Bond says no to M&S role October 1, 2009 ASDA chief executive Andy Bond yesterday ruled himself out of the running for the top job at high street retailer Marks & Spencer (M&S). Bond said: “I am not interested. I am not going to M&S. End of story.” M&S has said it will appoint a new chief executive next year, with Sir Stuart Rose [...]
FSA will not restrict short selling but wants greater transparency October 1, 2009 THE Financial Services Authority (FSA)is to pursue “enhanced transparency” of short-selling in response to feedback it has received from the City. The regulator said it would work towards an international agreement to disclose significant short positions in all equities, rather than a stand-alone domestic regime. Alexander Justham, FSA director of markets, said: “The consultation exercise [...]
CITY VIEWS: DO YOU THINK THE PROPOSED CLAMP DOWN ON BONUSES IS IN DANGER OF GOING TOO FAR? October 1, 2009 NIRANJAN GIVANE OCBC BANK“I think that it’s the right move for the current time. Bonuses should be awarded for long-term performance, and I think this latest action is going in the right direction for the City. The people who are below the very top tier aren’t rewarded in the same way.”DES MORAN ROYAL BANK OF [...]
KBC’S STAYING POWER October 1, 2009 BELGIAN finance group KBC said yesterday it aimed to keep growing in central and eastern Europe and did not plan to pay back €7bn ($10.2bn) of state aid through a capital increase. KBC said it had submitted its five-year business plan to the European Commission on Wednesday and expected the latter to make a decision [...]
GE talking to Comcast over NBC Universal October 1, 2009 GENERAL Electric is understood to be holding talks to sell 51 per cent of NBC Universal to Comcast, which would pay up to $7bn (£4.4bn) in cash and contribute some programming assets to the new, jointly owned company. GE, which owns 80 per cent of NBC Universal, is considering a host of proposals for NBC [...]
RBSset to appoint new non-executive directors as it looks to beef up board October 1, 2009 ROYALBANKOF SCOTLAND (RBS) is set to announce that two new independent directors are joining its board today, as it seeks to improve its capital position. The appointment of Philip Scott, ex-finance director at insurer Aviva, and Penny Hughes, who was head of UK and Ireland for Coca-Cola, into non-executive positions is expected today. The move [...]
ICAPexpects profit to fall October 1, 2009 ICAP, the world’s top interdealer broker, said it expected a six per cent increase in group revenues for the first half, although it warned interim pre-tax profits would be below last year’s. Chief executive Michael Spencer said the group had “made a solid start to the year across many markets ahead of a pronounced seasonal [...]
ARE YOU IMPRESSED BY ICAP’S TRADING STATEMENT? October 1, 2009 JUSTIN BATES DANIEL STEWART“We had been concerned about falling volumes, particularly in the electronic business. However, the statement illustrates the inherent earnings power in ICAP’s diversified model. For electronic volumes to be down 28 per cent year on year, but revenues to be up six per cent is testament to the strength of the business.” [...]
PETS AT HOME BARKING FOR IPO October 1, 2009 PETS AT HOME, the UK’s leading retailer of pet food products, yesterday said that it was planning to float the business next year. The group has appointed JP Morgan Cazenove as joint bookrunner and adviser. Chief executive Matt Davis (pictured) said the listing would allow the business to grow.
Munich Re in 1bn share buyback October 1, 2009 Munich Re, the world’s largest insurance company, yesterday said it would resume its suspended share buyback programme and aims to buy up to €1bn (£913,000) worth of its stock by April 2010. On the basis of the current share price, this would amount to 9.2m shares or 4.7 per cent of its share capital, it [...]