HSBC hit by US watchdogs October 7, 2010 THE Federal Reserve said yesterday that it issued an order against HSBC North American Holdings requiring the bank to improve company-wide risk management, including practices to prevent money laundering. It said that within 30 days, the bank’s board of directors must submit a plan for strengthening oversight of its compliance risk-management programme. The plan must [...]
London Underground set to cut an extra 400 jobs October 7, 2010 LONDON Under ground (LU) is to axe up to 400 further permanent back-office staff in a bid to cut costs and improve efficiency. These cuts come on top of LU’s plans to reduce 800 ticket office jobs, which is currently at the heart of a bitter dispute with trade unions RMT and Transport Salaried Staffs’ [...]
Rosenfeld is second on power list October 7, 2010 KRAFT chief executive Irene Rosenfeld is the second most powerful woman in the world, outranked only by American First Lady Michelle Obama, according to Forbes magazine. Rosenfeld moves four places up the power rankings from last year’s Forbes list in the wake of Kraft’s £11.5bn play for chocolate maker Cadbury earlier this year. German chancellor [...]
Investcorp plans a London listing of its Moneybookers online payments firm October 7, 2010 Investcorp, the Bahrain-based investment bank, is understood to be eyeing a float of Moneybookers, the fast-growing European online payment firm it tried to sell last year. Investcorp has hired Morgan Stanley and Jefferies to help prepare for a stockmarket listing, the people said. Bank of America Merrill Lynch is also likely to have a role, [...]
Over a million riders have used Mayor Boris’ bikes October 7, 2010 LONDON Mayor Boris Johnson’s flagship cycle hire scheme passed the million journey milestone yesterday – ten weeks after its launch. More than 90,000 people have signed up as members, with around 20,000 journeys being made every weekday, with the average journey made under 30 minutes. Johnson said: “A million thank yous go to Londoners for [...]
Eurostar buys new fleet in £700m deal October 7, 2010 EUROSTAR will buy 10 new trains for £700m to add to its existing fleet as it extends services to Amsterdam and Geneva. The upgrade will be funded by Eurostar through cash and bank loans. The move will significantly improve Eurostar’s fleet with faster trains, capable of travelling up to 320kph. The new trains, to be [...]
French anger as Siemens wins new trains deal October 7, 2010 A ROW erupted over the choice of trains for the Channel Tunnel as France hit out a decision by Eurostar to switch to a German manufacturer for its next generation of high-speed trains. Eurostar said Siemens will supply 10 trains for its fleet. Until now French rival Alstom, manufacturer for France’s high-speed TGV network, has [...]
Axa rejigs UK insurance as its chief exits October 7, 2010 AXA UK Insurance chief executive, Philippe Maso, has stepped down from his role after two years following a strategic review that will see the company reorganise into two distinct business units. Axa said one unit will focus on commercial business with the other focusing on consumer business. It said the change would give it a [...]
Apcims CEO David Bennett quits role October 7, 2010 THE Association of Private Client Investment Managers and Stockbrokers (Apcims) chief executive David Bennett stepped down at the organisation’s annual Brussels conference yesterday. Bennett’s departure follows that of the body’s head of regulation Ian Cornwall. It is understood Bennett will now focus on his role as deputy chairman of Europe Analytica, the public affairs company [...]
IMF chief warns against currency manipulation October 7, 2010 THE spirit of global economic cooperation, first forged in 2008 during the darkest days of the financial crisis, was weakening as the recession gives way to an uneven and shaky recovery, the head of the International Monetary Fund (IMF) said yesterday. “Many do consider their currency a weapon. That is not good for the global [...]