Anglo American profits rise February 17, 2012 Global miner Anglo American posted a 14 per cent rise in full-year operating profit, broadly in line with market expectations, as bumper iron ore profits and record income from coal helped offset a drop in copper revenues. The miner said 2011 operating profit totalled $11.1bn, just shy of a market forecast of $11.2 billion, according [...]
Virgin complains to regulator over IAG deal February 17, 2012 Virgin Atlantic has made a formal complaint to the European Commission about IAG’s purchase of Lufthansa’s British unit bmi, saying competition on some European routes would diminish and that fares would increase. Late last year, British Airways (BA) owner IAG agreed to buy bmi for £172.5m, seeing off rival bidder Virgin in the race to [...]
Banks face new threat of break up February 16, 2012 BRITISH retail banks must act fast to encourage competition or face the threat of being broken up, a leading regulator has warned. John Fingleton, head of the Office of Fair Trading (OFT), yesterday said he would contemplate asking for a Competition Commission investigation into the sector unless there was a “step change” in the way [...]
Former banking star takes John Lewis job February 16, 2012 HELEN WEIR, the former head of retail banking at Lloyds Banking Group, has been appointed by John Lewis as group finance director, making a return to the sector eight years after leaving the same post with the DIY retailer Kingfisher. John Lewis said Weir will formally join the company in April, replacing Marisa Cassoni at [...]
Greeks: we’re nearly there February 16, 2012 HOPES rose last night that a bailout deal for Greece could finally be on the verge of completion, despite ongoing bickering between politicians from the ailing Mediterranean state and its main lenders. “We are almost there,” one Eurozone official said yesterday, signalling that euro finance ministers could sign an agreement at their meeting scheduled for [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 16, 2012 FINANCIAL TIMES HEDGE FUND PIONEER BACK FOR ASIA VENTURE William Bollinger, one of the pioneers of London’s hedge fund industry, has come out of retirement to launch a new venture – in Singapore. A protégé of the renowned investor Julian Robertson and a former donor to the Labour party, Mr Bollinger set up Egerton Capital, [...]
Legal & Gen man arrested February 16, 2012 A WORKER at Legal & General Investment Management was arrested yesterday in the FSA’s largest ever insider dealing operation. An unnamed 44-year-old man was arrested and interviewed under caution in London yesterday, and was bailed pending further enquiries. LGIM confirmed yesterday that he is an employee, but said it is “not aware of any detriment [...]
Murdoch flies into The Sun February 16, 2012 Rupert Murdoch will today reassure a hostile audience of journalists at The Sun and The Times that they have his complete backing, following anger that News International executives have handed confidential information on sources to the police. Sun employees are reportedly considering a legal challenge against the actions of their management.
Bids for London Metals Exchange February 16, 2012 CME Group, the world’s largest futures exchange, has made a bid for the London Metals Exchange, according to reports yesterday. In addition to the Chicago-based firm, is it thought that NYSE Euronext has also bid for the London open outcry market, which could be worth up to £1bn. The London Metals Exchange is considering ending [...]
Nasdaq hits decade high February 16, 2012 The Nasdaq last night closed at its highest level since December 2000, up 1.5 per cent. The Dow Jones Industrial Average also achieved its best close since May 2008.