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. [...]
M&S defends £15m pay deal for new boss July 14, 2010 SIR STUART ROSE, the outgoing executive chairman of Marks & Spencer (M&S), along with the British retailer’s board faced investor revolt yesterday over the pay package handed to incoming chief executive Marc Bolland. With some shareholders calling his £15m deal “obscene” at its annual meeting, senior executives were left defending Bolland’s pay. Rose, who faced [...]
SHAREHOLDER VIEWS: WHAT DO YOU THINK OF MARC BOLLAND? July 14, 2010 ARIT AMANA | SOUTH LONDON “I don’t know his background but I found him to be personable when he introduced himself today. I like that he met his employees, it’s better to know the business from the bottom up. I look forward to seeing how he will run M&S.” GOUTAM DATTA | WEMBLEY “Marc Bolland [...]
Rio ready for growth but still cautious July 14, 2010 RIO TINTO reported a two per cent fall in iron ore production since last year and raised concerns of a possible double-dip recession and slower Chinese growth yesterday. The world’s second-biggest iron ore miner said it was running its mines close to capacity and forecast total annual output of 234m tonnes, slightly up on earlier [...]
Huhne urges EU to cut more emissions July 14, 2010 EUROPEAN businesses should be hit by much tougher rules on greenhouse gas emissions, according to energy secretary Chris Huhne and environmental ministers in Germany and France. The politicians called on the EU to slash emissions by 30 per cent in the next ten years, instead of the current 20 per cent target, in a joint [...]
Rio Tinto July 14, 2010 THE manacles strangling Rio Tinto’s Australian focus may have been removed, enabling the miner’s $200m (£130.9m) investment in Western Australia to go-ahead, but in reality the 40 per cent super-tax, since reduced to 30 per cent, was just a distraction. The dredging at its Cape Lambert mine in the Pilbara will help to boost production [...]
EU clears Iberia tie to BA July 14, 2010 BRITISH AIRWAYS (BA) has landed approval from European competition regulators to allow its merger with Iberia and joint venture with American Airlines (AA) to go through. The European Commission (EC) yesterday gave antitrust clearance to the airlines to launch the three-way partnership, which will include slot sharing in London and New York. Although the Department [...]