Branson set to swoop on British bank assets November 2, 2009 VIRGIN is preparing to swoop on a string of UK banking assets to be put up for sale as part of a European Commission inquiry into competition in the sector, Sir Richard Branson confirmed yesterday. “We do plan to create a Virgin bank and we will be interested in looking at the three banks that [...]
ITV’s sale of Friends stalls November 2, 2009 ITV’s attempt to offload its social network Friends?Reunited for £25m hit a stumbling block last night, after the competition watchdog warned the deal could breach competition law. The Office of Fair Trading (OFT) has asked the Competition Commission to investigate the proposed sale’s impact on the family tree research sector. Brightsolid, a subsidiary of DC [...]
Bank shake-up puts EU firmly in charge November 2, 2009 AS power shifts go, this one takes some beating. After months of listening to what the government, the Bank of England and the FSA have had to say about the future of British banking, it turns out that the body with real power was based a little further away from home. For this morning, barring [...]
Fed wants early pay curbs November 2, 2009 THE FEDERAL RESERVE got tough with US banks over pay yesterday, telling them to curb bonuses this year, even though stricter rules do not come into force until 2010. In half-hour meetings at regional offices held across the country, the Fed told bank bosses it expected them to follow the broad principles of the new [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 2, 2009 FINANCIAL TIMES VODAFONE’S GHANA DEAL ATTRACTS SFO INTERESTThe UK Serious Fraud Office has contacted Vodafone about its controversial deal to buy a controlling stake in Ghana’s third-largest mobile phone operator. The SFO has not launched an investigation into the deal, but is monitoring allegations of irregularity that have been made in Ghana. INDIAN SURGE BENEFITS [...]
FSA in compensation probe November 2, 2009 The Financial Services Authority (FSA) yesterday announced it would begin a review into the Financial Services Compensation Scheme that pays out to customers of failed financial institutions. The scheme was set up in 2001 to deal with failures at a banks or insurers, but new rules could be introduced in 2011 after critics said it [...]
Land Secs revives development November 2, 2009 Britain’s biggest property developer Land Securities yesterday said it has earmarked £200m for two big developments in London next year – the biggest commitment to off-plan projects since the start of the downturn. It will begin work on an Oxford Street site and 1960s tower block Selborne House.
Mark Warner considers sale November 2, 2009 Package-holiday operator Mark Warner yesterday asked accountants PwC to assess a number of approaches from interested parties over a sale of the business. The private company has asked its long-term adviser to review the business, which has suffered due to weak demand from holidaymakers.
Postal union in legal fight over temps November 2, 2009 THE Communication Workers Union (CWU) will on?Friday ask the High Court to issue an injunction against Royal Mail to stop it from taking on 30,000 agency workers. The CWU believes that Royal Mail is breaking the law because it is illegal to take on staff to cover workers involved in a lawful industrial dispute, according [...]
Rival buys Black &Decker in an all-stock deal worth 2bn November 2, 2009 POWER tool maker Black & Decker was last night bought by rival Stanley Works in a $3.46bn (£2.11bn) all-stock deal. The two tool makers said that a merger would mean the companies would benefit from higher margins and cost savings. Stanley shareholders will own about 50.5 per cent of the combined company, to be named [...]
