Goldman cuts salaries for some bankers August 25, 2011 GOLDMAN Sachs cut the salaries of a large number of its London-based bankers yesterday, ending a two-year period of higher pay begun in 2009 in response to tough new bonus rules. Goldman invoked a clause in the bankers’ contracts to cut their base salaries after two years at a higher rate that was seen as [...]
Lehman executives in bid to settle a $90m lawsuit August 25, 2011 FORMER Lehman Brothers executives including ex-chairman and chief executive Dick Fuld are to settle a lawsuit brought by investors in the bank with a $90m (£54.7m) insurance payout, court records show. Investors alleged that Lehman’s executives were to blame for losses incurred on the bank’s shares and bonds, claiming they materially misled shareholders about the [...]
Emergency aid fund is set up for Greek banks August 25, 2011 GREECE’S central bank has activated an emergency liquidity assistance scheme so that it is available if banks need to draw from it, although no banks are believed to have requested funds yet. The Emergency Liquidity Assistance (ELA) is one of the options the Eurozone has at its disposal to keep Greek banks afloat if the [...]
Glencore eyes South African Optimum Coal August 25, 2011 SOUTH AFRICAN miner Optimum Coal has become the latest acquisition target for Glencore as the company looks to benefit from recent economic turmoil that has prompted a sell-off in the markets. Sources close to City A.M said that the commodities trader has set its sights on buying South Africa’s sixth-largest coal producer and is preparing [...]
RioTinto boosts Ivanhoe stake August 25, 2011 RIO TINTO is raising its stake in Ivanhoe Mines by a further two per cent by exercising its right to acquire shares in the exploration company led by mining financier Robert Friedland. The Anglo-Australian mining giant said it now owns 48.5 per cent of Ivanhoe common shares and said it may buy additional shares, depending [...]
Kazakhmys to buy back shares August 25, 2011 KAZAKH miner Kazakhmys posted a 20 per cent rise in first-half underlying profit, boosted by stronger copper prices, and announced a surprise share buyback in London worth up to $250m (£150m). Its board has also approved a $1.8bn development of a major copper growth project, equivalent to a third of the miner’s current output, at [...]
ANALYST VIEWS: WERE GLENCORE’S RESULTS ON TRACK? August 25, 2011 GRANT SPORRE |DEUTSCHE BANK In our assessment, Glencore’s share price, along with many of its peers, is factoring in a cautious view on commodities. Although market expectations, including our own, are fairly modest for the H1’11 period, a solid result for the marketing division will begin to build investor confidence in the sustainability. MICHAEL SHILLAKER [...]
Parker next as Spurs grab Adebayor August 25, 2011 West Ham star in Tottenham’s sights after Diarra snub TOTTENHAM (0) vs HEARTS (0) Tottenham win 5-0 on aggregate TOTTENHAM manager Harry Redknapp is thought to be targeting West Ham midfielder Scott Parker next after tying up a loan deal for Manchester City striker Emmanuel Adebayor. Former Arsenal star Adebayor completed a season-long move from [...]
City get tough group draw August 25, 2011 MANCHESTER CITY have been handed the toughest draw of all English sides on their Champions League debut, but Chelsea and Arsenal also face tricky groups. European giants Bayern Munich and the less glamorous but no less dangerous Villarreal and Napoli stand between City and a place in the knockout stage. Chelsea face Valencia, meaning new [...]
Morgan leads England to win August 25, 2011 CAPTAINCY debutant Eoin Morgan led by example with a half-century as England beat Ireland by the Duckworth-Lewis Method in a rain-affected one-day international. Opener Jonathan Trott top scored with 69 as England amassed 201-8 in Dublin and Ireland fell 11 runs short of their adjusted target of 129. Irish-born Morgan led an unfamiliar England line-up [...]
