Mayoral rivals clash on transport while courting the business vote March 15, 2012 LONDON’S mayoral candidates clashed last night as they delivered their pitch to business leaders, explaining how they would attract investment and boost infrastructure in the capital. Transport dominated the agenda, with Conservative candidate Boris Johnson saying the city was in the middle of a “neo-Victorian surge in transport investment” while Labour’s Ken Livingstone attacked fare [...]
Clarke takes charge as UK chief departs March 15, 2012 TESCO chief executive Philip Clarke is expected to take the reins at the retailer’s UK business for at least a year until sales show signs of improving, after former head Richard Brasher abruptly stepped down. Tesco announced yesterday that Brasher was stepping down from the board of Britain’s biggest retailer with immediate effect, and would [...]
The clock is ticking for Philip Clarke March 15, 2012 HAVING initially rejected predecessor Sir Terry Leahy’s dual role of running the UK on top of being group chief executive, just one year later Clarke has conceded “there is just not room for two captains in the same team”. There would have been plenty of space had things been going well. But this is a [...]
Glencore eyes deal as Viterra opens its books March 15, 2012 CANADA’S largest grain handler, Viterra, said yesterday it has opened its books to potential buyers, setting the stage for a possible bidding war and sending its shares 10 per cent higher. Viterra said it has established a process for considering expressions of interest, including confidentiality agreements. It shed no light on who might bid, but [...]
UBS slashes bonuses after a torrid year March 15, 2012 UBS slashed bonuses at its investment bank by nearly two-thirds after the rogue trading scandal which cost it SwFr1.8bn (£1.24bn). The total size of the bonus pool for investment bankers fell 60 per cent while Carsten Kengeter, the head of the division, waived his payout. Kengeter, who surprised some when he survived the top-level clear-out [...]
Hester: we cannot create demand for SME lending March 15, 2012 RBS chief Stephen Hester hit back at critics of the state-owned lender yesterday, saying that the bank is “open for business” but that small and medium-sized businesses (SMEs) simply don’t want to borrow. He said: “We want to lend more… But already today we lend way more than any other bank.” Despite RBS’s willingness, he [...]
Intesa books big writedowns March 15, 2012 INTESA Sanpaolo, Italy’s biggest retail bank, posted a €10.1bn (£8.4bn) quarterly loss after writing down goodwill to repair a balance sheet damaged by the Eurozone debt crisis. Intesa also said yesterday it was to revise targets because of market turmoil and expectations the Italian economy could shrink as much as 2.2 per cent this year.
Chinese bank in $9bn share sale March 15, 2012 CHINA’S fifth-largest lender, Bank of Communications, will raise $8.9bn (£5.7bn) to meet tighter capital requirements by placing shares with existing shareholders such as HSBC and the country’s finance ministry. Under the 56.6bn yuan private placement, new Shanghai-listed shares will be priced at 4.55 yuan and Hong Kong-listed shares at HK$5.63.
Home Retail grapples with falling profits March 15, 2012 HOME RETAIL Group forecast its fifth consecutive year of falling profits as weak consumer demand and competition from internet and supermarket rivals continued to impact sales. Chief executive Terry Duddy said the company was on track to meet analysts’ expectations for the full-year, with an average underlying profit of around £99m. This marks a sharp [...]
UK competition reforms get a mixed response March 15, 2012 LAWYERS yesterday welcomed the government’s proposals to reform the UK’s competition regime, but warned that new anti-cartel rules would make it easier to prosecute those involved in price fixing. Under plans launched by business minister Norman Lamb yesterday, a new UK competition authority will not be required to prove dishonesty in an individual involved in [...]
