No recanting from Turner on City reform September 22, 2009 IN recent weeks Lord Turner has become the bête noire of the City. In conversation with Prospect magazine, the head of the Financial Services Authority suggested that some parts of the City may not be socially worthwhile. If anybody thought that last night’s Lord Mayor’s banquet would be an ideal opportunity for Turner to think [...]
Cadbury and Kraft bosses woo investors September 22, 2009 THE bosses of Kraft and Cadbury are holding a series of meetings in London this week to drum up support from investors in the bid battle for the Dairy Milk maker. Cadbury chief executive Todd Stitzer and Kraft boss Irene Rosenfeld yesterday attended the Bank of America Merrill Lynch global consumer and retail conference and [...]
BoA faces SEC suit over bonus payouts September 22, 2009 BANK of America (BoA) is to face a lawsuit from the US Securities and Exchange Commission (SEC) over claims that it deceived investors about bonuses paid to Merrill Lynch employees when it took over the struggling bank last year. BoA promised shareholders at the time that no bonuses would be paid without their assent, but [...]
No timetable to sell UKFI bank stakes boss admits September 22, 2009 UK FINANCIAL Investments (UKFI) – the company set up to manage the government’s stakes in recapitalised banks – has not set a timetable for disposing of its holdings, one of its top officials said yesterday. John Crompton, head of market investments at UKFI, said the government was keen to avoid making predictions about the price [...]
LONDON CALLING BURBERRY September 22, 2009 Burberry made its London comeback last night as it closed the 25th London Fashion Week. The 153-year old British designer showed its main 2010 spring-summer collection, Prorsum, and was joined at the show by other homegrown brands including Matthew Williamson.
EU regulators to call on King September 22, 2009 BANK of England governor Mervyn King could be handed a powerful role with a new pan-European regulator, in an effort by the European Commission (EC) to bring the UK on board with the plans. The EC will today publish its blueprint for a revamp of European financial supervision, which is set to create four new [...]
Minerva soothes investors with 750m refinancing deal September 22, 2009 SHARES in indebted London office developer Minerva soared yesterday, after it said it had refinanced, extended or restructured loans totalling more than £750m. After months of negotiations, Minerva’s lenders have agreed revised terms on £570m of loans secured on two City of London office developments at The Walbrook and St Botolphs. These include the deferral [...]
TAKING AFTERNOON TEA WITH THE GRAND DAMES OF THE BUSINESS WORLD September 21, 2009 THE City’s most illustrious ladies flocked to the House of Commons yesterday for afternoon tea at the launch of “Women for Boards”, the new initiative from super-recruiter Anna Mann to get more women onto the boards of Britain’s biggest firms. The idea was hatched in the middle of last year, when Mann, a founder of [...]
Qantas chief’s pay nosedives as slump hits airline profits September 21, 2009 QANTAS’ chief executive Alan Joyce saw his earnings plummet by 28 per cent last year as the Australian flag-carrier’s low share price took its toll. Joyce, who took on the top job in November last year – just as the airline industry began to falter – was paid A$3.7m (£1.8m) for the year to June. [...]
EDFplays down talk of asset swap plans September 21, 2009 FRENCH energy firm EDF yesterday said it was not close to securing an asset swap deal with its German rival E.ON, and denied that it had plans to sell a further 20 per cent stake in British Energy. In May, EDF sold a 20 per cent stake in British Energy to Centrica for €2.5bn (£2.1bn), [...]