North Korea launches rocket April 12, 2012 North Korea launched a rocket late last night, although it is believed to have crashed into the sea. The launch, which took place at 11.39pm UK time, was officially to carry a weather satellite but has drawn international criticism and sabotaged a food aid deal with the United States. Critics say the Unha-3 rocket would [...]
Report heralds US bank shake-up April 12, 2012 US banks have been told to split the roles of chairman and chief executive in an attempt to avoid the threat of another financial crisis in a report by the Group of Thirty, an international forum of regulators, central bankers and private bank bosses. The report blamed “pervasive failure of governance at all levels” as [...]
Brazil bid for BG stake in Comgas April 12, 2012 Brazil’s Cosan is in talks to buy British BG Group’s stake in the gas distributor Comgas, in a deal that would further diversify the Brazilian energy group. BG and Cosan confirmed yesterday their negotiations over BG’s 60 per cent stake in Comgas, Brazil’s largest gas distribution company, without mentioning the value of the deal. Their [...]
Lehman fallout earns £500m for PwC so far April 12, 2012 THE FALLOUT from the Lehman Brothers bankruptcy has netted its administrator PwC almost half a billion pounds in fees since it was appointed in September 2008. In a progress report released this morning, PwC said the total remuneration paid since the start of the proceeding had reached around £495m by the 12 March this year [...]
Mayor blocks anti-gay adverts appearing on London transport April 12, 2012 BORIS Johnson yesterday blocked a Christian advertising campaign that promoted “gay conversion”, saying that London should be “intolerant of intolerance”. The advert, funded by religious groups opposed to gay marriage, was due to appear on public buses during the next two weeks and declared: “Not gay! Ex-gay, post-gay and proud. Get over it!” Johnson used [...]
Boris Johnson wants to take over Tech City April 12, 2012 BORIS Johnson will this morning launch a bid to take direct control of Tech City Investment Organisation, the development body responsible for promoting high-tech investment in East London, City A.M. can reveal. The mayor will also seek the construction of a new science institute in the Olympic Park and seek to include a proposed cell [...]
NBNK goes on offensive for Lloyds branches April 12, 2012 NBNK Investments has leapt back into the fray by sending in a new bid for 632 Lloyds branches, as the deal to sell them to the Co-op appears close to collapse. The bid, which values the package of assets at between £1.5bn and £2bn, is designed to make Lloyds think twice about continuing with its [...]
Vickers report morphs from a fudge to a whitewash April 12, 2012 JUST six months after the publication of the Independent Commission on Banking’s final report, Sir John Vickers’ recommendations on boosting competitiveness are falling on deaf ears. Initially, Vickers recommended in his interim report that Lloyds be made to sell “substantially” more than the 632 branches it is being forced to put on the block to [...]
Portugal’s biggest bank to raise €1bn April 12, 2012 SHARES in Portugal’s biggest listed bank plunged yesterday morning after it announced plans to raise up to €1bn (£826m) to comply with national capital regulations. Banco Espirito Santo’s (BES) share price closed down 10.5 per cent at just over €1, meaning it has now lost more than half of its value since the start of [...]
UniCredit new chair April 12, 2012 UNICREDIT, Italy’s biggest bank, has named Giuseppe Vita as its new chairman, replacing outgoing German chairman Dieter Rampl. Vita, who is also the chairman of Allianz in Italy, is believed to have been chosen because of his long career at German companies, meaning he has good contacts in Frankfurt. The change of leadership, which will [...]
