Morgan Stanley German boss offers resignation over emails June 24, 2012 THE head of Morgan Stanley’s German unit has offered to step down following an uproar over emails he reportedly exchanged with a regional politician, and the bank has not yet decided whether to accept his resignation, according to two people familiar with the matter. The departure of Dirk Notheis would be a blow for the [...]
Walgreens in bid to attract UK investors June 24, 2012 AMERICAN pharmacy Walgreens will kick off a series of high-level meetings with UK investors today in a bid to increase institutional interest in the US-listed company, following its £4.3bn initial takeover deal with Alliance Boots. Chief executive Gregory Wasson has arrived in the country to sound out institutional investors, such as large UK pension funds, [...]
Tropical Storm Debby threatens oil production at Shell and BP June 24, 2012 US REGULATORS said yesterday that Gulf of Mexico oil and gas operators had shut down 22.7 per cent of daily oil and 22.9 per cent of daily natural gas production because of Tropical Storm Debby. The US Bureau of Safety and Environmental Enforcement, which oversees oil and gas activity in the basin, said 313,775 barrels [...]
Settlement in Madoff-related suit June 24, 2012 Money manager Ezra Merkin has agreed to pay $410m (£330m) to settle a lawsuit brought by the New York attorney general that accused Merkin of steering client money to Ponzi schemer Bernard Madoff, a person familiar with the settlement said yesterday. Justice Richard Lowe of New York state court signed off on the settlement on [...]
Rolls-Royce may seek new chair June 24, 2012 Rolls-Royce yesterday refused to comment on speculation it is on the hunt for a new chairman to replace Sir Simon Robertson. Weekend reports suggested the aerospace engine manufacturer was set to sound out candidates to replace Robertson – made non-executive chairman in 2005 – for the £385,000 a year job. Names in the running include [...]
BMW and Toyota to join forces June 24, 2012 BMW and Toyota are planning to expand cooperation beyond green car technology and diesel engines, Der Spiegel said yesterday, without citing any sources. The German premium car maker agreed with the Japanese manufacturer last December to supply diesel engines to Toyota from 2014 in Europe and collaborate on lithium-ion battery research for electric cars.
Ocado to name Tatton-Brown as finance chief June 24, 2012 DUNCAN TATTON-BROWN, the former finance boss of debt-laden gym chain Fitness First, is this week set to be named as the new finance director of online supermarket Ocado. Tatton-Brown was fired along with other top Fitness First executives in February as part of a radical boardroom shake-up by the troubled gym group’s private equity backers, [...]
City wary of Bank’s £140bn lending scheme June 24, 2012 THE Bank of England’s £140bn lending plan will fail to boost the economy, according to our readers. More than half of the Voice of the City panel, run with PoliticsHome, said the credit easing and lending initiatives will have no positive impact. A third of people (33.91 per cent) said the plans would have no [...]
Schaeuble tells Greece to push on with cuts June 24, 2012 GREECE’S new government should stop asking for more help and instead move quickly to enact reform measures linked to previous bailouts, German finance minister Wolfgang Schaeuble said yesterday. Schaeuble told Bild am Sonntag in unusually blunt language that Greece has forfeited much of Europe’s trust during the sovereign debt crisis, as reflected in an opinion [...]
Markets won’t recover until EU politicians make waves June 24, 2012 BUY the dip, sell the government policy induced rip. That was the advice from Larry McDonald, as we both waited for the Greek elections and the meetings leading up to this week’s EU summit. McDonald, author of the best-selling Colossal Failure of Common Sense – a book about the collapse of Lehman Brothers – rated [...]
