BAE shareholders say chair must go
A group of BAE Systems shareholders has demanded the resignation of chairman Dick Olver, saying sweeping changes are needed at the UK defence group following the collapse of its proposed merger with EADS two weeks ago. In a letter to the board, which has been seen by the Financial Times, the shareholders called for both Olver and Sir Peter Mason, BAE’s senior independent director, to stand down due to the “significant damage” caused by the botched €34bn deal.
Low rates blamed for risk-taking
Persistent low interest rates are creating potentially big risks for the UK insurers as they seek investment returns high enough to meet commitments to policyholders, the FSA has warned.
WPP research unit settles claim
An internet research group, Compete, which is owned by advertising conglomerate WPP, has settled US Federal Trade Commission charges that it violated federal law and deceived consumers with the use of its online-tracking software.
Walbrook bets on Ireland’s bad bank
An investment fund run by former Barclays bankers has taken a 17 per cent stake in the holding company of the Republic of Ireland’s “bad bank”, the National Asset Management Agency.
Germany braces for downturn
The German economy is heading for a sharp slowdown and may even contract at the end of the year as a global slump compounds the Eurozone crisis, the Bundesbank warned yesterday.
The Daily Telegraph
Government to agree plea bargains
The government is to give the green light to the introduction of plea bargains in the prosecution of complex financial crime with an announcement expected as early as this morning.
Japan to join currency wars
Japan is poised to join the world’s “currency wars” as it battles crashing exports, recession and a suffocatingly-strong yen. The country’s exports plunged 10.3 per cent in September from a year ago.
THE WALL STREET JOURNAL
EU rejects call to monitor car imports
European Union authorities yesterday refused France’s request to monitor car imports from South Korea, rejecting arguments that a new trade deal with South Korea has fuelled a surge of imports that has dealt another blow to France’s ailing car industry.
Kingfisher offers overdue salaries
Kingfisher Airlines tried to woo striking employees back to work, offering three months of overdue salaries before mid-November.