Accenture is upbeat after quarterly revenues escalate June 24, 2010 CONSULTANCY firm Accenture has reported higher-than-expected quarterly results as a recovering economy encouraged companies to invest again. Accenture’s revenue for the third quarter ending 31 May rose to $5.5bn (£3.6bn) from $5.1bn a year earlier. Accenture’s quarterly net income also rose to $564m from $537m. Revenue from consulting, an area that was particularly hit during [...]
Banks win battle to soften capital requirements for Basel III rules June 24, 2010 INTERNATIONAL banking regulators are preparing to strip down their recommendations on how to ensure the industry’s financial strength, following months of wrangling. In an attempt to ensure the timetable for announcing the reforms can go ahead as planned in November, a consensus within the Basel Committee is now suggesting that the radical blueprint of global [...]
Judge refuses delay on Gulf drilling ban June 24, 2010 THE OBAMA administration was dealt a fresh blow yesterday after a US judge who overturned a six-month moratorium on deepwater drilling refused to put his ruling on hold while the government appeals. US district judge Martin Feldman in New Orleans rejected the request to stay his decision from earlier in the week. Interior secretary Ken [...]
Dutch group plans trip to US to stop the oil spillage June 24, 2010 A GROUP of Dutch engineers plan to travel to the Gulf of Mexico within two weeks to try to stop the oil spill, backed by a €5m (£4.1m) donation. Crane company Mammoet, which raised the Kursk submarine in 2001 after numerous attempts by other firms, contacted BP, Transocean and the US government last week with [...]
Cowdery buys Axa’s UK arm in £2.8bn deal June 24, 2010 RESOLUTION will reshuffle the leadership of its insurance consolidation project after agreeing to pay £2.8bn for the British life and pensions businesses of French group Axa yesterday. Axa’s UK arm will be merged with Resolution’s existing holding, Friends Provident, to create Friends Life. Trevor Matthews will stay as chief executive but David Hynam, Graham Harvey [...]
Resolution cash call breaks new ground June 24, 2010 JUST weeks after two separate studies of rights issue fees were launched, Resolution revealed a £2bn cash call which will pay investors more commission than investment banks. Total fees on the rights issue will come to 2.7 per cent, below the market average of 3.25 per cent. Shareholders, who agreed in advance to sub-underwrite more than [...]
Credit Suisse rejigs its top management June 24, 2010 CREDIT SUISSE has named Eric Varvel as its investment bank chief executive as part of an overhaul of the bank’s executive board. Varvel, who was serving as the unit’s acting chief executive, will officially step into the role next week. He assumed the role last September when it emerged that the investment unit’s chief Paul [...]
EU misses vote on hedgie rule June 24, 2010 LOBBYISTS are embarking on a desperate push to soften European proposals on hedge funds and private equity after a crucial vote in Brussels was pushed back until the autumn. The European Commission is struggling to agree a final draft of the controversial Alternative Investment Fund Managers (AIFM) directive, which contains measures cracking down heavily on [...]
Politicians should not rush into reform of the banking system, says HSBC boss June 24, 2010 BANKS in Britain and elsewhere have urged G20 leaders to coordinate implementation of regulatory changes and not rush into “an unrealistic artificial timetable” for reform, ahead of a key meeting this weekend. “The progress made by the G20 has been impressive but it has now reached a critical juncture,” Stephen Green, chairman of HSBC and [...]
Row breaks out over Brussels plan to set up über-watchdogs June 24, 2010 EUROPEAN officials made a last-ditch attempt yesterday to save deadlocked talks aimed at setting up bank watchdogs as a row between countries and parliament threatened efforts by Brussels to regulate finance. Setting up supervisors to keep tabs on banks, insurers and markets is central to the European Union’s attempts to prevent another crisis but it [...]