Bundesbank: women execs are more risky March 27, 2012 BREAKING through the City’s glass ceiling could be about to get harder after a study claimed women in top banking jobs encourage risk-taking. Despite politicians such as Harriet Harman lamenting the lack of “Lehman Sisters” in the banking sector, researchers at Germany’s highly respected central bank have found that having more female board members in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 27, 2012 FINANCIAL TIMES CLEGG REBUKES ARGENTINA Nick Clegg has rebuked Argentina for making “baseless insinuations” about Britain’s nuclear submarine deployments, ratcheting up tensions over the Falkland Islands in a clash in front of more than 50 world leaders. UNITED TECH FACES PROBE OVER GOODRICH United Technologies is to face an in-depth European Commission investigation into its [...]
City lawyer admits expense fraud March 27, 2012 A City lawyer faces a jail sentence after pleading guilty to defrauding his employer of almost £1.3m in false travel expense claims. Christopher Grierson, a former litigation partner at Hogan Lovells, admitted four counts of fraud yesterday at Southwark Crown Court, and will be sentenced on 3 May. The judge said it was “inevitable” that [...]
BBA says Libor will be changed March 27, 2012 The British Bankers’ Association has today ruled out a “big bang” reform of the Libor interest rate, saying it favoured gradual change, although rules may be tightened for contributing banks after allegations the global benchmark had been manipulated. The industry group put Libor under review last month amid allegations of rigging.
Bernanke hints at more easing March 27, 2012 Federal Reserve boss Ben Bernanke said yesterday that it is too soon to declare victory in the US economic recovery, as surveys revealed a slight dip in consumer confidence and ongoing troubles in the housing market. “We have a long way to go, a lot of work to do, and we’re going to keep doing [...]
Banks chiefs cheer a better start to 2012 March 27, 2012 SENIOR executives at Barclays and HSBC signalled a strong start to the year yesterday while shares in Royal Bank of Scotland jumped on hopes of investment from the Abu Dhabi ruling family. Bob Diamond, chief executive of Barclays, said investment banking volumes had shown a “pleasing increase” while the retail business had performed well. “Two [...]
Mack is back: former Morgan Stanley chief signs up to KKR March 27, 2012 JOHN Mack, the former chief executive of Morgan Stanley and Credit Suisse, has joined an exclusive club of current and former business leaders by signing up as a senior advisor to Kohlberg Kravis Roberts. The Wall Street veteran, dubbed Mack the Knife for his zealous approach to cost-cutting, will join the private equity house’s senior advisory team. [...]
Takeover extensions drop under new rules March 27, 2012 THE NUMBER of deadline extensions granted by the Takeover Panel has almost halved since the launch of new UK takeover rules last September, according to a six-month review of how the reforms are affecting deals. Research by City law firm Linklaters shows that since the traditional put-up-or-shut-up deadline – the time in which a potential [...]
Resolution falls as breakup plan splits investors March 27, 2012 INVESTORS reacted badly to news that insurance firm Resolution plans to split itself in two, pushing shares in the FTSE 100 firm down by over five per cent. Resolution also shelved a promised £250m handout to shareholders because falling bond and stock prices had dented its finances. The developments signal a change in focus for the [...]
Rio Tinto decides that diamond mines are not forever March 27, 2012 DEMAND for diamonds is booming. Tiffany, the luxury jeweller that is famous for using the precious stones in its pieces, earlier this month said its worldwide sales jumped 15 per cent in 2011 and warned that supplies were struggling to keep up. Gem Diamonds, which counts Tiffany as one of its biggest clients, reported a [...]
