An underwhelming reshuffle which did not go far enough September 4, 2012 COALITION 2.0: that is our front page headline today, and it sums up what this reshuffle is all about. This was an incremental, almost minor reshuffle, not the revolutionary shift that this government really needed, with most of the most important, cabinet-level jobs still controlled by the same people and economic policy changing not one [...]
Financial union backed by ECB and Deutsche September 4, 2012 EUROPEAN Central Bank policymaker Joerg Asmussen yesterday called for Europe to create a financial market union and beef up external regulation to address risks to market stability. In a sign of support for single European bank regulator, Asmussen’s call was echoed by Deutsche Bank co-chief executive Juergen Fitschen, who yesterday said Germany should support the [...]
FBI deny Apple ID hack claims September 4, 2012 THE FBI last night denied claims from hacking group Anonymous that hackers had infiltrated an FBI agent’s laptop and lifted a file with identification numbers for more than 12m Apple products. An Anonymous affiliate called AntiSec posted a file on the web on Monday that it said contained more than 1m Apple ID numbers taken [...]
Facebook chief to keep shares September 4, 2012 FACEBOOK has ruled out selling more shares to help cover its near-$2bn tax bill, and has pledged to allow employees to cash in stock ahead of schedule, in a bid to soothe nervous investors as its share price spirals. Chief executive Mark Zuckerberg will not sell any shares for 12 months, the social network added [...]
What the other papers say this morning September 4, 2012 FINANCIAL TIMES Insurer plans scalpel-shaped skyscraper in the City. The US insurer planning to build London’s newest skyscraper has said the 35-storey tower is a symbol of its ambitious plans for European expansion. WR Berkeley, which has commissioned architects Kohn Pedersen Fox, plans to finance the £500m project entirely from its own balance sheet. A [...]
London gains Russian listings in IPO drought September 4, 2012 TWO MORE Russian firms yesterday announced plans to list in London, defying the poor funding environment. Mobile phone operator MegaFon is planning a 20 per cent float, in an IPO that could be worth up to £2.5bn. The firm, which was taken over by Alisher Usmanov in April, has asked regulators for permission to list. [...]
UK services industry enjoys its fastest growth for five months September 4, 2012 SERVICES boomed in August, according to a prominent business survey, with the biggest sector in the economy expanding at its fastest rate in five months. Jumping to 53.7 – comfortably above the 50 barrier indicating no change – from 51, Markit’s services purchasing managers’ index (PMI) appeared to show meaningful expansion in the all-important sector. [...]
Hope for new floats a welcome ray of sunlight amid the clouds September 4, 2012 THE Russian bear gave the London IPO market a little bullish news yesterday, with mobile phone heavyweight MegaFon and lender Promsvyazbank seeking regulatory permission to pursue listings here. Both firms have been mentioned in connection with possible London listings before, but given the current economic headwinds it is reassuring to see signs that both firms [...]
Branson to appear before politicians September 4, 2012 MPs wil get a chance to question Virgin founder Sir Richard Branson and FirstGroup boss Tim O’Toole over the West Coast franchise auction. The Transport Select Committee has asked the pair to give evidence on Monday, following the government’s controversial decision to award the 13-year contract to First. The deal has not yet been signed, [...]
Travelodge can sleep tight as it wins CVA deal September 4, 2012 BUDGET hotel chain Travelodge has been saved from the brink of administration after landlords yesterday agreed to a controversial rescue deal that sees their rent takings slashed. The company voluntary arrangement (CVA) – voted through by 97 per cent of creditors and 96 per cent of landlords – allows Traveldoge to offload 49 of its [...]
