HMV losses widen December 19, 2011 Entertainment retailer HMV, grappling with waning demand in its core CD and DVD markets, posted wider first-half losses and warned it faces a battle to stay in business. The 90-year-old group, famous for its Nipper the dog trademark, said it had adequate resources to continue trading for the foreseeable future. “However, the economic environment and [...]
North Korean leader Kim Jong-il dies December 19, 2011 North Korean leader Kim Jong-il died of a heart attack while on a train trip, state media has reported, sparking immediate concern over who is in control of the reclusive state and its nuclear programme. A tearful television announcer dressed in black said the 69-year old had died on Saturday of physical and mental over-work [...]
HSBC hopes for Vickers relief December 18, 2011 THE TREASURY will kick off a consultation on the Vickers Commission banking reforms today that could deliver a major lobbying victory for HSBC after its tough talking on capital rules. Chancellor George Osborne will today unveil an 85-page document laying out the Treasury’s current thinking on each part of Vickers. But as City A.M. reported [...]
Goldfields bought in £1.5bn deal December 18, 2011 CANADIAN miner Eldorado Gold has struck a C$2.5bn (£1.55bn) takeover deal for European Goldfields, which owns a swathe of gold and base metal mines in Greece, Turkey and Romania. The agreement sees European Goldfield’s former suitor, Qatar Holdings, routed despite signing a deal to buy a chunk of the miner’s shares and hand it a [...]
It’s your last chance to bid December 18, 2011 Three tickets to Arsenal v Queens Park Rangers with City A.M.’s sports editor Frank Dalleres Meet Frank Dalleres, City A.M.’s sports editor, who will take three guests to the exclusive club level of Emirates Stadium to watch Arsenal play Queens Park Rangers on New Year’s Eve. The match kicks off at 3pm. Six nights at [...]
Protesters in court appeals December 18, 2011 THE CITY of London Corporation will press ahead with a High Court bid to remove protesters from outside St Paul’s today despite suggestions last night that Occupy LSX had offered to move on. City A.M. understands the corporation wants a judge to decide the fate of the Occupy camp, which was set up more than [...]
Call for EU lobbying body December 18, 2011 THE GOVERNMENT should establish a super-committee to coordinate its lobbying in Brussels on financial regulation, an influential group of lords and MPs has said. The group convened to scrutinise the draft financial services bill – the government bill that abolishes the FSA and sets up several new regulators in its place – says that Britain [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 18, 2011 FINANCIAL TIMES FACEBOOK SET FOR SUIT OVER US PUBLICITY LAWS Facebook’s practice of showing people that their friends “like” specific products could run afoul of a California law that gives both celebrities and ordinary citizens the right to control how their names and pictures are used for commercial endorsements. A federal judge in San Jose [...]
RBS considers its options on Hoare Govett December 18, 2011 ROYAL Bank of Scotland is considering the sale or closure of Hoare Govett, its legendary broking business that has worked with many of the leading companies on the FTSE 100. The bank, 83 per cent taxpayer-owned, is looking at several options for its investment bank, which could include walking away from the equities market entirely. [...]
FSA: time for common sense on mortgages December 18, 2011 LENDERS will not face mandatory limits on how much they can lend to house-buyers, the Financial Services Authority (FSA) announced today, but will be expected to use more “common sense” when issuing mortgages. Draft rules out this morning argue that too many risky loans were made on the basis that house prices would always rise, [...]