EU’s Barnier expects agreement on host of new rules in few weeks September 5, 2010 THE European Union could agree in the next few weeks a law to regulate hedge funds and private equity operators, blamed by some for financial excesses, according to Michel Barnier, European Commissioner responsible for financial regulation. Barnier said last week’s deal over a set of pan-European watchdogs showed a political willingness for further post-crisis reforms. [...]
Vodafone and National Grid chairs to leave September 5, 2010 SEVERAL blue chip managers are awaiting calls from headhunters as two of the FTSE 100’s best-known chairmen prepare to step down. Vodafone has appointed City recruiter Anna Mann to seek out a replacement for Sir John Bond, who is expected to depart toward the end of next year. Bond, who has chaired the mobile phone [...]
Troubled Anglo Irish could be told to quit UK September 5, 2010 BAILED-OUT Anglo Irish Bank could be forced to quit the UK if it is allowed to go ahead with a rescue plan. Chief executive Mike Aynsley has proposed winding up 80 per cent of Anglo’s damaged loan book through Ireland’s “bad bank”, the National Asset Management Agency. He wants to save the remaining 20 per [...]
RETAIL BANK OF THE YEAR September 5, 2010 LIFE is still hard for banks, especially the high-street variety. One of our list is government-owned, others are engaged in a vicious fight to entice customers with tasty offers, and one is a brave and innovative newcomer. All are fascinating – and well-known – companies in this vital and fast-changing sector. Don’t miss the City event [...]
LAWYER OF THE YEAR | The Shortlist September 5, 2010 OUR list of lawyers reflects the breadth of legal work in the City, from the head of a firm that has recently merged, to one who advised the government on the banking bailout, the chief of the financial regulator and a pace-setting female head of a flourishing boutique firm. Hard to compare? Yes, but they show [...]
Petrobas eyes top share sale September 5, 2010 PETROBRAS, the Brazilian state oil company, has filed one of the largest rights issues to date as the firm plans to sell up to $64.5bn (£41.7bn) of new stock. The global stock offer could be expanded to as much as $74.7bn if underwriters exercise a “greenshoe” option to sell an additional 564m shares to meet [...]
BP to launch $20bn sale of stake in Prudhoe Bay oil field September 5, 2010 BP has put its $20bn (£12.9bn) stake in Alaska’s Prudhoe Bay oil field up for sale as part of the oil major’s move to cover the rising costs of the Gulf of Mexico spill. The sale falls in line with plans announced by BP to auction off roughly $30bn in global assets to help pay [...]
Oracle in talks to hand former HP boss new role September 5, 2010 ORACLE has offered a job to Mark Hurd, the former chief executive of Hewlett-Packard who resigned amid a scandal involving inaccurate expense receipts related to a female contractor. It is understood that a final decision has not yet been made. Oracle was not immediately available for a comment. Hurd resigned early last month, after a [...]
Travelex boss to buy The Office in £43.3m deal September 5, 2010 LLOYD DORFMAN, founder of currency exchange Travelex, is to acquire serviced office company The Office Group for £43.3m. Dorfman is acquiring the company from Bridges Ventures, the private equity firm launched by Sir Ronald Cohen and dedicated to urban regeneration. Dorfman will take over a portfolio of six sites in London and one in Bristol, [...]
Fitness First sparks fresh talk of an IPO September 5, 2010 FITNESS FIRST, the gym chain owned by BC Partners, is understood to be adopting international accounting methods in a move that could position it for a £1.2bn flotation. Fitness First’s 2009/10 accounts will be prepared in line with international financial reporting standards (IFRS), the format used by publicly listed companies. The news will prompt renewed [...]