Treasury to meet with bankers July 14, 2010 Britain’s biggest banks are set to clash with the government today as ministers try to force HSBC, Barclays and Santander to agree to commitments on business lending. George Osborne and Vince Cable are also expected to push for the introduction of net lending targets when they meet with the banking bosses at the Treasury this [...]
Singapore sees sharp growth July 14, 2010 Singapore’s economy grew more sharply than expected in the second quarter, in a further sign of an Asian-led economic recovery. Gross domestic product (GDP) increased by 26 per cent in the last three months compared with the fourth quarter of 2009. Compared with the same period last year, GDP rose by 19.3 per cent. The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 14, 2010 FINANCIAL TIMES FRANCIS MAUDE TACKLES CIVIL SERVICE PAY-OFFS Francis Maude, the Cabinet Office minister, attempted to force the hand of civil service unions yesterday as he laid emergency legislation to slash their redundancy terms while offering negotiations on a new severance deal. With up to 100,000 civil service jobs likely to go during the next [...]
BP faces ban on drilling in US waters July 14, 2010 BP could be banned from offshore drilling in the US for up to seven years following a US?Congressional vote last night that agreed to preclude companies with poor safety records from offshore oil exploration permits. The proposed law does not name BP, but would apply to any company that has experienced 10 or more deaths [...]
Rambourg quits to focus on FSA probe July 14, 2010 GARTMORE’S star fund manager Guillaume Rambourg has resigned to concentrate on the Financial Services Authority’s investigation into his conduct, the company said yesterday. Rambourg only returned to the firm in April, following an internal investigation that found he breached company rules by directing trades to specific brokers instead of allowing a separate team to allocate [...]
Candover talks near collapse July 14, 2010 TALKS to secure a buyout of equity house Candover by a Canadian pension fund are close to collapse, said reports last night. As Candover prepares to sell two of its biggest portfolio companies for more than £2.5bn, discussions with Alberta Investment Management (Aimco) are fizzling out, according to the Financial Times. Talks have been ongoing [...]
AIG chairman Golub resigns July 14, 2010 American International Group named director Robert “Steve” Miller as its new chairman, after Harvey Golub resigned amid tensions with chief executive Robert Benmosche. Benmosche told the board that he “believes our working relationship as chairman and CEO to be ineffective and unsustainable,” Golub wrote in a letter to AIG director George Miles. “I’m resigning for [...]
Fed reduces forecast for 2010 growth July 14, 2010 THE US economy’s recovery will be slower over the rest of the year than originally forecast, according to the Federal Reserve, which yesterday revised down its growth projections for the first time since the economic rebound began. Minutes of the Fed’s meeting, published yesterday, showed its central forecast is now for the economy to grow [...]
Myerson banned from M&A work for secret takeover plan July 14, 2010 CONTROVERSIAL investor Brian Myerson was banned from working with FSA-registered companies for three years yesterday for breaking takeover rules. The Takeover Panel said Myerson, along with colleagues Brian Padgett and Daniel Posen, are the first investors in over 20 years to be subject to its “cold shoulder” powers that effectively prevent any M&A work. The [...]
SEC’s Schapiro moots changes to shareholder voting systems July 14, 2010 US SECURITIES regulators yesterday weighed whether to change voting in corporate elections, amid calls from companies and some investors to fix a system they consider antiquated. The Securities and Exchange Commission (SEC) asked the public to comment on changes to the voting system, including whether companies need more information about the identity of their shareholders. [...]