Barclays’ new man must keep Ricci on board August 30, 2012 BOB Diamond he is not. Though Antony Jenkins yesterday claimed he gets the hard-nosed world of US banking, he’s a world away from his investment bank-obsessed predecessor who built BarCap out of next to nothing. But right or wrong, a public and regulator pleasing chief executive is exactly what Barclays needs right now – a [...]
ECB to oversee Eurozone banks August 30, 2012 THE European Commission, the executive arm of the European Union, plans to give the European Central Bank oversight of all banks in the Eurozone, German paper Sueddeutsche Zeitung reported, citing EU Commissioner Michel Barnier. Under the plans, the ECB will oversee all banks that have tapped the European Stability Mechanism from January next year, all [...]
RBS retail head eyes £3m stock August 30, 2012 ROYAL Bank of Scotland last night announced it would award its incoming UK retail banking boss Ross McEwan shares worth £3.2m under its long term incentive plan. In a statement to the stock exchange last night, the bank said that McEwan, who takes over the reins of its retail banking operations on Monday, would get [...]
What the other papers say this morning August 30, 2012 FINANCIAL TIMES Downing Street could ease IPO rules Fast-growing technology companies would be allowed to float as little as 10 per cent of their business on the London Stock Exchange under proposals being weighed up by Downing Street. High quality global journalism requires investment. Senior figures in the government have given their backing to the [...]
WPP is coming home as Sorrell lauds tax rules August 30, 2012 WPP endorsed the coalition’s changes to overseas tax rules yesterday by moving its base back to Britain – but the advertising giant’s chief executive Sir Martin Sorrell voiced concerns about other parts of the tax regime. Sorrell told City A.M. the delays to WPP’s return after four years based in Ireland were because “it’s taken [...]
HMV’s Simon Fox hired as new chief executive of Trinity Mirror August 30, 2012 TRINITY Mirror Group yesterday announced it has hired Simon Fox, the outgoing boss of struggling music retailer HMV, as its new chief executive after Sly Bailey stepped down in June. Fox will be tasked with using his understanding of the digital world and its impact on consumer habits and traditional retail markets to help counter [...]
Qatar to block Glenstrata mega-merger August 30, 2012 THE Qatari sovereign wealth fund, the second-largest shareholder in Xstrata behind Glencore, said yesterday it will block the mega-merger between the two commodity giants. Qatar has been fighting for an improved ratio on the 2.8 shares for every one existing Xstrata share offered by Glencore in February. It said in June that a ratio of [...]
JJB shares dive as it looks for a white knight August 30, 2012 SEVERAL bidders have expressed interest in taking control of crisis-hit retailer JJB Sports, which was forced to put itself up for sale yesterday after failing to secure fresh funding from investors. The company, which has 180 stores and employs 4,000 people, has been locked in discussions with suppliers and investors in recents months in a [...]
Knight Capital supports Nasdaq offer to boost compensation pot August 30, 2012 US broker Knight Capital has backed an improved compensation pot of $62m (£39.2m) from the Nasdaq stock exchange over losses incurred after the botched Facebook float in May, it was revealed yesterday. The broker was threatening to sue Nasdaq over the errors, which caused market makers like Knight to lose millions after a glitch meant [...]
Acquisitive Carlyle Group snaps up DuPont car paint for $4.9bn August 30, 2012 DUPONT yesterday struck a deal to sell its slow-growing car paint business to private equity Carlyle Group for $4.9bn cash as it seeks to focus on higher-growth areas such as agriculture and nutrition. The sale caps a nearly eight-month-long auction of the car paint unit, which has 11,000 employees and is expected to generate revenues [...]
