TURNER IN FRESH ATTACK ON CITY September 22, 2009 LORD Turner, chairman of the Financial Services Authority, last night accused those who plan to ignore lessons from the “near death experience” of the market meltdown of being the real enemies of the City. In a controversial speech to the Lord Mayor’s banquet at Mansion House, Turner repeated his previous claim that “not all financial [...]
G20 closes in on bonus deal September 22, 2009 THE WORLD’S financial superpowers are nearing a compromise on bonuses which would satisfy both the US and counterparts in France and Germany, with the G20 summit in Pittsburgh due to begin tomorrow. Mandarins from the G20 powers are thrashing out a co-ordinated solution to the remuneration question, that would see banks required to pay a [...]
Turner’s speech: pity it was so populist September 22, 2009 THERE was plenty of meat in what Adair Turner, the FSA’s chairman, had to say last night at the Lord Mayor’s Banquet. But Turner is a great showman, a canny political operator – so no sooner had we finished making toasts to the Queen and to the health of the financial services industry that he [...]
Neutec trio to face court September 22, 2009 A FORMERfinance director and two lawyers involved with the takeover of Neutec Pharma by Swiss rival Novartis are facing a Crown Court trial over eight counts of insider dealing. Peter Andrew King, Michael McFall and Andrew Rimmington face a total of up to 56 years in prison if found guilty of wrongdoing. They had contested [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 22, 2009 FINANCIAL TIMES VODAFONE TO REJIG MOBILE INTERNET STRATEGYVodafone will set out a significant revamp of its services strategy for mobile phones tomorrow as it tries to bridge the gap with global rivals. Vittorio Colao, chief executive, will outline new services that are intended to capitalise on the rising popularity of surfing the internet on mobiles.Some [...]
Blacks on the brink of breach September 22, 2009 Blacks Leisure shares fell 18 per cent to 42p yesterday after the outdoor clothing retailer warned it was about to breach the terms of a £35m loan. The group has been given a two-month deadline by Lloyds Banking Group to fix its loss making boardwear division.
RBSconfirms possible cash call September 22, 2009 Royal Bank of Scotland (RBS) has confirmed that it is looking at ways to raise capital and has been sounding out investors about a possible cash call.The bank is looking for ways to reduce the cost of its participation in the government’s Asset Protection Scheme and is considering a £3bn-£4bn share issue to avoid having [...]
Goldman Sachs supports pound September 22, 2009 Goldman Sachs yesterday said it expects the pound to strengthen by about eight per cent over the next three months. The bank said the UK economy was in better shape than it first looked.
US to revamp M&A code in blow to firms September 22, 2009 US ANTITRUST authorities are revamping guidelines on company mergers and takeovers in a bid to encourage greater competition, potentially causing a headache for firms looking to tie the knot. The 17-year old guidelines are to be overhauled amid expectations that the Obama administration will give corporate combinations a tougher review. Federal Trade Commission Chairman Jon [...]
Lloyds non-executives quit board ahead of new guidelines from Walker Review September 22, 2009 LLOYDS Banking Group yesterday announced the resignation of non-executive directors Carolyn McCall and Phillip Green. McCall, also the chief executive of media firm Guardian Media Group and Green, who is chief executive of water company United Utilities, cited worries that the role would take up too much time. The Walker Review into corporate governance recommended [...]