Benitez confident of success December 10, 2012 FOOTBALL: Interim manager Rafael Benitez is feeling confident about Chelsea’s chances at the Club World Cup as they prepare to face Mexican side Monterrey in the semi-finals in Japan on Thursday. “Everybody at the club wants to win every trophy and this is really important for us,” he said.
US regulator slaps record fine on HSBC December 10, 2012 HSBC has agreed to pay out a record $1.9bn (£1.2bn) to US authorities over charges related to money laundering, it emerged last night. In a major victory for prosecutors, the British bank will today admit to breaking laws by transferring billions from drug cartels and terrorists through the US financial system. The sum – an [...]
Clarke exits Man as hedge fund shakes up leadership December 10, 2012 MAN Group, the former Navy Rum-trader turned hedge fund, moved to placate long-suffering shareholders yesterday by parting ways with chief executive Peter Clarke and appointing hedge fund dynamo Manny Roman to lead the troubled firm. Man, which started life as a rum supplier to the British Navy before morphing into a complex money manager, saw [...]
Business warns of threat to the capital from tax and caps December 10, 2012 TAX RATES, immigration caps and hand-wringing over airport capacity are causing London to suffer in a global race for competitiveness, according to the latest studies of financial centres around the world. A report from business group London First, seen by City A.M., shows that while the UK’s capital remains one of the world’s most attractive [...]
Buoyant central London is in an economic world of its own December 10, 2012 IF you work or live in central London, you could be forgiven for not believing that the UK remains stuck in a nasty stagnation, let alone at risk of a triple-dip recession, as Vince Cable intimated yesterday. The shops are full, the tubes jam-packed and new skyscrapers are being built; Fortnum and Mason, the department [...]
US Treasury to sell final stake in insurer AIG December 10, 2012 THE US Treasury is selling its remaining stake in insurer American International Group (AIG), bringing an end to government ownership of the company four years after it was rescued from the brink of bankruptcy. In a statement last night, the Treasury said it launched an underwritten public offering for its remaining 234.2m shares of common stock. [...]
What the other papers say this Morning December 10, 2012 FINANCIAL TIMES Warning on cost of shares for rights George Osborne’s “shares for workers’ rights” initiative could end up costing Britain £1bn a year in lost revenues, the Office for Budget Responsibility has warned, at the same time as the government battles to clamp down on tax avoidance schemes. The long-term potential cost of the [...]
Rothschild says plan is backed by 11 investors December 10, 2012 BUMI co-founder Nat Rothschild said yesterday he had secured the backing of 11 investors for his counter proposal to restructure the London-listed miner. Bumi yesterday confirmed it had received an updated letter from Rothschild to counter the Bakrie brothers’ proposal from October to divorce themselves from the London miner. Rothschild’s updated proposal is understood to [...]
Metro Bank clashes with City regulator over new chairman December 10, 2012 METRO Bank is set for another showdown with the Financial Services Authority (FSA) over its plans to appoint its founder Vernon Hill as chairman. The FSA forced Metro Bank into appointing Anthony Thomson instead of Hill as chair in 2010, when it became the UK’s first new High Street bank for decades. Hill has since [...]
Pace in Google talks on buying Motorola unit December 10, 2012 PACE, the British digibox manufacturer, has launched a bid to take over the set-top box division of Motorola, the electronics giant owned by Google. Since Motorola Home is believed to be worth far more than Pace, any deal would constitute a reverse takeover under British law, Pace said, as it suspended trading in its shares. [...]
