Abu Dhabi in Citi dispute December 16, 2009 CITIGROUP has vowed to fight an action brought by the Abu Dhabi Investment Authority (ADIA), which claims the banking giant misled it over a $7.5bn (£4.6bn) investment. ADIA bought shares in 2007 for eight times the current price. The beleaguered bank had turned to the world’s biggest sovereign wealth fund to replenish capital after seeing [...]
Microsoft browser pledge to head off European Union fine December 16, 2009 COMPUTER software giant Microsoft is to allow consumers to use rival web browsers on its flagship Windows system to head off a fine for a possible breach of European competition law. Microsoft has agreed to offer web-surfers alternatives to its Internet Explorer browser to allay European Commission concerns that it may have flouted EU competition [...]
DUBAI TO ALL THAT December 16, 2009 Two of Dubai’s top officials – Sheikh Ahmed bin Saeed al Maktoum (above), chairman of Dubai’s Supreme Fiscal Committee, and Mohammed al Shaibani, deputy chairman of the committee – are visiting Britain and the US as the emirate seeks to rebuild confidence in its finances. The duo are expected to spend the next few days [...]
Proposals out on living wills December 16, 2009 EMPLOYEES will be guaranteed the option of working out a notice period and clients promised swift access to their money in the event of a future high-profile investment bank failure, under the terms of proposed government legislation unveiled yesterday. City minister Lord Myners launched the consultation paper on so-called “living wills” – measures for an [...]
Eurostar train drivers set to strike on Friday over wages December 16, 2009 British train drivers on Eurostar services will strike on Friday and Saturday over pay, but the company yesterday said it expected no disruption for pre-Christmas travellers. Eurostar trains link London to Paris and Brussels and the coming few days are usually among the busiest of the year ahead of the Christmas holiday. A spokesman for [...]
Comet fuels Kesa revival December 16, 2009 KESA, the electricals retailer that owns Comet, returned to profit in the first half of its financial year, with stronger sales mirroring recent improved performances by rivals Currys and PC World. Kesa reported a £6m pre-tax profit for the six months to the end of October, a big turnaround from the £103.8m loss in the [...]
SFO launches a probe into Kaupthing over Edge account December 16, 2009 THE Serious Fraud Office (SFO) has launched an investigation into the UK operations of Kaupthing, the Icelandic bank that imploded in October 2008. The SFO is particularly interested in the high yield Kaupthing Edge savings account, which was marketed by subsidiary Kaupthing Singer & Friedlander and attracted more than 30,000 UK customers. The SFO said: [...]
Unilever gets the City’s approval as it hires new finance chief December 16, 2009 CONSUMER products giant Unilever yesterday named Jean-Marc Huet as its new chief financial officer, following the resignation of James Lawrence last week. Huet is currently chief financial officer of Bristol-Myers Squibb and will make the switch to Unilever in the New Year. “We are delighted to have attracted a candidate of Jean-Marc’s talent and experience,” [...]
HELP FOR TECHIE VIRGINS December 16, 2009 SIR RICHARD BRANSON’s Virgin Group yesterday launched a company to help consumers with technical problems like PCs crashing, wireless networks not connecting and games consoles refusing to link up with other gear. www.virgindigitalhelp.co.uk will offer free online self-help guides such as “speed up” to make computers go faster.
The power plant boss who is busy trying to clean up her firm’s act December 16, 2009 T he best way to describe the chief executive of Drax power station Dorothy Thompson is to say that she is poised – a quality that will undoubtedly come in handy when it comes to navigating a path through energy markets beset with low demand and ever more onerous climate change targets. When one meets [...]