LABOUR TURNS BACK ON CITY September 27, 2011 ED Miliband yesterday sounded the death knell on his party’s relationship with the City, singling out some elements of British business for praise yet promising to crack down on supposedly “predatory” financial services. “Britain’s future will be built not on credit default swaps but on creative industries,” Miliband said in his speech to the Labour [...]
Ministers round on bailout plan September 27, 2011 EUROZONE ministers yesterday slammed Brussels for pushing the idea that the region’s bailout fund should be allowed to borrow money to lend trillions of euros to highly indebted countries. Wolfgang Schäuble, finance minister for euro paymaster Germany, declared: “I don’t really understand how anyone in Brussels… can raise such a silly idea without understanding the [...]
ABI lays out new pay rules September 27, 2011 HUGE executive salaries and bonuses threaten the reputation and efficient working of UK companies, an influential shareholder group has warned today. The Association of British Insurers has issued strongly-worded new guidelines for listed company boards, warning them to avoid ratcheting up salaries and stop paying for failure. The ABI, which represents life insurers and pension [...]
Liberalism is left for dead by Labour September 27, 2011 YOU’VE probably never heard of Ivan Lewis, a rather obscure Labour politician. But yesterday Lewis, the shadow culture secretary, unveiled an astonishingly sinister proposal which threatens free speech and media plurality in the UK like never before: he called for a register of journalists, with anybody deemed not fit struck off and banned. Of course, [...]
Goldman set to wield axe September 27, 2011 GOLDMAN Sachs could raise its cost-cutting drive by $250m (£159.9m) to $1.45bn by the end of the year. America’s largest investment bank is expected to raise the $1.2bn level of savings, equivalent to around 1,000 jobs, announced by managers in July. Industry conditions have worsened since then with revenues under pressure from market volatility. Goldman [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 27, 2011 FINANCIAL TIMES ANADARKO SOUNDS OUT BRAZILIAN BUYERS Anadarko Petroleum has asked advisers to sound out potential buyers for a collection of its Brazilian oil assets in a deal that could be worth up to $5bn, in the latest attempt by oil and gas explorers in the region to attract investment. The US independent oil and [...]
Senate passes new funding law September 27, 2011 The US House of Representatives is expected to endorse a short-term funding bill tomorrow to avert a government shutdown, a top Republican aide said, as members of both parties drew fire for creating another high-stakes political drama. The Senate yesterday passed the resolution funding the government until 18 November, ending a stalemate over emergency relief [...]
Some Madoff claims thrown out September 27, 2011 A US judge yesterday narrowed a $1bn lawsuit against owners of the New York Mets baseball team by the trustee seeking money for victims of Bernard Madoff’s epic fraud. Manhattan District Judge Jed Rakoff dismissed nine of 11 counts raised in trustee Irving Picard’s 373-page complaint against the Mets owners. But he said the trustee [...]
Melrose quits the bid race for Charter September 27, 2011 INDUSTRIAL investor Melrose abandoned its bid to buy Charter International yesterday after its share price fell too low to make its offer for the engineering group viable. Melrose walked away from its £1.4bn takeover plan despite finishing its due diligence on Charter and saying it had the required debt funding ready to use. “Melrose announces [...]
LCH.Clearnet snubs Markit to leave LSE in pole position September 27, 2011 THE LONDON Stock Exchange looked set to win the bid for sought-after clearing house LCH.Clearnet yesterday after its rival bidder Markit admitted it was out of the running. Markit, a post-trade services specialist, said the LCH board had failed to back its bid to buy the entire company for a reported €15 (£13) per share, [...]
