Murdoch probe intensifies March 8, 2012 OFCOM has stepped up its probe into the propriety of James Murdoch’s position as BSkyB chairman by creating a dedicated team to monitor evidence emerging from police investigations, parliamentary committees and the Leveson inquiry. The question of whether James Murdoch and News Corp are “fit and proper” persons to own a broadcast licence was discussed [...]
BNP sells half its Klepierre stake March 8, 2012 BNP Paribas is set to pocket €1.5bn from the sale of more than half its stake in real-estate company Klepierre to Simon Property Group. SPG will become Klepierre’s biggest shareholder with a 28.7 per cent stake, leaving BNP – which is said to be considering exiting Klepierre completely – with a 22.2 per cent stake.
BMW announces record results March 8, 2012 BMW posted record sales as profits jumped 51 per cent to €4.9bn on 14 per cent increased group revenues of €68.8bn. The German car maker said it would raise its dividend more than 75 per cent to €2.30 after a year in which high demand from emerging markets drove up sales of luxury vehicles. BMW [...]
KPMG’s chair to be announced March 8, 2012 The audit and consulting group KPMG has told its employees that it intends to announce its next UK chair on Monday who will later this year succeed John Griffith-Jones. There is said to have been no clear leader in the race, which is down to the last three: Simon Collins, Alan Buckle and Oliver Tant.
Market rally spurs hedge fund bounce March 8, 2012 THE GLOBAL hedge fund industry has bounced back from the turmoil of 2011 to record its best start to a year since 2000. Equity hedge funds led the recovery in the $2 trillion industry, as stock markets rallied on hopes of stronger growth and an increased resolve to tackle the Eurozone debt crisis. The HFRI [...]
Shock as Lazard’s UK co-head of investment banking quits March 8, 2012 ALEXIS de Rosnay, the co-head of UK investment banking at Lazard, has quit the firm, City A.M. has learnt. The influential rainmaker, who joined Lazard from Lehman a little over three years ago, resigned in the past few days, say sources, without having tied up a new position. There is speculation that de Rosnay, who [...]
Co-op set to revamp board in bid to secure Lloyds branch buyout March 8, 2012 THE Co-operative’s board faces an overhaul ahead of its purchase of 630 Lloyds bank branches as the Financial Services Authority (FSA) is believed to have concerns over whether the group can handle the acquisition. A person close to the negotiations told City A.M. he would not be surprised if the Co-op revamped its governance to [...]
Peak fares set to rise in rail savings plan March 8, 2012 THE RAIL network must cut £3.5bn a year from its spending and overhaul ticket prices, transport secretary Justine Greening said yesterday. Setting out the coalition’s plan to shake up Britain’s trains, Greening said above-inflation fare rises on regulated routes will be abolished. But she said she will look into hiking prices on congested peak journeys [...]
Tube staff net Olympics bonus offer of £850 March 8, 2012 LONDON Underground has come a step closer to preventing worker walk-outs during the Olympics by offering staff a bonus of £850 each. Transport for London has raised its offer for around 18,000 LU staff following a dispute with union RMT. Workers would receive a £350 flat-rate bonus, plus an extra £20 per shift and a [...]
AT A GLANCE: RAIL REFORM March 8, 2012 ● Timings Transport secretary Justine Greening has put out a consultation paper in response to Sir Roy McNulty’s report into the sector last year. She hopes to see £3.5bn cut from the annual budget by 2019. ● Peak fares could rise Though the government wants to end inflation-busting fares, plans to ease congestion could include [...]