New chairman for NYSE Euronext’s Liffe arm April 4, 2012 THE CHAIRMAN of NYSE Euronext’s futures unit Liffe, Hugh Freedberg, is to step down next month to be replaced by Liffe director Alan Whiting. NYSE Euronext, which two months ago was forced to drop its $7.4bn merger with Deutsche Boerse, said yesterday that Freedberg, who became Liffe chairman in 2009, would step down on 1 [...]
Sky falls in on James Murdoch April 4, 2012 JAMES Murdoch yesterday resigned as chairman of BSkyB with immediate effect, just weeks after stepping down from News International to concentrate on his television businesses. After almost a decade on the Sky board, Murdoch yesterday announced to fellow directors that he felt “this is the right time to step aside… as attention continues to be [...]
Top Tory MP: Ian Hannam fine is unjust April 4, 2012 THE FSA’s approach was slammed as “un-British” yesterday as it hit star JP Morgan Cazenove banker Ian Hannam with a £450,000 fine, prompting his resignation. David Davis MP, a prominent Tory backbencher, said the regulator’s disciplinary process is against traditional principles of British law. He called the FSA’s action against Hannam “unbelievable”, saying: “It’s un-British. [...]
Canopius eyes Omega takeover April 4, 2012 LLOYD’S of London insurer Omega yesterday announced that is has received a potential offer for the firm – from a rival that made a far more generous bid at the end of last year. Fellow Lloyd’s firm Canopius has made an offer of 65p per share in cash for the company, well below the 83p per [...]
LSE’s Rolet passes key LCH takeover test April 4, 2012 LONDON Stock Exchange (LSE) boss Xavier Rolet passed a crucial test of his leadership yesterday when his shareholders backed the takeover of clearing house LCH.Clearnet, his first major deal. LSE and LCH.Clearnet shareholders voted overwhelmingly to ratify Rolet’s plan to take up to 60 per cent of the clearing operator with an offer of €20 [...]
It’s time to bring a sorry saga to a close April 4, 2012 THE PAST few months have been pretty unhappy ones for shareholders in Omega Insurance. Having spurned a takeover approach from rival Canopius, Omega’s board then entered into discussions with insurance entrepreneur Mark Byrne. These were in the hope of cementing a deal in which he would take a minority stake and also (mysteriously) seize control. For [...]
Sigma turnaround continues as it cuts losses April 4, 2012 SIGMA Capital, the investment firm backed by billionaire Scottish entrepreneur Sir Tom Hunter, narrowed its losses last year after buying an urban regeneration firm. Sigma cut its pre-tax loss by 60 per cent to £1.42m after making a series of changes in 2011 and said it expects to benefit from potentially lucrative partnerships with Liverpool, [...]
Bank sponsored play is like a breath of fresh air April 4, 2012 BANK of America Merrill Lynch feared a mass exodus of staff. Or so the co-founder of Epic Arts, a charity which runs theatre workshops for youngsters with physical and learning disabilities, has heard. Rachel Duncomb-Anderson told The Capitalist some of the bank’s staff who have been volunteering with the charity secretly confessed they enjoyed it [...]
No end in sight as Apple heads towards $1,000 April 4, 2012 APPLE’s stock continued its upward trajectory towards $1,001 yesterday after a US analyst predicted the tech giant would hit the thousand dollar milestone within the next year. Brian White at Topeka Capital Markets upgraded Apple’s price target to a staggering $1,001, saying “Apple fever is spreading like a wildfire around the world and we see [...]
Murdoch and Hannam’s departures symbolise power shift April 4, 2012 THERE can be no doubt that James Murdoch’s decision to step down as chairman of BSkyB is good news for the company. It will allow its highly capable chief executive, Jeremy Darroch, to continue building one of Britain’s most successful firms without being distracted by endless speculation about the future of its chairman. That said, [...]
