Asda chief to step down as takeover rumours sweep City April 12, 2010 ANDY Bond is stepping down as chief executive of Asda in a shock move ahead of his unveiling of the company’s five-year strategy plan. Bond is stepping into a new role of chairman on the board of Asda – a subsidiary of US retail giant Walmart – the firm said yesterday. The role will start [...]
WaMu chased risky clients April 12, 2010 Despite fraud rates of over 58 per cent and 83 per cent at two of Washington Mutual Bank’s biggest loan generating offices in 2005, the bank did nothing to address the problem, according to findings released yesterday by the Senate Permanent Subcommittee on Investigations. The loans were made after the bank decided in 2003 to [...]
China pays $5bn in oil sands deal April 12, 2010 China’s Sinopec plans to buy ConocoPhillips’ stake in the huge Syncrude project in Canada’s oil sands for $4.65bn (£3.03bn), one of the Asian country’s largest investments ever in North America. ConocoPhillips said it will sell its 9.03 per cent interest in the Syncrude Canada project to the refiner in a deal set to close in [...]
Microsoft launches Kin phone April 12, 2010 Microsoft, the US computer giant, launched two new phones, Kin One and Kin Two, aimed at young people yesterday, marking a fresh assault on the fast growing smartphone market, where BlackBerry maker Research in Motion and Apple’s iPhone now dominate. The phones will be made by Japan’s Sharp and will be sold by Verizon Wireless, [...]
Iceland probe finds negligence April 12, 2010 The former Icelandic government, its central bank head and five former officials acted with “gross negligence” in failing to prevent Iceland’s banking collapse in 2008, an official investigation found yesterday. The Special Investigation Commission report also criticised the running of the former top three banks – Glitnir, Landsbanki and Kaupthing.
UBS outflows slow ahead of investor clash April 12, 2010 UBS surprised analysts yesterday by revealing its haemorrhaging of private client funds slowed to SwFr8bn (£4.9bn) in the first quarter. The outflows were stemmed as fewer rich clients took money out in protest at the bank’s recent losses, UBS said. Other institutions in the region will take heart from the trend, which comes amid an [...]
Grübel isn’t out of the woods just yet April 12, 2010 THE three keys that make up the UBS logo symbolise confidence, security and discretion. Investors and clients could be forgiven for thinking it needs to be redesigned. Battered by huge writedowns in the financial crisis and a flight of wealth management clients in the wake of a massive American tax evasion probe, the Swiss bank [...]
Banks slam plan to shake up takeovers April 12, 2010 LABOUR manifesto proposals to make mergers between companies more difficult to complete came under fire from the City’s investment banking community yesterday. The government controversially said all takeovers – whether hostile or not – should require the approval of 66 per cent of shareholders rather than the current straight majority. It also said a “public [...]
City gives thumbs up to Tory proposals to scrap the FSA April 12, 2010 TORY plans to disband the FSA and hand its regulatory powers to a beefed-up Bank of England have been given a cautious thumbs up by our panel of City workers, although a significant minority still have doubts about the policy. The City A.M./PHI Panel, which has been specially recruited in conjunction with PoliticsHome.com to represent [...]
LABOUR MANIFESTO | AT A GLANCE April 12, 2010 ECONOMY • Secure the recovery by maintaining public spending this year, while growth is still fragile. • More than halve deficit by 2014 through economic growth, fair taxes and cuts to lower priority spending areas. • Cut structural budget deficit by more than two-thirds over next parliament. • Will not raise income taxes but does [...]