Ex-M Stanley trader banned May 20, 2009 AN ex-Morgan Stanley trader who built up a hefty unauthorised oil futures position after a long liquid lunch, and then hid the deals overnight, was yesterday banned from the Financial Services Authority (FSA). David Connor Redmond was a freight and oil trader who, the FSA say, built up a substantial futures position on the ICE [...]
Time for a real shareholder revolution May 20, 2009 FOR too long, shareholders have been the City’s absentee landlords. So it has been good to see some of the institutions that control much of the FTSE 100 start to flex their muscles. Four UK listed companies, including Shell, have had their remuneration reports rejected since January; let us hope there are many more. There [...]
MP hit by duck island row May 20, 2009 A THIRD Tory MP has said he will not stand at the next General Election after it emerged he claimed for a “duck island” for his garden pond. Backbencher Sir Peter Viggers, who served in Margaret Thatcher’s government, was told he would be thrown out of the party by leader David Cameron if he did [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 20, 2009 FINANCIAL TIMESCANNES HIT BY CUTBACKS AND CAUTIONThere are still outward signs of glamour on the Croisette in Cannes, but economic reality has gripped the film market at this year’s 62nd film festival. Some of the biggest parties have been cancelled and, for the first time in years, it is easy to get a hotel room. [...]
BMI investor goes to high court May 20, 2009 The controlling shareholder of business airline BMI, Sir Michael Bishop, is going to the high court to try and force through a takeover of the group by German carrier Lufthansa. Bishop launched legal proceedings yesterday, saying his group had done everything required of it to complete a £350m buyout by Lufthansa. The move came after [...]
Mandelson may win in reshuffle May 20, 2009 Business secretary Lord Mandelson could be made foreign secretary, it emerged last night, as Gordon Brown plans a cabinet reshuffle for next month. He’s planning the moves as a damage-limitation exercise after the 4 June local and European elections. Mandelson’s grandfather, Herbert Morrison, was foreign secretary, and it is believed to be a dream job [...]
Broughton hits out at 50p rate May 20, 2009 OUTGOING CBI president Martin Broughton slated Alistair Darling’s Budget last night, and said the 50p top tax rate was “a piece of economic vandalism.” Speaking at the CBI’s annual dinner, he said the Budget had not helped out the ailing economy, and that its measures had been based on “heroic growth assumptions”. And he said [...]
City lawyers under fire from FSA May 20, 2009 The Financial Services Authority (FSA) has launched a criminal insider dealing prosecution against two senior City lawyers. Andrew Rimmington, a corporate partner in D&W’s London office, and Michael McFall, a former London corporate partner at McDermott Will & Emery, have been accused of insider dealing. The case relates to Swiss pharmaceuticals group Novartis’ 2006 takeover of [...]
JD crosses channel for Chausport May 20, 2009 Retailer JD Sports Fashion said yesterday it had bought the sports footwear retailer Chausport for €8m (£6m) in cash to enter the French market. JD said it has also acquired €2m of debt as part of the purchase of the 78-store group. “The JD board expects that the Chausport acquisition will be earnings enhancing in [...]
New LSE chief vows to keep market share May 20, 2009 THE London Stock Exchange’s (LSE) new chief executive, Xavier Rolet, yesterday vowed to fight newcomers hoping to take market share from the 200-year old institution. Taking the reigns from Dame Clara Furse – who stepped down after eight years – Rolet said he would not rule out consolidation with other companies nor the launch of [...]