Goldman to work on defence plan for possible BP takeover June 6, 2010 GOLDMAN SACHS is understood to be preparing a defence strategy for BP in the event that a rival oil company makes a takeover approach. The investment bank, which is a regular adviser to BP, is thought to be compiling a strategy to fend off a potential bid as takeover speculation in the market built up [...]
Ad campaign for leak provokes an angry response from Obama June 6, 2010 AN APOLOGETIC ad campaign launched by BP over the weekend has sparked an angry response in the US. In the print, online, radio and television campaign, BP chief executive Tony Hayward pledges that the company will do everything it can to not only fix the damage caused by the mammoth Gulf of Mexico oil spill [...]
Entrepreneurs back our campaign on CGT hike June 6, 2010 TWO of Britain’s most recognisable entrepreneurs have thrown their weight behind City A.M.’s campaign against plans to hike capital gains tax (CGT). Julie Meyer, the founder of First Tuesday, chief executive of Ariadne Capital and City A.M. columnist, added her name to the growing list of supporters, as did Shaf Rasul, the founder of E-net [...]
Chinese iPhone maker ups wages after suicides June 6, 2010 IPhone maker Foxconn has offered workers at its Chinese manufacturing hub a 66 per cent performance-based pay rise as it tries to deal with the fallout from a spate suicides there. Foxconn, owned by Taiwan contract electronics maker Hon Hai Precision Industry said yesterday production line workers would be able to earn 2,000 yuan (£203) [...]
Cameron asks public to help cut spending June 6, 2010 THE government will this week outline plans for an unprecedented public consultation on spending cuts, in a bid to win broad support for the toughest fiscal tightening since World War Two. In a speech today David Cameron will announce plans for “a process to engage and involve the whole country in the difficult decisions that [...]
Businesses tell government to avoid knee-jerk tax hikes June 6, 2010 BUSINESS organisations will today call on the government to avoid knee-jerk tax rises in the emergency Budget later this month. In a report published today, City lobby group London First warns the UK is losing its reputation as a business-friendly location thanks to a series of surprise tax rises. John Dickie, director or strategy and [...]
Star chamber will work with ministers on reducing budgets June 6, 2010 THE chancellor is planning to overhaul the way the comprehensive spending review is carried out by creating a new “star chamber” that will question ministers over their departmental budgets. City A.M. understands the chamber will be staffed by “big beasts” like Ken Clarke and William Hague, who will test the spending decisions of their colleagues. [...]
Trichet set to face heat over Greek bonds June 6, 2010 EUROPEAN Central Bank president Jean-Claude Trichet is set to come under fire this week for the bank’s decision to buy Greek bonds. At the bank’s last meeting he coolly dismissed speculation the ECB was discussing buying Greek bonds – only to reverse the decision a few days later. The ECB felt it had to step [...]
WAS THE ECB RIGHT TO BUY GREEK BONDS? June 6, 2010 ELGA BARTSCH | MORGAN STANLEY “Sterilisation is intended to be a signalling device that its bond purchase programme is not meant to be expansionary monetary policy. Otherwise it would be putting its credibility at risk. If there is a need to push liquidity into the markets then the ECB should consider new refinancing operations.” JENNIFER [...]
Pru investors to rebel over executive pay June 6, 2010 THREE major investors are voting against Prudential’s remuneration package, heaping more misery on the embattled firm. Aviva Investors, Schroders and Co-operative Investments, all top 40 investors, say the awards being offered to two new executives, which have come under scrutiny lucrative “golden hello” deals, are unacceptable. The remuneration package is still expected to pass at [...]