Andy Haste in line for RBS insurance job February 26, 2012 ROYAL Bank of Scotland (RBS) is considering appointing the former chief executive of RSA to be chairman of its insurance arm as it prepares to spin off the division. Andy Haste, 50, took control of RSA in 2003, turning the group around by cutting costs and closing its loss-making US operation. He spent eight years [...]
BP Deepwater Horizon trial delayed a week February 26, 2012 THE MULTI-BILLION dollar legal case into the Deepwater Horizon rig disaster has been postponed at the eleventh hour to give BP and lawyers for more than 120,000 plaintiffs more time to reach a settlement. BP was due to go on trial today in New Orleans over its part in the 2010 Gulf of Mexico oil [...]
CPP future still at risk as banks withdraw backing February 26, 2012 TROUBLED credit card insurer CPP faces the loss of its banking facilities unless it can reassure lenders that its business is secure. Barclays, Santander and Royal Bank of Scotland (RBS) are considering whether to withdraw financial backing from the York-based firm when the existing arrangement ends next year. The firm currently has borrowings of around [...]
RAMBOURG’S NEW FUND SET TO LAUNCH February 26, 2012 GUILLAUME Rambourg is set to launch Verrazzano, his new hedge fund, on Thursday. The former Gartmore star trader survived a nine-month investigation by the UK’s Financial Services Authority that failed to find any evidence of wrongdoing. His new vehicle will be based in Paris and he is expected to raise up to $1bn (£635m) in [...]
Which asset is the true safe haven? GOLD OR SHARES February 26, 2012 TOM WINNIFRITH WE ARE entering an inflationary environment. This is the 1970s all over again. Across the globe governments are relaxing monetary policy. In China and India this is an attempt to keep their economies growing rapidly. In the West it is a desperate attempt to breathe life into economies which face structural issues no-one [...]
World fastest smartphone from Huawei February 26, 2012 CHINESE low-cost smartphone manufacturer Huawei is further encroaching on the territory of waning technology veterans such as HTC as it launches the world’s fastest smartphone, the Ascend D quad. The world’s number two network equipment maker specialises in sub-$200 smartphones and is swiftly stealing customers from its pricier rivals. In its 2010 financial year, Huawei [...]
Stuart Rose says fury at jobless scheme is baffling February 26, 2012 THE FORMER executive chairman of Marks & Spencer has voiced disdain at the businesses withdrawing from the government’s unpaid work experience scheme for jobless people. Sir Stuart Rose told Dermot Murnaghan, “One or two of them have shown a little less than backbone.” Calling the outrage provoked by the scheme “baffling”, Sir Stuart said: “We’ve [...]
UK has highest ratio of female legal partners February 26, 2012 MAGIC circle law firms in the UK boast the highest ratio of female partners in the whole of Europe, a report has revealed this morning, even though just 16 per cent of partner positions are held by women. The UK tied with Holland as the European country with the most female partners, but both still [...]
It’s not gold but silver that earns first place February 26, 2012 SINCE the 2008 global recession, an increasing number of investors have moved away from the more traditional equities markets and have begun to consider commodities as a promising substitute. More recently, with the Eurozone crisis and various rounds of quantitative easing, interest in alternative investment options has spiked once again. In fact, from 2010 to [...]
Oil industry hopes for tax reform boost February 26, 2012 REFORMED tax incentives could boost UK oil output by up to three billion barrels and increase overall tax revenues, according to an industry body that believes George Osborne is considering its plan. Oil and Gas UK hopes the chancellor will extend the field allowance tax breaks which allow increased development of “challenging” oil fields – [...]
