Fiat boss goes to Germany in drive for Opel May 25, 2009 FIAT’S deputy chairman is due to meet the German economy minister today, ahead of tomorrow’s decision on a preferred buyer for General Motors’ (GM) European unit Opel. John Elkann will meet Minister Karl-Theodor zu Guttenberg as the Italian carmaker seeks to create a three-way tie-up with Chrysler and Opel. It is up against Canadian car [...]
Aquascutum chief quits after failed takeover bid May 25, 2009 AQUASCUTUM chief executive Kim Winser has left the luxury brand after her attempt to take control of the firm through a management buyout failed. Sources close to the business said that Winser – who was drafted in from Pringle to turn the business around three years ago – had seen her offer for the firm [...]
UBS to regain control of pay May 25, 2009 UBS WILL be able to set the level of executive bonuses it pays out in 2009 after the rescue package it received from the Swiss government saw it subjected to state approval of variable pay schemes. A spokesman for the Swiss financial services watchdog Finma said it had not received instructions from the government to [...]
Deadline passes for Irish banks May 25, 2009 THE DEADLINE for Irish banks wishing to make use of the state’s loan guarantee scheme passed yesterday, with six lenders outlining the lending portfolios they wish to transfer to the National Asset Management Agency (Nama), the Republic’s “bad bank”. The firms had to provide information on their loan portfolios to officials from the National Treasury [...]
Britain is a world power in entrepreneurialism May 25, 2009 A COLLEAGUE of mine, who is a first-born child, once admitted that all of life is the playing out of what was done to you as a child by your elder siblings. Apparently, he once said to his younger brother pointing at a suitcase, “why don’t you get in and see if you fit?” Things [...]
ONS tells firms to cease unfair calls May 25, 2009 The Office of National Statistics has warned six debt management firms and four cold-calling groups to stop making misleading calls or face legal action. The organisation couldn’t name the groups for legal reasons, but deputy director of consumer credit Nigel Cates said the firms were taking advantage of those “suffering distress through debt problems”. He [...]
Nokia rolls out new app store May 25, 2009 Nokia yesterday began rolling out its much-anticipated online software and content store, Ovi, as it aims to follow the success of Apple’s App Store. Nokia said it had started moving Ovi Store to production servers, preparing for the global commercial launch, and the store was opened to users of a few of its phone models [...]
Pension threat to firms must be eased, says CBI May 25, 2009 THE government must lengthen the period over which it assesses the health of company pension schemes, according to the CBI. The employers’ organisation is today pushing for “urgent action” to extend the rule forcing the Pensions Regulator to investigate firms’ funding plans where deficit repayments will take more than ten years to 15 years. It [...]
BEST OF THE BROKERS May 25, 2009 LLOYDS BANKING GROUPExane BNP Paribas upgrades Lloyds Banking Group to “neutral”, saying the shares have fallen too far in reaction to the threat that the European Commission could force it to exit core businesses. But continues to believes the outlook for 2009-10 is “dire” and warns that the impact of higher liquidity and capital ratios [...]
The worst may be over, but the UK’s return to growth could be painful May 25, 2009 THE WORST is now over for the UK economy, but the path back to growth will be slow and painful, according to an increasing number of economists. While last week’s GDP figures confirmed the UK economy shrank 1.9 per cent in the first quarter of this year compared with the previous quarter – its sharpest [...]