Lifeline given to US banks May 25, 2010 A KEY US lawmaker said yesterday there is no need to force banks out of the lucrative over-the-counter derivatives business. Barney Frank, the Democratic congressman who will chair the House-Senate panel that will craft the final bill, said he disagreed with language in the Senate’s bill that could force banks to spin off their derivatives [...]
Investors conned by Madoff to be reimbursed by banks May 25, 2010 AROUND 20 European banks including HSBC have agreed to reimburse non-US investors for $15.5bn (£10.8bn) of losses from convicted swindler Bernard Madoff’s Ponzi scheme. Javier Cremades, who helped create a legal network to pursue investor complaints about Madoff, said lenders in France, Germany, Portugal, Spain and the United Kingdom are among the settling banks. Lenders [...]
SocGen boss defends joint chief executive and chairman roles May 25, 2010 Societe Generale chief executive Frederic Oudea defended his role at an annual shareholder meeting yesterday and promised a “rebound” in 2010 as concerns persisted over the French bank’s prospects. SocGen’s shares closed down 6.3 per cent in a sector-wide hammering. Oudea, who took over both chairman and chief executive roles last year, hit back at [...]
THORNTONS BOSS LEFT WITH BITTER TASTE May 25, 2010 THORNTONS chief executive Mike Davies will step down from the company after it issued its second profit warning in as many months yesterday. The Chocolatier said Davies will retire to make way for a chief executive with the specific retail expertise needed to take the business forward. Davies will remain in place until a candidate [...]
Former Seymour Pierce staffer banned from City May 25, 2010 AN EX-employee of Seymour Pierce was yesterday banned by the Financial Services Authority from taking another job in financial services, in the latest of a string of penalties issued by the regulator in recent weeks. The FSA said John White, who was settlements manager at the broker, had committed fraud, stealing a total of £152,372 [...]
Renew Holdings sees profit drop but increase in orders May 25, 2010 Specialist engineering and construction services group Renew Holdings said yesterday its six-month pre-tax profit had slipped 30 per cent to £1.61m from £2.34m last year, but the firm’s order book increased by 31 per cent to £289m as of 31 March 2010 compared to £221m a year earlier. Earnings per share were 2.17 pence, lower [...]
BA may go to court again as strikes drag on May 25, 2010 BRITISH Airways (BA) passengers faced a second day of flight cancellations this week as the bitter dispute with trade union Unite showed no signs of ending. The airline yesterday denied claims that it would take last week’s appeal judgment to the Supreme Court, but did not rule out that the battle could end up back [...]
BA May 25, 2010 IT’s often said that bad things come in threes. Willie Walsh knows this to be true. A volcanic ash cloud, crazy cabin crew strikes and a government implacably opposed to airport expansion have conspired to make recent weeks a disaster for BA. With the Iberia tie-up tantalisingly close, Walsh should be celebrating. Instead he is [...]
Branson: Virgin Atlantic may need a merger May 25, 2010 VIRGIN ATLANTIC may have to find a merger partner to keep up with its rivals, according to the airline’s owner Sir Richard Branson. He said yesterday that the long haul carrier, which is already 49 per cent owned by Singapore Airlines, may need to come to a “situation where it would have to consolidate in [...]
Yahoo and Nokia set their sights on dual dominance May 25, 2010 YAHOO and Nokia yesterday unveiled a wide Internet services deal, including maps and e-mail service, as the two battle new rivals on the wireless market. The role of mobile services and software has increased sharply since Apple and Google entered the industry, forcing traditional phonemakers like Samsung and Nokia to hurry to build up their [...]
