Cable: carve up retail and investment banking in UK January 25, 2010 VINCE cable yesterday called for British banks to be broken up, in a move that will further alienate him from the City. He said he would use the crisis to transform the economy into a system that was beneficial to the whole country and “not just the Square Mile”. He distanced himself from the two [...]
HSBC names Boyles as new European boss January 25, 2010 HSBC has appointed Peter Boyles to a new role as chief executive for continental Europe, where the traditionally Asia-focused institution said it saw “considerable opportunity”. Boyles, the head of the bank’s French operations and a 35-year veteran of HSBC, will lead a new Paris-based team responsible for businesses in 26 countries across continental Europe, including [...]
Whitacre will stay GM boss January 25, 2010 GENERAL MOTORS (GM) chairman Ed Whitacre yesterday said he would stay on as chief executive of the carmaker indefinitely, ending an eight-week search for his successor in a bid to bring stability to GM’s turnaround plans. The move had been considered highly likely after Whitacre, 68, announced on 1 December that he would take over [...]
European regulators probe BHP and Rio joint venture January 25, 2010 EUROPEAN Union regulators opened a competition investigation yesterday into a planned $116bn (£71.4bn) iron ore production joint venture between BHP Billiton and Rio Tinto. The plan by Rio, the world’s second largest iron ore producer, and BHP, the third largest, to combine their Western Australian iron ore operations has been criticised by industry groups which [...]
Ferrero drops out of bidding for Cadbury, leaving Kraft to go solo January 25, 2010 ITALY’S Ferrero has ruled out a rival bid for Cadbury, clearing the way for Kraft Foods to complete its £11.7bn takeover of the British confectioner. Fellow chocolate maker Hershey said on Friday it had no intention of bidding for Cadbury, so with Nestle already ruled out, Kraft appears on course to complete its recommended bid [...]
Hiscox upbeat despite fall in renewal rates January 25, 2010 BRITISH insurer Hiscox reported a drop of up to seven per cent in average reinsurance prices as policies came up for renewal this month, but said the lower rates still offered attractive profit margins. Reinsurance rates fell between five and seven per cent, Bermuda-based Hiscox said yesterday, blaming stiff competition between well-capitalised reinsurers.. The firm [...]
Hiscox reaps rewards of risk appetite January 25, 2010 HISCOX knows a thing or two about hurricanes, which could explain its appetite for risk. It returned a staggeringly good 7.2 per cent on its investment portfolio in 2009, after it was rewarded for maintaining its allocation to riskier equities and non-government bonds. The value of the portfolio at the end of the year was [...]
Minerva asks investors to vote again on chairman January 25, 2010 THE NEXT round in the protracted battle to reinstall Oliver Whitehead as chairman of Minerva is set to take place in early March when the property group will again seek shareholder approval for the appointment. A board resolution to reappoint Whitehead was defeated at the company’s annual meeting in December when Nathan Kirsh’s KiFin investment [...]
Wolseley boss brings in new finance chief January 25, 2010 IAN Meakins, chief executive of the building materials group Wolseley, yesterday moved to stamp his authority on the company he joined last July. He is bringing in John Martin, a man he worked with before at the foreign exchange group Travelex, as chief financial officer to replace Steve Webster who has been with the group [...]
Aegis moves into China with Charm venture January 25, 2010 MARKETING group Aegis is to extend its presence in China by forming a joint venture with Charm, a leading agency which handles much of the advertising placed on the country’s largest national TV network. Aegis said in a statement yesterday it would acquire 17.7 per cent of Charm Communications and form a joint venture between [...]