WHAT THE OTHER PAPERS SAY THIS MORNING May 14, 2012 FINANCIAL TIMES GM unveils Europe restructuring plan The head of General Motors’ Europe arm told anxious German workers on Monday that he would have to restructure production of a key model in order to help return the European operation to profitability. Paul Smith plans fresh move into China British fashion brand Paul Smith plans to [...]
Funding gap to prompt Spanish bank mergers May 14, 2012 SPAIN’S banks are expected to kick off a new round of mergers following the government’s demand that they put aside billions more to provide for losses on property lending. As banks shares across Europe tumbled three to nine per cent (see below), the Bank of Spain revealed that Spanish lenders’ use of its emergency borrowing [...]
Greek leaders reject president’s call for new technocratic regime May 14, 2012 GREEK leaders again failed to form a government last night, as radical left wing party Syriza rejected the president’s plan to install a new technocratic prime minister. Conservative leader Antonis Samaras accused Syriza leader Alexis Tsipras of being “arrogant” in refusing to join a coalition with the pro-bailout parties. Meanwhile Evangelos Venizelos, former finance minister [...]
Banks urge EU to avoid a copy of Volcker rule May 14, 2012 BANKS are urging the EU to avoid imposing its own version of the US’s new Volcker rule despite claims from some quarters that it would have prevented JP Morgan’s recent $2bn trading loss. In a confidential lobbying paper seen by City A.M., Europe’s banks argue that an EU version of Volcker would be “detrimental” to [...]
Facebook to close books early as demand for IPO skyrockets May 14, 2012 FACEBOOK will close the books on its mammoth $10.6bn (£6.58bn) initial public offering (IPO) today, according to a source familiar with the deal. The social network is scheduled on Thursday to price its shares, which begin trading on Friday. It has stopped taking orders for the IPO two days ahead of schedule. The IPO is [...]
European Union approves new rule to limit bonus packages May 14, 2012 BONUSES for bankers in the European Union must not top basic salaries, a panel of EU lawmakers agreed yesterday, putting pressure on member states to back some of the world’s toughest curbs on high pay packages. The European Parliament’s economic affairs committee approved the bonus cap as part of a draft law intended to force [...]
Hodgson coup as Neville takes England role May 14, 2012 A BALL may not yet have been kicked on his watch but England manager Roy Hodgson enjoyed the first significant victory of his fledgling tenure yesterday with the surprise appointment of Gary Neville as coach. Former Manchester United and England defender Neville, who has made a successful foray into media work since retiring last year, [...]
O’Brien considers Camelot in fine fettle for his joust on the Downs May 14, 2012 SINCE saddling High Chaparral to win the 2002 Derby, Aidan O’Brien has had 39 unsuccessful attempts at landing flat racing’s biggest prize and has got used to leaving Epsom somewhat humbled in recent years. However, the master of Ballydoyle has, in the shape of recent 2000 Guineas winner Camelot, a horse talented enough to end [...]
Norwich issue hands-off threat over Lambert as Villa decide 11 months of McLeish is enough May 14, 2012 NORWICH chiefs have warned bigger clubs off attempting to poach manager Paul Lambert, one of the favourites to replace Alex McLeish, who was sacked by Aston Villa yesterday after just 11 months in the job. Villa’s American owner Randy Lerner axed McLeish hours after the conclusion of a disappointing season, in which the club finished [...]
Hughes given veto as charges leave Barton facing huge ban May 14, 2012 QPR chairman Tony Fernandes has vowed to review captain Joey Barton’s latest breach of discipline, which leaves him facing a possible double-digit suspension at the start of next season. But Fernandes insists manager Mark Hughes will take the lead on whether the controversial midfielder has a future at Loftus Road, after he was charged with [...]
