NEWS | IN BRIEF June 22, 2010 Petrobras expects tighter rules Petrobras, the world leader in deepwater oil exploration, said yesterday that Brazilian regulators could tighten offshore drilling standards in its home country following BP’s oil spill in the Gulf of Mexico. BP’s Gulf of Mexico spill, which specialists call the worst such oil industry disaster in US history, would probably force [...]
JPMorgan set to find Dimon heir internally June 22, 2010 JPMorgan Chase yesterday reshuffled three top executives, including its chief financial officer, as part of an effort to ensure a deep bench of executives who could eventually succeed chief executive Jamie Dimon. The second-largest US bank by assets said it had replaced chief financial officer Michael Cavanagh with Doug Braunstein, the company’s head of investment [...]
Hedgie fined £50k by FSA June 22, 2010 A FORMER hedge fund manager was fined £50,000 for insider trading but escaped jail yesterday after agreeing to help the City’s Financial Services Authority (FSA) with its investigation into an unnamed associate. Anjam Ahmad, who worked for London-based AKO Capital until last September, was sentenced to 10 months in prison, suspended for two years and [...]
TUBE LINES STRIKE TO GO AHEAD June 22, 2010 MAINTENANCE workers on the underground will strike this evening after talks between rail union RMT and Tube Lines fell apart. The strike, which will be staged in two parts, is set to commence at 7pm and will last until Friday evening, with another strike planned between 14 and 16 July. Transport for London (TfL), which [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 22, 2010 FINANCIAL TIMES GUINEA THREAT OVER RIO DISPUTE The government of Guinea has raised the stakes in a dispute with Rio Tinto by threatening to strip the mining group of more of its rights to one of the world’s biggest undeveloped iron ore deposits. Officials in Guinea have been angered by what they see as Rio’s [...]
BA’s pension recovery gets the go-ahead June 22, 2010 BRITISH AIRWAYS (BA) has agreed a plan with its trustees that will see the airline deal with its £3.7bn pension deficit head on. Under the new agreement, BA will commit to annual contributions of £330m with a three per cent rise every year, at the same time promising that it will make additional contributions should [...]
Unite to issue third ballot for August strikes June 22, 2010 UNITE, the union representing British Airways (BA) cabin crew, is to launch a fresh strike ballot on 29 June. The ballot, which will take more than five weeks to be finalised, means that crew could again walk off the job in August. Unite said yesterday that it had notified BA of the ballot launch – [...]
Kerviel called an evil genius June 22, 2010 Former Societe Generale chief executive Daniel Bouton lashed out at rogue trader Jerome Kerviel in a Paris court yesterday, labelling his unauthorised trades the mark of an “evil genius” that shattered trust at the bank. Bouton also said the sheer fear he felt at discovering Kerviel’s “monstrous” unauthorised trading positions – which were blamed by [...]
Hammerson offloads £135m Docklands office June 22, 2010 REAL estate investor Hammerson has sold Docklands office block Exchange Tower to MPGA Europe Fund III for £134.6m. The sale represents a 74 per cent return on the £77m Hammerson paid for the 16-storey tower in 1999, on top of annual rents of up to £10.7m over the course of its 11-year ownership. Its main [...]
NEWS | IN BRIEF June 22, 2010 US!HSBC!cuts Angolan ties A US unit of HSBC has cut ties with some Angolan banks, a source with direct knowledge of the matter said, months after a US Senate investigation criticised it for lax oversight of accounts held by Angolans, including a former central bank governor. The southwest African country is a lucrative prospect for [...]
