Deutsche Bank to keep joint leaders until 2017 September 11, 2013 DEUTSCHE Bank’s joint chief executive Juergen Fitschen’s contract is set to be extended by two years, keeping the leadership at Germany’s biggest lender in place until 2017. Deutsche Bank said in a statement yesterday its supervisory board would formalise the proposal from a board sub-committee at a meeting on 29 October. The move addresses concerns [...]
Swiss bank Rahn & Bodmer falls under US tax spotlight September 11, 2013 SWISS private bank Rahn & Bodmer is under investigation by US authorities, it said yesterday, the latest bank to be targeted in a lengthy dispute over tax evasion. The Zurich-based bank, set up as a silk trader in 1750, has come under investigation despite a recent Swiss-US deal to allow some Swiss banks to pay [...]
Makeover for Sloane Street in battle to woo shoppers September 11, 2013 CADOGAN Estates, the owner of Sloane Street, yesterday unveiled a five-year plan aimed at increasing the number of shoppers to the world-famous street. The street, home to the likes of Tom Ford and Prada, has teamed up with Harper’s Bazaar on a new website. It will also employ guides to help shoppers.
Royal duo trade billions to raise cash for charity September 11, 2013 IT SOUNDS like the start of a bad joke – the Duke of Cambridge, Cherie Blair and Jimmy Carr walk onto a City trading floor. But the heady mix of household royals and comedians at BGC Group yesterday were there to raise millions for charity. The company’s ninth annual charity fundraising day, held every year [...]
Sunseeker buyer Wanda has $5bn a year to invest overseas September 11, 2013 CHINESE property developer Dalian Wanda Group said yesterday it can afford to spend as much as $5bn (£3.16bn) every year to buy foreign firms or assets, underscoring the rising clout of the firm as it expands abroad. Just weeks after completing its buyout of British yacht maker Sunseeker International, chairman Wang Jianlin says that he’s [...]
Airports lifted by post-Games holidaymakers September 11, 2013 PASSENGERS flocked to Heathrow and Gatwick in August, after a lull last summer when Britons stayed at home to watch the Olympics. Heathrow, Europe’s busiest airport, said traffic was up 7.7 per cent to almost 7m customers last month – or a rise of one per cent when the effect of London 2012 was [...]
AstraZeneca pays $50m for drug rights September 11, 2013 Merck & Co has licensed its experimental cancer drug to AstraZeneca Plc for a $50m (£31m) upfront fee in a deal that shows the UK’s second-biggest drugmaker continuing to rebuild its pipeline. Under the terms of the agreement, Merck, the second-largest US drugmaker, will also be eligible to receive future payments related to development and [...]
Huawei says sales to grow 10 per cent September 11, 2013 Huawei, the Chinese telecom manufacturer, expects its revenues to grow 10 per cent annually for the next five years the company said yesterday. “This growth will come mainly from consumer devices and enterprise,” Huawei’s vice president of Western Europe sales, Gaston Khoury said.
Abu Dhabi invests $5bn in Russia fund September 11, 2013 Abu Dhabi plans to invest $5bn (£3.1bn) in Russian infrastructure in a venture to be set up with the country’s state-backed private equity fund, aimed at funding toll roads, ports and airports, the Kremlin and the Russian fund said yesterday. Moves to improve infrastructure, some of which has changed little since Soviet times, are considered [...]
Serco to probe prisoner contract allegations September 11, 2013 OUTSOURCING firm Serco yesterday said that an internal review into its prisoner escorting contract is now underway, after the Ministry of Justice called in the police to investigate allegations of fraud. The company, which was demoted from the FTSE 100 index yesterday in the quarterly reshuffle, said that it has established a specific board committee [...]
