For once Darling has had a good idea July 6, 2009 A LIVING will sounds like an oxymoron – dead wills are not exactly two a penny – but it merely refers to a set of instructions, known to all during the deceased’s lifetime, for dealing with his assets once he passes away. In the same vein, one proposal to be included in tomorrow’s White Paper [...]
Sale of Northern Rock on agenda July 5, 2009 THE possibility of Northen Rock being prepared for a sale will be high on the agenda later this week when the government outlines its plans for the UK banking sector. Keen to improve the competitive environment in UK banking, the government is expected to open the door to the sale of Northern Rock to a [...]
CITY MOVES WHO’S SWITCHING JOBS July 5, 2009 Canada Life International The wealth management firm has appointed Mark Armstrong as its new head of operations. Armstrong joins from Axa in the Isle of Man, where he was director of technical and proposition support. He has over 20 years of experience in offshore financial services, having also previously worked as finance director at Allied [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 5, 2009 THE SUNDAYSThe Sunday TelegraphPRU ENSURES CHANGES TO CAZENOVE RESEARCHJP Morgan Cazenove has rewritten a piece of research about Prudential that initially made a string of adverse comments about the insurer’s accounting procedures. The research note is understood to have made disparaging remarks about reporting decisions taken by Tidjane Thiam, set to take over as chief [...]
CBI calls for stay-at-home pay July 5, 2009 Industry leaders have suggested new legislation allowing firms to pay staff small amounts to stay at home for a fixed period, instead of making them redundant. The “Alternative to Redundancy” proposals by the CBI of a low-paid “limbo” for staff would allow firms to retain employees rather than losing them altogether when times get tough. [...]
Traders warn of confusion on clearing of credit derivatives under EC plans July 5, 2009 DERIVATIVES traders yesterday gave a broad welcome to the European Commission’s (EC) proposals on measures to improve transparency, but warned against the creation of a central European clearing house. The EC’s proposals include standardisation of derivatives products and a central data repository for the £363 trillion industry. But European regulators are also considering expanding a [...]
Rover report gets delayed July 5, 2009 THE government is set to delay the publication of a report into the collapse of carmaker MG Rover in 2005, pending an investigation by the Serious Fraud Office. The move, set to be announced by business secretary Peter Mandelson today, follows a four-year inquiry into the company’s collapse, which led to more than 6,000 job [...]
Wall Street to trade state IOUs July 5, 2009 IOUs being issued by the US state of California are set to be traded on Wall Street, with interest already mounting from bodies like hedge funds and government bond traders. Teams are being set up to broker the IOUs, which Bank of America and Wells Fargo have agreed to accept as deposits after the government [...]
Vasanta closes in on rescue bid as PwC hovers July 5, 2009 OFFICE supply group Vasanta has said it is at an “advanced stage” of discussions over a restructure of its debts, and dismissed “alarmist and misleading” speculation it is on the brink of bankruptcy. Chief executive at the firm, which is struggling after having its credit insurance to key suppliers withdrawn, Richard Martin said it still [...]
Bridgepoint plays down IPO rumours at Pets at Home July 5, 2009 BRIDGEPOINT, the private equity owner of the UK’s biggest retailer of pet products, Pets At Home, yesterday played down reports it is planning a £700m stock market flotation for the business. Bridgepoint was said to have held talks with Goldman Sachs, JP Morgan Cazenove, NM Rothschild and BOA Merrill Lynch about timing, valuation and investor [...]