Former banking star takes John Lewis job February 16, 2012 HELEN WEIR, the former head of retail banking at Lloyds Banking Group, has been appointed by John Lewis as group finance director, making a return to the sector eight years after leaving the same post with the DIY retailer Kingfisher. John Lewis said Weir will formally join the company in April, replacing Marisa Cassoni at [...]
Greeks: we’re nearly there February 16, 2012 HOPES rose last night that a bailout deal for Greece could finally be on the verge of completion, despite ongoing bickering between politicians from the ailing Mediterranean state and its main lenders. “We are almost there,” one Eurozone official said yesterday, signalling that euro finance ministers could sign an agreement at their meeting scheduled for [...]
The US economy is recovering at last February 16, 2012 IT used to be said that when America sneezes, the rest of the world catches a cold. This remains the case, despite the rise of China and other emerging giants. So it is good news that the US economy has started to recover, with even unemployment going down. The markets can barely contain themselves for [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 16, 2012 FINANCIAL TIMES HEDGE FUND PIONEER BACK FOR ASIA VENTURE William Bollinger, one of the pioneers of London’s hedge fund industry, has come out of retirement to launch a new venture – in Singapore. A protégé of the renowned investor Julian Robertson and a former donor to the Labour party, Mr Bollinger set up Egerton Capital, [...]
Legal & Gen man arrested February 16, 2012 A WORKER at Legal & General Investment Management was arrested yesterday in the FSA’s largest ever insider dealing operation. An unnamed 44-year-old man was arrested and interviewed under caution in London yesterday, and was bailed pending further enquiries. LGIM confirmed yesterday that he is an employee, but said it is “not aware of any detriment [...]
Murdoch flies into The Sun February 16, 2012 Rupert Murdoch will today reassure a hostile audience of journalists at The Sun and The Times that they have his complete backing, following anger that News International executives have handed confidential information on sources to the police. Sun employees are reportedly considering a legal challenge against the actions of their management.
Bids for London Metals Exchange February 16, 2012 CME Group, the world’s largest futures exchange, has made a bid for the London Metals Exchange, according to reports yesterday. In addition to the Chicago-based firm, is it thought that NYSE Euronext has also bid for the London open outcry market, which could be worth up to £1bn. The London Metals Exchange is considering ending [...]
Nasdaq hits decade high February 16, 2012 The Nasdaq last night closed at its highest level since December 2000, up 1.5 per cent. The Dow Jones Industrial Average also achieved its best close since May 2008.
The call that did for City rainmaker February 16, 2012 DAVID EINHORN: So – so how much equity do you think you need to raise to protect the situation? … as you pencil that out, what do those amounts turn out to be? ANDREW OSBORNE: Something like 350 sterling. DAVID EINHORN: 350 million sterling?… Wow, wow. That would be shockingly horrifying from my perspective. Later [...]
Warrant for Kazakh bank boss who snubbed court February 16, 2012 AN ARREST warrant was issued yesterday for Kazakh billionaire Mukhtar Ablyazov, the former BTA Bank chairman accused of embezzling up to $5bn (£3.2bn) from the bank. Mr Justice Teare found the tycoon – who fled to the UK in 2009 – in contempt of court for breaching orders related to the freezing of his assets, [...]
