New stock value for Facebook July 13, 2009 Digital Sky Technologies (DST), the Russian investment firm that invested $200m in Facebook this spring, is offering $14.77 (£9.09) a share for stock in the social network, in a deal that values it at around $6.5bn. The new valuation is lower than the $10bn valuation at which DST originally invested, as well as the $15bn [...]
French use explosive tactics July 13, 2009 French car part workers have threatened to blow up a factory unless carmakers Renault and PSA-Peugeot pay compensation for job losses. The 336 workers at the bankrupt New Fabris plant have said they want ¤30,000 (£26,000) each by 31 July or they will detonate canisters of gas.
EC drafts new rules on pay July 13, 2009 THE European Commission (EC) unveiled new measures to crack down on bank bonuses yesterday, with the publication of a draft law promising to penalise banks whose pay policies encourage risk. The latest planned legislation will concentrate on executive pay, seeking to establish a globally-applied mix of variable and fixed pay that best discourages risk-taking. “It [...]
Sunshine adds some extra sizzle to retail sales in June July 13, 2009 HOT, sunny weather helped retail sales rise 1.4 per cent on a like-for-like basis in June compared to the same period a year ago, according to figures published today by the British Retail Consortium (BRC). This is much higher than the 0.4 per cent fall in like-for-like sales expected by analysts, raising hopes of rising [...]
Asset management sector defies turmoil on global equity markets July 13, 2009 THE UK asset management industry is weathering the market chaos and will remain a global magnet for fund business provided tax and rule changes do not damage it for no reason, according to the Investment Management Association (IMA). Richard Saunders, the IMA’s chief executive, said the association’s annual survey shows the industry fell by just [...]
MOSS AND THE MOGULS July 13, 2009 SUPERMODEL Kate Moss is to become director of style and image at Sir Philip Green and Simon Cowell’s new international entertainment firm. The two moguls and Moss hope their pool of contacts and industry knowledge will enable the company to rival Disney. It is thought that Moss will earn £100m in the fashion figurehead role. [...]
CITY VIEWS: IS BIG BUSINESS OUT OF TOUCH WITH WHAT YOUNG PEOPLE WANT? July 13, 2009 BOB DAVIES ACE“I think firms are getting better at understanding youth and a lot of senior executives have kids. But often they’re a bit blinkered – they tend to grasp at what seems to be trendy and don’t necessarily think about it very deeply.”MAGDA MILLER KENNEDYS SOLICITORS“When companies do address youth, they’re only doing so [...]
Low pay for UKFI bosses July 13, 2009 SEVERAL board members in charge of UK Financial Investments (UKFI) – the body charged with managing the government’s stakes in Royal Bank of Scotland and Lloyds Banking Group – are earning nothing for their time, it emerged yesterday. UKFI revealed in its annual report that acting chairman Glen Moreno is not taking a salary for [...]
CIT in crisis as US regulators at odds over bailout plan for lender July 13, 2009 THE survival of CIT Group, a key source of financing for thousands of small and medium-sized companies in the US, became ensnared in disagreements between regulators in Washington yesterday. The Federal Deposit Insurance Corp, which insures deposits at US banks, opposed an attempt by the Treasury Department and Federal Reserve to rescue the struggling lender [...]
Geithner says end in sight July 13, 2009 THERE is a strong chance America and other leading economies around the world will start growing again over the next few quarters, but big risks to the outlook remain, US treasury secretary Timothy Geithner said yesterday. Geithner, speaking after talks in London with Prime Minister Gordon Brown and chancellor Alistair Darling, said support measures were [...]