Bonus row now completely irrational February 22, 2012 UTTERLY absurd: that is the only way to describe the debate on bonuses. Here is why. Imagine a salesperson at a widget company so brilliant that she brings in £10m a year for her firm. She is the best widget salesperson in the UK and her firm’s biggest asset. Her company, unfortunately, is loss-making – [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 22, 2012 FINANCIAL TIMES RUSSIAN LINK IN FRAUD CLAIM A $150m fraud allegedly attempted by a former fund manager at Threadneedle Asset Management is linked to a trade in more than a billion Argentinian warrants by former staff at Otkritie, the Russian financial services group. Threadneedle confirmed on Tuesday that a former trader had been dismissed in [...]
Warner’s eye still on EMI February 22, 2012 WARNER Music Group refuses to surrender its thirst for British record label EMI, whose recorded music business is set to go to Universal Music for £1.2bn following November’s bidding war. Warner Music is reportedly lobbying Brussels to block Universal’s takeover of the record label behind Coldplay and The Beatles, alongside indie music representative Impala. But [...]
Cherie Blair sues over hacking February 22, 2012 The wife of former Prime Minister Tony Blair has begun legal action over the alleged interception of her private phone messages, her lawyer said yesterday. Barrister Cherie Blair, 57, issued a statement through a London law firm that has pursued phone-hacking cases against Rupert Murdoch’s British newspapers on behalf of several high profile clients. “I [...]
BHP stops manganese operation February 22, 2012 BHP Billiton, the world’s biggest mining firm, announced this morning that it will suspend production at its manganese alloy production facility in Tasmania by early to mid-March, citing stiff international competition and rising operating costs. “Recently, there has been further erosion of its international competitiveness due to the strong Australian dollar and steady increases in [...]
Peacocks sold to Edinburgh Woollen Mill February 22, 2012 EDINBURGH Woollen Mill has rescued the distressed fashion chain Peacocks out of administration, saving 6,000 jobs, though thousands of staff are still to be made redundant. Administrator KPMG said the deal, which was settled at the weekend, will save 388 shops but more than 244 stores have ceased trading with immediate effect, leading to 3,100 [...]
Tchenguiz brothers set for new battle with SFO February 22, 2012 PROPERTY tycoons Vincent and Robert Tchenguiz have won the right for a judicial review of the circumstances surrounding their arrests last year during a Serious Fraud Office probe. Yesterday the embattled SFO did not contest High Court applications by the brothers, who were held in March as part of the SFO inquiry into the collapse [...]
Shell in £1bn bid to snap up Cove Energy February 22, 2012 ROYAL Dutch Shell yesterday announced a £992.4m bid for Cove Energy as it seeks to expand its footprint in the East African market. Cove’s main asset is an 8.5 per cent stake in the Rovuma Offshore Area 1 in Mozambique where more than 30 trillion cubic feet of natural gas has already been identified. Shell [...]
MEET THE ADVISERS February 22, 2012 GERALDINE Murphy heads the oil & gas advisory team at Standard Chartered Bank and is leading the team advising Cove Energy. She joined the bank in 2007 following the acquisition of Harrison Lovegrove & Co and has over 20 years of oil and gas deal experience. Prior to joining Standard Chartered she was an executive [...]
OIL MAJOR’S AFRICAN ADVENTURE February 22, 2012 *£992.4m – bid value *8.5 per cent – Cove’s stake in the Rovuma Offshore Area 1 *30 trillion cubic feet – Operator Anadarko has found more than 30 trillion cubic feet of natural gas in Rovuma *£31m – the amount Cove’s three most senior executives — chief executive John Craven, chairman Michael Blaha and finance [...]
