Cazenove’s Calvert found guilty of insider trading March 10, 2010 MALCOLM Calvert, a former partner at Cazenove, has been found guilty of five counts of insider trading and faces up to seven years behind bars. The verdict was reached at Southwark Crown Court yesterday and he will be sentenced at 2pm today. Calvert, from the stockbroker belt village of Cobham in Surrey, is the fifth [...]
Vikram Pandit plans Citigroup return to profit March 10, 2010 THE battered US banking giant, Citigroup, will look to earn as much as $20bn (£13bn) by the end of 2012 as the company looks to get back on its feet. Vikram Pandit, Citigroup’s chief executive, believes the bank can turnaround its fortunes by focusing on its core businesses. He claims Citicorp, which makes up the [...]
EMI boss quits ahead of key refinancing March 10, 2010 THE financially troubled EMI music label yesterday revealed that its chief executive Elio Leoni-Sceti is leaving after only 18 months in the post. Leoni-Sceti leaves with no job to go to. Having joined from Reckitt-Benckiser, he is said to have become disconsolate by the legal action between Citigroup, which funded EMI’s £4bn takeover by Terra [...]
Broadcasting boss Allen takes centre stage March 10, 2010 THE former boss of Britain’s biggest commercial broadcaster will add troubled record label EMI to his list of top jobs when he takes over the role of executive chairman at the end of this month. Charles Allen’s media career began in 1991 when the catering group Compass took over Granada, in a merger that finally [...]
US-based ICE touted as the Tullett bidder March 10, 2010 AMERICAN exchange operator IntercontinentalExchange (ICE) has been touted as the most likely bidder for Tullett Prebon, the inter-dealer broker headed by Terry Smith, which yesterday confirmed it was in early-stage talks with an unnamed potential buyer. Tullett said it was in preliminary discussions which “may or may not lead to an offer being made for [...]
BP tipped as frontrunner to buy Devon’s $5bn assets March 10, 2010 BP has emerged as a frontrunner to buy $5bn (£3.3bn) of oil assets from Devon Energy, the independent US oil and gas producer, according to sources. BP is looking at Devon’s position offshore Brazil, as well as Gulf of Mexico and Canadian assets, according to one source. BP is believed to be the leading contender [...]
Tesco hires new clothing chief March 10, 2010 TESCO has hired the former head of non-food at J Sainsbury in a bid to revive its £1bn clothing business. Richard Jones will replace Terry Green as Tesco’s clothing chief – running the clothing business in the UK, as well as taking charge of its home furnishings division. Green, whose five-year contract for Tesco is [...]
US and Europe tense over deal March 10, 2010 THE US and Europe face growing tensions over restrictions on export deals involving BAE Systems while European politicians protest the collapse of efforts to sell aerial tankers to the United States. The US said on Tuesday it would delay action on any new export license requests by BAE after it pleaded guilty to violating US [...]
BA strike looms as negotiations crash March 10, 2010 STRIKE talks between British Airways (BA) and Unite have fallen apart after the airline rejected a package of proposals from the union. BA said the proposed 2.6 per cent staff pay cut, which Unite estimated would have saved BA £60m, “fell significantly short” of the £62.m savings they needed. As a result of the failed [...]
May election seems certain as Brown sets a budget date March 10, 2010 GORDON Brown yesterday said there will be a budget on 24 May, making a 6 May election a racing certainty. He yesterday set out his vision for guiding the UK through its tentative economic recovery. He vowed the UK would avoid the ignominy of losing its AAA credit rating and set out plans to cut [...]