Madoff aide to plead guilty August 9, 2009 Swindler Bernard Madoff’s right-hand man Frank DiPascali is to plead guilty tomorrow in Manhattan to criminal charges for his role in the $65bn (£39bn) fraud, according to court documents filed late last week. Legal experts indicated the charge against DiPascale might lead to charges being brought against others who worked for Madoff. DiPascali worked for [...]
Sir Fred Goodwin coming home August 9, 2009 Former Royal Bank of Scotland boss Sir Fred Goodwin is to return from his self-imposed exile in France this month.The 50-year-old fled with his family to the south of France four months ago when he was blamed for the near-collapse of the bank and criticised for his massive pension.But after his two children missed almost [...]
STILL TOP OF THE POPS August 9, 2009 HMV boss Simon Fox has pledged his loyalty to the music and film retailer by pulling out of the race for the top job at ITV, City A.M. can confirm. Fox, who was tipped by many as a strong contender to replace Michael Grade as chief executive of the embattled broadcaster, has assured the HMV [...]
Bank warns of slowdown August 9, 2009 THE BANK of England is this week expected to downgrade its growth forecast for the year and predict low inflation for another two to three years. The revision – which results mainly from a weaker-than-expected second quarter gross domestic product – will push the growth rate below chancellor Alistair Darling’s predicted rate of 3.5 per [...]
China mulls security rethink over Rio Tinto espionage row August 9, 2009 CHINA has accused mining giant Rio Tino of a prolonged period of espionage against its steel industry, which it says allowed the Anglo-Australian firm to overcharge by 700bn yuan (£61.2bn) for iron ore. The official magazine of China’s National Administration for the Protection of State Secrets (NAPSS) said in an editorial that Beijing would need [...]
Blackstone considers breaking up chunks of hotel giant Hilton August 9, 2009 PRIVATE equity firm Blackstone is preparing to break up its investment in the Hilton hotel giant chain under plans to realise value from the group. The plans, which come ahead of debt repayments three and four years away, are believed to be at an early stage. The business is still mulling options for the hotel [...]
BEST FOOT FORWARD August 9, 2009 KURT Geiger, the high street shoe store favoured by pop stars, yesterday revealed a 21 per cent rise in earnings over the past year to 31 January 2009. The group, in a filing to Companies House, said that like-for-like sales had grown by seven per cent, boosted by business expansion. Earnings before interest, taxation, depreciation [...]
Ronnie draws Jones into JJB conflict August 9, 2009 FORMER JJB chief executive Chris Ronnie yesterday hit back at his former employer in a desperate bid to clear his own name and muddy the reputation of executive chairman Sir David Jones. In an email circulated to the press Ronnie said that he and Jones had been working on taking the retailer private last year. [...]
Paulson faces ethics spat over Goldman August 9, 2009 FORMER US Treasury secretary Hank Paulson was in constant contact with former employer Goldman Sachs during the depths of the banking crisis, according to telephone records obtained under freedom of information law. Paulson, who spent 32 years at Goldman, spoke with his successor as chief executive Lloyds Blankfein on two dozen occasions last September, in [...]
Hopes for dividend hike at Prudential may be misplaced August 9, 2009 PRUDENTIAL chief executive Mark Tucker will try to quit the insurer on a high by boosting its dividend when it reports interim results this Thursday. Analysts at Deutsche Bank have fuelled hopes the group will boost the payout from 6p to 6.3p a share, as popular leader Tucker prepares to hand over to current finance [...]