BP to sell $3.5bn in bonds September 28, 2010 BP signalled a return to “business-as-usual” after the Gulf of Mexico tragedy, with plans to sell up to $3.5bn (£2.2bn) in new bonds just three days before Bob Dudley is set to take over the chief executive post. The oil major’s funding arm, BP Capital Markets, is selling five and ten-year bonds, the first such [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 28, 2010 FINANCIAL TIMES FOX SAVAGES TREASURY ON DEFENCE CUTS Liam Fox, the defence secretary, has launched a big assault on the Treasury’s attempt to slash his department’s budget, warning that “draconian” cuts to military spending cannot be implemented without “grave consequences” for the Conservative party and the government. In a head-on attack on chancellor George Osborne’s [...]
Nomura banker joins Occitan September 28, 2010 Occitan Capital Partners, the new London-based hedge fund launched by two former Goldman Sachs bankers, has appointed former Nomura banker John Candillier as its new chief executive. The appointment comes just before the fund’s official launch in November. Occitan was set up by former Goldman Sachs traders, Herve Gallo and Thomas de Gardiel-Thoron, in the [...]
FSA fines and bans ex-broker September 28, 2010 The Financial Services Authority (FSA) yesterday said that it had fined Fabio Massimo De Biase, a former cash equities broker, £252,239 for acting improperly at the same time banning him from working in the financial services sector on the grounds that he is not fit to do so. De Biase, formerly a broker with TFS [...]
Rebel MEPs try to beef up hedgie laws September 28, 2010 NEW EUROPEAN rules on hedge funds and private equity groups were in disarray yesterday after French MEPs claimed they could scupper the regime’s passage into law. Talks on the Alternative Investment Fund Management Directive (AIFMD) came close to agreeing a final draft in Brussels on Monday, but yesterday dissenting politicians scrambled to arrange covert one-to-one [...]
Olympic boss named as new Network Rail chief executive September 28, 2010 DAVID Higgins is to become the next chief executive of Network Rail, it was confirmed yesterday. Higgins, who is currently top boss of the Olympic Delivery Authority (ODA) is to quit his role and move to Network Rail at the start of February next year. He will succeed outgoing Network Rail chief executive Iain Coucher, [...]
DE Shaw slashes its headcount by 10pc as investors lose faith September 28, 2010 DE SHAW, one of the world’s largest hedge fund managers, is to cut its global headcount by 10 per cent. The cuts, which equate to roughly 150 jobs, are the largest in the firm’s history and are expected to significantly impact its London and New York offices. DE Shaw’s decision to scale back on staff [...]
Paragon set for a return to buy-to-let September 28, 2010 PARAGON, the buy-to-let mortgage provider, has returned to new lending after pulling out two years ago due to the global economic turmoil. Paragon chief executive Nigel Terrington said the company would specifically target professional landlords – an area of the market which it believes is underserved by buy-to-let lenders. Terrington said there were two primary [...]
Hester: Banks to impose strict self limits on capital September 28, 2010 ROYAL Bank of Scotland chief executive Stephen Hester yesterday signalled his faith in the banking sector to act prudently in setting rigorous capital standards for itself above and beyond the scope of regulatory requirements. Hester, speaking yesterday at a conference organised by Bank of America Merrill Lynch, said he was not expecting a “one-off golden [...]
David Davis to call for faith in the free market September 28, 2010 PROMINENT backbench Conservative MP David Davis will today sound a rallying call to an audience of 150 City and political leaders, calling on them to reinvigorate Britain’s faith in capitalism and private wealth creation. Davis will be speaking at the London Forum, hosted by pro-market think tanks the Legatum Institute and the US American Enterprise [...]