FTI hires Lord Malloch-Brown September 7, 2010 Lord Malloch-Brown, 56, has joined an American corporate investigations and consulting group to spearhead its push into emerging markets. The former Foreign Office minister and United Nations deputy secretary-general has been appointed chairman of global affairs at FTI Consulting, the business advisory group said yesterday.
Vodafone sells £4bn stake in China Mobile September 7, 2010 VODAFONE, the world’s largest telecommunications operator by revenue, has sold its 3.2 per cent stake in China Mobile for $6.6bn (£4.3bn). The sale was part of Vodafone’s new strategy to exit non-strategic minority investments, which analysts and investors believe have weighed on the company’s overall value in recent years. Vodafone said UBS, Goldman Sachs and [...]
Sinochem seeks Temasek help for rival Potash bid September 7, 2010 SINOCHEM, China’s state-owned trading company, has approached Temasek to join a consortium of firms looking to rival BHP Billiton’s bid for Canada’s PotashCorp. The move by Sinochem comes after Chinese authorities demanded state companies meet with investment bankers to look at ways to block BHP’s $39bn (£25.4bn) move for PotashCorp. Bill Doyle, PotashCorp chief executive, [...]
Citigroup paid on both sides of EMI deal September 7, 2010 CITIGROUP investment bankers boasted of getting paid on both sides of a deal after the private equity group Terra Firma made a £4.2bn bid for the music group EMI, according to court documents listed in New York yesterday. According to a filing from Guy Hands’ Terra Firma, which alleges that it was advised by Citi [...]
Diamond crowned as Barclays’ new chief September 7, 2010 CITY insiders voiced concern over the future of Barclays’ retail banking operation yesterday after the group confirmed Bob Diamond would replace John Varley as chief executive. Diamond, who has won renown aggressively building the Barclays Capital investment bank, will take over from Varley next March. Varley will stay on for six months as an adviser [...]
Barclays’ Agius to take helm at BBA September 7, 2010 BARCLAYS chairman Marcus Agius yesterday announced he would step up to chair the British Bankers’ Association after HSBC chairman Stephen Green resigned to take up a new appointment as UK minister for trade and investment. Agius, a former Lazard investment banker, has chaired Barclays since the beginning of 2007. He has maintained a lower profile [...]
ANALYST VIEWS: HOW WILL BOB DIAMOND FIT IN AS CHIEF EXECUTIVE? September 7, 2010 NEIL SHAH | EDISON INVESTMENT RESEARCH “It’s a great example of succession planning as far as I’m concerned. He’ll be in a different position as chief executive, though, and he will probably be more measured in his approach. Where he was before and where he’s going to now are different and he’ll probably be operating [...]
Ex-Goldman banker tipped for HSBC September 7, 2010 FORMER Goldman Sachs investment banker John Thornton was yesterday touted as the most likely candidate to step into Stephen Green’s shoes, after the HSBC chairman accepted the role of trade and investment minister in the coalition government. Green is due to step down before the year is out to fill the last remaining vacancy in [...]
Connaught in administration September 7, 2010 TROUBLED social housing repair firm Connaught put most of its business into administration yesterday, after its lenders refused to further fund the company. The FTSE 250 component said last night that its public sector business will be put into the hands of administrators KPMG, though its environment and compliance arms will remain in operation. The [...]
Insider trading bounty hunter promoted to the board of FSA September 7, 2010 MARGARET COLE staked her claim to a top job when City regulation is passed to the Bank of England by joining the board of the Financial Services Authority yesterday. The enforcement chief, who is described as “tough as old boots” by former private sector colleagues, becomes managing director of financial crime. She joins chairman Adair [...]
