London Sports Festival moves from 3×3 basketball success to pickleball at the City of London Corporation’s Guildhall Yard
Olympus to sue 19 executives January 10, 2012 Japan’s disgraced Olympus Corp is suing 19 current and former executives, including its current president, for up to almost $50m (£32m) in compensation, as it struggles to recover from one of the nation’s worst accounting scandals. The maker of cameras and medical equipment said all board members subject to the lawsuit would quit in March [...]
Top Swiss banker felled by scandal January 9, 2012 EMBATTLED Swiss National Bank governor Philipp Hildebrand yesterday resigned from his role with immediate effect, succumbing to weeks of pressure from politicians and the media over controversial currency transactions made by his wife. Hildebrand admitted yesterday he could not provide “conclusive and final evidence” that Kashya Hildebrand had bought half a million US dollars in [...]
Cameron’s pay claims under fire January 9, 2012 COALITION attacks on “crony capitalism” at Britain’s top companies are flawed and based on outdated views of the composition of UK boardrooms, according to a leading advisory group. Sarah Wilson, chief executive of proxy voting adviser Manifest, told City A.M. that David Cameron’s policy was “a big soundbite but it does not have much behind [...]
Panicking investors now pay Germany to take their cash January 9, 2012 ● Safe haven reward for Germans ● Merkel wants euro budget deal ● Sarkozy to forge ahead on FTT ● Cameron urges transfer union YIELDS at a six-month German debt auction became negative yesterday, as investors were so desperate to lend to Europe’s safest state that they paid the government to take their cash. Germany [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 9, 2012 FINANCIAL TIMES RBS TO PRESS ON WITH BONUSES Royal Bank of Scotland is determined to press ahead with plans to pay out promised bonuses to investment bank boss John Hourican and other top staff, despite growing rhetoric from the government about excessive pay. RBS, which is 83 per cent owned by taxpayers, has long been [...]
La Senza and Blacks saved from brink January 9, 2012 IT WAS all change on the high street yesterday after two of the UK’s stricken retailers, lingerie chain La Senza and outdoor sportswear company Blacks Leisure, were rescued from administration. Retailer JD Sports confirmed yesterday that it had bought all of Blacks’ 290 stores and the bulk of its business from its administrator KPMG in [...]
Angry Birds leads iPhone app boom as boss gets paid $376m January 9, 2012 FACEBOOK and the Angry Birds game were the most downloaded apps of 2011, Apple revealed yesterday, and the remaining eight of the top 10 were all games. Early last month Apple said its 2011 app downloads had smashed through the 100m mark. The technology giant’s chief executive Tim Cook received almost $1m (£646,700) in cash [...]
Unite rejects pensions offer January 9, 2012 TRADE union Unite rejected reforms to the Local Government Pension Scheme yesterday, saying its members lacked “clarity” on the plans. Changes include basing pensions on average career earnings and linking the local government retirement age to the rising state pensions age. The union accused communities secretary Eric Pickles of wrongly claiming the proposals were agreed. [...]
HS2 go-ahead expected today January 9, 2012 THE DEPARTMENT for Transport is today expected to give the thumbs up to High Speed 2, the £32bn project which will link London with the north by high speed rail. Justine Greening will also reveal measures to soften the worst effects of the planned railway, which has been criticised in the belief it will disrupt [...]
Santander is ahead of its capital goals January 9, 2012 SANTANDER has raised all the necessary capital to meet regulators’ demands six months ahead of schedule, the bank declared yesterday. It said that it had raised the lion’s share – €6.83bn (£5.6bn) – through a controversial bond conversion known as Valores Santander. The project involved activating a clause that converted a huge slice of its [...]