Ousted HP boss settles with accuser August 8, 2010 HEWLETT-PACKARD’S former chief executive officer Mark Hurd has reached a legal settlement with the woman who accused him of sexual harassment, and she has also agreed to release HP from legal claims, according to sources familiar with the matter. The world’s biggest computer maker stunned Wall Street and Silicon Valley on Friday by announcing Hurd’s [...]
Buffett charity pledge gathers momentum August 8, 2010 FORTY of the world’s richest business leaders have now flocked to sign up to a charity pledge set up by Warren Buffett and Bill Gates. The Giving Pledge, which asks billionaires to give away at least half their fortunes to charity, has, at last count, secured around £150bn from the likes of businessman David Rockefeller, [...]
Minerva set to fight board coup attempt August 8, 2010 PROPERTY developer Minerva is gearing up to fight off another coup attempt from its largest investor. The company, which recently completed landmark City development the Walbrook, will this week issue a circular to shareholders in response to a demand from the South African billionaire investor Nathan Kirsh for an emergency meeting. Kirsh, who holds 29.5 [...]
Military steps up efforts in disaster-hit Pakistan August 8, 2010 THE Pakistani army yesterday took a lead role in rescuing survivors of devastating floods that have killed 1,600 people and left 2m homeless. The army’s efforts come after the civilian government has appeared overwhelmed and President Asif Ali Zardari has been singled out for criticism for not cancelling an official visit to Europe as the [...]
F&C braced for vote on £1.7bn property deal August 8, 2010 F&C ASSET MANAGEMENT is braced for the worst today as investors vote on a merger of the F&C Commercial Property Trust (FCPT) and Ignis’ UK Commercial Property Trust (UKCPT). F&C will be stripped of its mandate to run the £800m FCPT if shareholders agree to join the vehicles together to create a £1.7bn “super-trust”. Although [...]
The late-night bank manager is planning a High Street revolution August 8, 2010 THE revolution in High Street banking has begun. That’s the bold claim of Craig Donaldson, chief executive of Metro Bank, the first addition to Britain’s retail banking scene in 100 years. And ground zero is the corner of High Holborn and Southampton Row, where its inaugural branch opened a couple of weeks ago. “The revolution has [...]
IHG eyes higher profit August 8, 2010 HOTEL group InterContinental Hotels (IHG) is expected to reveal a surge in profits tomorrow thanks to the return of the business traveller. Analysts expect the group, which owns the Holiday Inn chain, to unveil first half operating profits of $205m (£128m), a rise of 14.5 per cent. The sharp rise in profits is down to [...]
CITY MOVES | WHO’S SWITCHING JOBS August 8, 2010 Gartmore The fund manager has hired Nick Anderson as its new head of research for global equities. Anderson is to join in September, reporting to head of global equities Neil Rogan (pictured). He previously spent seven years at Insight Investment, where he was head of equity research, responsible for the UK, European and international equity [...]
Fraud at its highest level in the capital August 8, 2010 FRAUD cases in London and the South East doubled in the first half of the year, to make up 81 per cent of all fraud committed in the UK, according to figures out today. Around 88 fraud cases made it to court in the region, worth a total of £493m, compared to 44 cases worth [...]
It’s time to stop gloomy talk of a double dip August 8, 2010 TURNS out, Naomi Campbell is a genius. Before you start thinking that I have either the IQ of an iguana or I’m on prescribed hallucinogens for suggesting such a thing, hear me out. The supermodel claimed her summons to give evidence at Charles Taylor’s war crimes trial was an inconvenience to her life. Naomi ensured [...]