UK urged to stand firm against AIFM March 15, 2010 THE government has been urged to take a stand against proposed rules from Brussels on hedge funds and private equity amid warnings the measures could cost the City £4.7bn. As European Union finance ministers attempt to reach agreement on the controversial Alternative Investment Fund Managers (AIFM) directive today, industry figures made a last-ditch call on [...]
Talks to resolve Finland’s ports strike to begin March 15, 2010 Talks to end a port strike costing export-dependent Finland hundreds of millions of euros will resume today, both parties said yesterday. Juha Mutru, head of the Finnish Port Operators Association, said talks would begin at lunchtime, while spokeswoman Hilkka Ahde from transport workers union AKT confirmed the state mediator had called for talks to resume. [...]
China’s CNOOC in Argentine deal March 15, 2010 China National Offshore Oil Corp (CNOOC), China’s biggest offshore oil explorer, plans a joint venture with Argentina’s Bridas Energy Holdings, paying $3.1bn to take a 50 per cent stake in a subsidiary, Bridas Corporation, the company said. Bridas Corp, currently wholly-owned by Bridas Energy, will become equally owned by the partners and could have its [...]
Saudi’s Kingdom bids for hotels March 15, 2010 Kingdom Holding, the investment firm of Saudi Prince Alwaleed bin Talal, wants to buy $375m (£249m) worth of shares in its hotel division listed in Dubai, in a blow to the beleaguered Nasdaq Dubai bourse. Kingdom Hotel’s shares have not traded since 11 January and are down 57 per cent since listing on the Nasdaq [...]
Liberty sells flagship store March 15, 2010 Upmarket British retailer Liberty is selling its distinctive mock Tudor department store building in London’s West End for £41.5m to pay off debt, it said yesterday. The 135-year-old firm, 68-per cent owned by property group MWB Holdings, said it had exchanged contracts to sell the freehold interest in the 125,000-square-foot store to Sirosa Liberty, a [...]
No light at the end of tunnel for Capgemini March 15, 2010 Europe’s largest computer consultancy Capgemini said yesterday demand is improving but it has yet to see signs of a sustained recovery. The news will be a blow to the IT sector as the firm is seen as a bellwether for industry spending. It follows a torrid year’s trading for the market leader, as it was [...]
Telco Deutsche searches for more women March 15, 2010 Deutsche Telekom wants to support women’s careers and has introduced a quota system to ensure a third of its upper and middle management positions will be held by women by 2015. “Having a greater number of women at the top will quite simply enable us to operate better,” said chief executive Rene Obermann yesterday. “Taking [...]
Liechtenstein sets the pace on tax March 15, 2010 OFFSHORE banks have provided a tax-free haven for wealthy investors’ cash for more than 70 years. But as HM Revenue & Customs steps up its pursuit of British account holders, several international banking centres are considering following Liechtenstein’s lead in brokering an anonymous amnesty between the UK authorities and individuals with undeclared money stashed offshore. [...]
Entrepreneurs are helping firms of tomorrow March 15, 2010 TEN years ago, at the time of the euphoric dot com boom and bust, we were a “Digital Island” of sorts. The dealmakers were a relatively tiny segment of society: those who saw that the internet was here to stay. Huge management experience was compressed into a short period of time. People in their early [...]
CITY MOVES | WHO’S SWITCHING JOBS March 15, 2010 Universal Music Max Hole has been promoted to the position of chief operating officer at Universal Music Group International (UMGI). Hole, who will take up his new role on 1 July, is currently executive vice president of UMGI and president of the group’s Asia Pacific operations. He joined the firm in 1998 from Warner Music [...]