JP Morgan to launch a new global banking unit January 28, 2010 JP MORGAN CHASE plans to launch a global corporate banking unit to sell loans and banking services to multinational corporations. The bank plans to invest $100m (£62m) in the unit, which would have around 300 bankers, in a move that would pit the bank directly against rivals like Citigroup and HSBC. Sources at the bank, [...]
Microsoft sees profits rocket 60 per cent January 28, 2010 MICROSOFT yesterday posted a bigger-than-expected 60 per cent jump in quarterly profit, helped by strong sales of Windows 7, and said it expected business technology spending to recover this year. The world’s biggest software maker said yesterday that net profit came to $6.7bn (£4.2bn), or 74 cents per share, for its fiscal second quarter, versus [...]
AstraZenecaculls jobs as fears mount January 28, 2010 Pharmaceutical giant AstraZeneca said yesterday it will slash a further 8,000 jobs worldwide over the next four years. The cuts come on top of 12,600 jobs already eliminated around the world under the company’s aggressive cost-cutting programme, designed to achieve savings of £1.2bn by 2014. The UK’s second-largest drugmaker did not say how many jobs [...]
Businesses criticise plans for six months’ paternity leave January 28, 2010 BUSINESS leaders yesterday criticised new laws giving fathers the right to six months’ paternity leave. Currently fathers get just two weeks leave after the birth of their child, but the new legislation – which is being spearheaded by deputy Labour leader Harriet Harman – effectively allows parents to divide the mother’s twelve-month maternity allowance between [...]
ING appeal against European aid ruling could open floodgates January 28, 2010 BANCASSURER ING and the Dutch state yesterday said they would appeal against elements of the European Commission’s decision on ING’s state aid restructuring, opening the door for other European state-aided banks to follow suit. Analysts said if ING was successful, it could open the way to the renegotiation of the restructuring deals announced in the [...]
Broadcasting outsider gets top job at ITV January 28, 2010 ITV yesterday defended its decision to appoint Adam Crozier – a man with virtually no broadcasting experience – to lead the beleaguered firm. Chairman Archie Norman said that Crozier’s experience as chief executive of the Royal Mail had given him the skills to steer ITV through a “transformational period”. “Some think we should have looked [...]
Allan Leighton: the man behind Crozier’s move January 28, 2010 ITV chairman Archie Norman yesterday said he had scoured the world for a new chief executive before finally settling on Adam Crozier. But the man he eventually chose came via a more direct route, through his friendship with long-time friend and former Asda colleague Allan Leighton. Norman – chief executive and then chairman of Asda [...]
Sky launches 3D footie and defies slump January 28, 2010 SATELLITE broadcaster BSkyB will broadcast Manchester United’s clash with Arsenal this weekend in 3D at a handful of pubs. The event, which Sky is billing as a world-first, will drum up interest for its 3D TV service, which launches in April. Nine pubs in London, Manchester, Cardiff, Edinburgh and Dublin will take part. Sky announced its [...]
FSA moves to reduce risk in its new report January 28, 2010 Senior employees at financial firms will have to undergo tough new vetting procedures under rules announced yesterday by the Financial Services Authority (FSA). Management and board members will face extra scrutiny to make sure they pass stringent competence and probity tests. Any executives or senior managers moving positions will have to submit a thorough application [...]
Barnier pencils in spring date for hedgie visit January 28, 2010 MICHEL Barnier, the Frenchman whose appointment to the EU’s internal market brief caused a furore in December, has confirmed he will meet with hedge fund managers and venture capitalists in London. London MEP Syed Kamall said Barnier’s aides were arranging a visit after the coming general election in spring. It is understood several high-profile financiers [...]