagher as finance director. Gallagher was finance director of Rank until he resigned during the company’s controversial takeover by Guoco, the investment group.
GOVERNMENT TO PRESS GOOGLE FOR ACTION AGAINST ROGUE WEBSITES
The government will this week press Google to block more copyright-infringing websites in its search results, opening a new front in the UK’s battle against online piracy. Jeremy Hunt, the UK’s secretary of state for culture, media and sport, is expected to say in a speech tomorrow that search engines, advertisers and credit card companies should take “reasonable steps” to “make life more difficult” for sites that flout copyright.
SWATCH CALLS TIME ON TIFFANY WATCH PARTNERSHIP
Swatch Group and Tiffany & Co are locked in an acrimonious dispute after each company accused the other of failing to honour the terms of a watchmaking partnership that the Swiss watch group has abruptly terminated.
ARMS MANUFACTURERS GET THEIR RETALIATION IN FIRST
The defence industry has gone on the offensive before the opening of a big arms exhibition today by publishing research indicating that it generated exports of £9.5bn last year. The industry trade body ADS said that defence companies produced total revenues of £22.1bn last year and directly employed 110,000 people.
FIVE LITRES OF WHITE EMULSION AND A DECORATOR TO APPLY IT, PLEASE
Britons are increasingly saying “Do It For Me” rather than attempting a bit of “Do It Yourself” and Homebase hopes to cash in on the trend with a painter and decorator service. Homebase has been testing the service in shops in the north west for three months, offering to paint, floor and tile customers’ homes using independent tradespeople.
The Daily Telegraph
ACCENTURE ENDS BRIBE CASE WITH $63.7M DEAL
Accenture will pay US authorities $63.7m (£40m) to settle allegations that the consulting firm received kickbacks for recommending certain technology to the government. The settlement follows allegations that were originally made in a lawsuit filed by two whistleblowers against Accenture in the eastern district of Arkansas. Under the law, the whistleblowers will each be given a portion of the fine.
BOMBARDIER JOBS AT RISK DESPITE £120M LIFELINE
Hundreds of jobs at the Bombardier train factory in Derby are still at risk despite government efforts to provide a £120m stop-gap order to save the plant. Bombardier announced 1,400 jobs would go when it lost a £1.4bn contract to build Thameslink trains.
THE WALL STREET JOURNAL
HURRICANE IRENE'S INSURED-LOSS TALLY REACHES $5.5BN
Hurricane Irene, the storm that struck the East Coast late last month, could cost insurers up to $5.5bn (£3.5bn), according to the latest estimate from a disaster-modelling company. Risk Management Solutions, said Irene caused insured losses of $2bn to $4.5bn in the US and $500m to $1bn in the Caribbean.
QUATTRONE REVISITS FRIENDS
Frank Quattrone, a top technology banker once sidelined by regulatory woes, has returned to big-time deal making partly by tapping a network of former clients, including several executives who held controversial “Friends of Frank” brokerage accounts containing hot initial public offerings. Quattrone was the leading Silicon Valley banker of the dot-com era.