Tube strike off after pay offer July 12, 2010 Tomorrow’s strike by Tube Lines has been suspended while staff vote on whether to accept a new offer of a 4.2 per cent pay rise and increased job security. Rail union RMT confirmed yesterday that its members would vote on the revised package. Management will recommend that members accept the offer. Tube Lines workers, who [...]
Glaxo drug under fresh scrutiny July 12, 2010 The US will today begin a review into GlaxoSmithKline’s diabetes drug Avandia. The Food and Drug Administration will debate over two days whether to restrict or withdraw the medicine, also known as rosiglitazone. Research in 2007 showed the drug could cause higher rates of heart attacks, while a government report earlier this year suggested the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2010 FINANCIAL TIMES RIO CLASHEs OVER THE RIGHTS TO MONGOLIAN COPPER MINE Tensions are rising between Rio Tinto and Canada’s Ivanhoe Mines over rights to a world-class copper deposit in Mongolia as the multinational mining group releases hundreds of millions of dollars to develop the mine over which it has limited control. Ivanhoe, which owns the [...]
BP boosted as closes in on key asset sale July 12, 2010 BP’S shares soared yesterday on the back of news that the company was close to securing a number of deals to sell off some assets and that it will begin capturing three times more oil through a new containment cap. BP shares closed up 9.5 per cent at 399.4p yesterday. That is more than 30 [...]
Former LTCM trader surfaces at London-based hedge fund July 12, 2010 ONE of the survivors of Long-Term Capital Management (LTCM), the US hedge fund infamously bailed out by Wall Street in the late 1990s, has resurfaced at London-based Capula Investment Management. Ayman Hindy became a partner at Capula last week, according to a regulatory filing. He has been working at the government fixed income specialist for [...]
US issues deepwater drilling ban as a result of the Gulf oil disaster July 12, 2010 The US Interior Department yesterday formally issued its new offshore oil drilling moratorium, saying it would end by 30 November or sooner and it would no longer be based on water depths. “More than eighty days into the BP oil spill, a pause on deepwater drilling is essential and appropriate to protect communities, coasts, and [...]
Aon snaps up Hewitt with $4.9bn offer July 12, 2010 Aon, the world’s largest insurance brokerage, yesterday said it’s buying Hewitt Associates for $4.9bn (£3.3bn) in cash and stock to create the world’s largest human resources company. With Hewitt, Aon will get a firm foothold in human resource and benefits outsourcing and take on rival insurance broker Marsh and McLennan’s Mercer unit. The deal, the [...]
Standard Life overhaul sees investor relations boss leave July 12, 2010 STANDARD Life’s head of investor relations has left the company after a shake-up of the insurer’s operations led to his position being axed. Gordon Aitken, a former sell-side analyst with JPMorgan and Credit Suisse First Boston, departed a fortnight ago. Under the terms of a group-wide review ordered by chief executive David Nish, Aitken will [...]
Wall Street reform moves a step closer as approaches its final vote July 12, 2010 THE US Senate will vote this week on a landmark rewrite of financial regulations, Senate democratic leader Harry Reid said yesterday after three Republicans said they would back the measure. “We will finish our work on this bill this week to ensure that these critical protections and accountability for Wall Street are in place as [...]
UK recession was deeper than thought July 12, 2010 BRITAIN suffered a far deeper contraction than had previously been thought and the health of the economy was far more reliant on public spending in the first three months of 2010, official figures from the Office for National Statistics (ONS) showed yesterday. The data, which had been delayed by nearly two weeks, due to “potential [...]