Rehn calls for more public funds to bail out Greek government January 26, 2012 TAXPAYERS across Europe will have to cough up more funds to bail out the Greek government, according to the EU’s top economic official. Economic and monetary affairs commissioner Olli Rehn was speaking as talks between Greek authorities and private debt holders rolled on. Last night both sides confirmed that negotiations “on legal and technical issues” [...]
Blow for BP on spill costs January 26, 2012 BP must indemnify rig owner Transocean for some compensatory damage claims over the 2010 Gulf of Mexico oil spill, a US judge ruled last night. BP, which has set aside $20bn to deal with claims arising from the spill but has been chasing contractors to also pay their share, lost part of its argument to [...]
A great growth market for London January 26, 2012 IT’S Friday, so for once let me recount a positive, upbeat success story. Increasingly, we are paying our way in the world by attracting visitors from overseas, who spend lots and sustain a growing number of jobs. London is third in the Euromonitor overseas visitor rankings, behind Hong Kong and Singapore. We are easily the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 26, 2012 FINANCIAL TIMES OUTSOURCER SERCO TO CUT 500 JOBS Serco, the FTSE 100 outsourcer, is to overhaul its management structure, axeing at least 500 jobs, as it adapts to tougher market conditions in the UK, according to people close to the company. The group, which runs services including London’s bicycle hire scheme and four prisons, is [...]
Tchenguiz to sell off land January 26, 2012 VINCENT Tchenguiz, the property magnate, is working with investment bank Lazard to sell off the freeholds for around 250,000 homes, a source said yesterday. Tchenguiz and Lazard have been meeting with UK-based institutions in recent weeks with a view to selling the portfolio of ground rents for upwards of £3bn. The assets, currently owned by [...]
Record profits at Samsung on handset sales January 26, 2012 SAMSUNG, the world’s top technology firm by revenue, reported a record quarterly profit this morning, aided by its best-ever sales of smartphones, and hiked 2012 capital investment nine per cent to 25 trillion won (£8.9bn) to boost chips and flat-screen production. The South Korean firm reported a 5.3 trillion won operating profit for the last [...]
Insolvency reform plans sent packing January 26, 2012 CONTROVERSIAL legislation governing “pre-pack” administrations will remain in place after the government abandoned an 18 month campaign to reform the law following strong lobbying from the insolvency industry. The government said it was “not convinced” that new legislation would be worthwhile despite complaints that the agreements can wipe out the claims of unsecured creditors while [...]
FSA consults on listing rules January 26, 2012 THE UK’s financial regulator yesterday announced a consultation exercise aimed at tightening up rules for premium listings, reverse takeovers and externally managed companies. The consultation exercise follows a similar move by the FTSE Group, which runs the blue-chip FTSE 100 index. The FTSE Group said it was tightening rules governing entry to its indices in [...]
Gloomy recruiter outlook sees shares monstered January 26, 2012 ONLINE recruitment firm Monster Worldwide yesterday forecast a weak start to the year and said it will cut jobs since it does not expect the global job market to improve drastically in the near term. Shares in the company, which will reduce its global workforce by about seven per cent or 400 jobs, tumbled 15 [...]
City rainmaker could fight fine from watchdog January 26, 2012 ANDREW Osborne, the ex-Bank of America Merrill Lynch banker accused of passing inside information to US hedge fund manager David Einhorn, is considering whether to appeal against a £350,000 fine imposed on him by the Financial Services Authority. Friends say he is adamant he did not pass any inside information to David Einhorn, who has [...]
