Cazenove chief set to quit February 9, 2010 The chief executive of JPMorgan Cazenove, Nuguib Kheraj, is set to leave his job next month because the US bank taking over the UK broker has failed to find him a mutually suitable role. The former Barclays director is a favourite to succeed Lloyds chief Eric Daniels, if he leaves.
EU could damage UK hedgies February 9, 2010 European Union plans to regulate managers of hedge funds and other alternative investments need changing to avoid damaging Europe’s economy and curbing investor choice, says a report from British MPs today. The rules include managers in the EU registering and complying with leverage caps and appointing an independent valuer.
WHAT THE OTHER PAPERS SAY THIS MORNING February 9, 2010 FINANCIAL TIMES TREASURY BLOCKS £1BN TAX LOOPHOLE A corporate tax loophole that threatened to drain the exchequer of £1bn a year was blocked yesterday by the Treasure in legislation that will be backdated to October 2007. The move is a response to a threat by banks and other companies to exploit an apparent defedct in [...]
Top US brands win as results beat forecasts February 9, 2010 AMERICAN brand giants McDonald’s, Coca-Cola and Walt Disney reported stronger-than-expected results yesterday, though the food and drink profits are increasingly coming from outside the US . McDonald’s beat expectations with a 2.6 per cent increase in January sales compared to a year earlier. The US market, which fell 0.7 per cent, was propped up by [...]
Fidelity unveils details of Bolton’s $1bn Chinese investment fund February 9, 2010 FIDELITY International yesterday revealed plans to raise £630m ($1bn) in an initial fundraising for Anthony Bolton’s new China equity fund. Shares in the close-ended fund – issued at £1 – will start trading on the London Stock Exchange in April. The fund is named Fidelity China Special Situations in a nod to the Fidelity Special [...]
General Motors in fresh job cuts February 9, 2010 General Motors has revealed plans to cut 8,300 jobs as it restructures its Opel/Vauxhall operations in Europe. The US carmaker wants to reduce plant capacity by 20 per cent to help it achieve profitability by 2012. GM also asked Germany for €1.5bn (£1.3bn) in state aid. In the UK, 369 jobs will go at GM’s [...]
BofA and Citi hit by S&P February 9, 2010 Bank of America and Citigroup have been warned over their credit ratings, after Standard & Poor’s revised its outlook for both from stable to negative. The credit agency cited uncertainty over whether the US government will provide more support that benefits debt holders. A negative outlook means a downgrade is more likely over the next [...]
Rothschild selects new chief February 9, 2010 Rothschild is appointing its first chief executive who is not a member of the banking dynasty. Nigel Higgins, who has co-headed the investment banking business for the past decade, will take over from David de Rothschild at the helm of the family holding company in March. Rothschild is expected to remain executive chairman.
Northern Rock drops guarantee February 9, 2010 Northern Rock is set to drop its 100 per cent savings guarantee to ready itself for a sale. The nationalised bank will give three months notice to its customers, who will then be covered by the Financial Services Compensation Scheme in the same way as depositors with other banks – £50,000 for each individual, or [...]
Sants tenders resignation as FSA chief February 9, 2010 FINANCIAL Services Authority (FSA) chief executive Hector Sants yesterday plunged the City regulator into disarray as he confirmed his resignation in the summer, although he was widely tipped to return to public office under a future Tory government. Shadow chancellor George Osborne, who is understood to be keen to see the FSA chief return to [...]