Cisco to buy News Corp TV firm for $5bn March 15, 2012 CISCO will buy NDS, the video software developer half-owned by News Corp, for $5bn (£3.2bn) as the Californian company works to enhance its TV services arm. Cisco, the computer networking equipment maker, said the acquisition will “complement and accelerate the delivery of Videoscape, [its cloud-based] platform that enables service providers and media companies to deliver [...]
Oil plummets on talks about US and UK releasing reserves March 15, 2012 THE PRICE of oil crashed by as much as $3 a barrel yesterday on the news that US President Barack Obama and UK Prime Minister David Cameron have discussed a joint release of the countries’ fuel stockpiles to ease supply worries. Downing Street confirmed that the leaders have talked about tapping the States’ 727m barrel [...]
London top dog for investments March 15, 2012 LONDON remains the most attractive city for global investment, according to a study by KPMG. Shanghai and Hong Kong are close behind, however, and other emerging market cities are catching up, KPMG and the Greater Paris Investment Agency said in an annual report. Sao Paolo enjoyed a 160 per cent surge in international investment over [...]
US to tell markets: too big to fail is over March 15, 2012 US REGULATORS believe they have done enough to end the “too big to fail” problem and stop taxpayers from ever having to bail out banks, but they have yet to convince markets. The head of the Federal Deposit Insurance Corp has said that he is planning a major roadshow to persuade investors that the government now has the [...]
Treasury fury as EU delays implementation of Vickers March 15, 2012 THE EU is holding back vital plans that will allow the UK to move forwards with implementing the Vickers banking reforms, City A.M. has learned. The UK Treasury is growing increasingly exasperated with the European Commission’s (EC) refusal to publish long-awaited plans for how to wind up failing banks without resorting to bail-outs, a key [...]
Mayoral rivals clash on transport while courting the business vote March 15, 2012 LONDON’S mayoral candidates clashed last night as they delivered their pitch to business leaders, explaining how they would attract investment and boost infrastructure in the capital. Transport dominated the agenda, with Conservative candidate Boris Johnson saying the city was in the middle of a “neo-Victorian surge in transport investment” while Labour’s Ken Livingstone attacked fare [...]
Clarke takes charge as UK chief departs March 15, 2012 TESCO chief executive Philip Clarke is expected to take the reins at the retailer’s UK business for at least a year until sales show signs of improving, after former head Richard Brasher abruptly stepped down. Tesco announced yesterday that Brasher was stepping down from the board of Britain’s biggest retailer with immediate effect, and would [...]
The clock is ticking for Philip Clarke March 15, 2012 HAVING initially rejected predecessor Sir Terry Leahy’s dual role of running the UK on top of being group chief executive, just one year later Clarke has conceded “there is just not room for two captains in the same team”. There would have been plenty of space had things been going well. But this is a [...]
Glencore eyes deal as Viterra opens its books March 15, 2012 CANADA’S largest grain handler, Viterra, said yesterday it has opened its books to potential buyers, setting the stage for a possible bidding war and sending its shares 10 per cent higher. Viterra said it has established a process for considering expressions of interest, including confidentiality agreements. It shed no light on who might bid, but [...]
UBS slashes bonuses after a torrid year March 15, 2012 UBS slashed bonuses at its investment bank by nearly two-thirds after the rogue trading scandal which cost it SwFr1.8bn (£1.24bn). The total size of the bonus pool for investment bankers fell 60 per cent while Carsten Kengeter, the head of the division, waived his payout. Kengeter, who surprised some when he survived the top-level clear-out [...]
