Fury relinquishes his belts February 8, 2012 BOXING: England’s Tyson Fury has relinquished his British and Commonwealth heavyweight belts. Fury has avoided a mandatory defence against Liverpool’s David Price and is ready to focus on targeting a world heavyweight title fight.
Investors hit back over RBS meddling February 8, 2012 STEPHEN Hester, chief executive of RBS, yesterday admitted he was struggling to run the bank as a fully commercial enterprise due to political pressure, a situation that has caused outcry among some of RBS’s biggest private shareholders. City A.M. asked Hester whether he felt able to run RBS as a fully commercial proposition, a condition [...]
Greek talks postponed once more February 8, 2012 GREEK talks were adjourned yet again late last night, with no agreement reached between senior government officials over an urgently needed new bailout. Pension reforms are believed to still be a stumbling block, with George Karatzaferis – leader of the nationalist LAOS party – particularly opposed to the measures. Karatzaferis was the first to leave [...]
Vacancies fall by half in City February 8, 2012 JOB OPPORTUNITIES in financial services evaporated over the last year as economic worries took their toll, according to the Morgan McKinley London employment index. Vacancies fell from 5,935 in January 2011 to 1,733 in December, before rising back to 2,835 on the traditional January hiring spree – a 52 per cent fall, year on year. [...]
Why free money has very real costs February 8, 2012 LOW interest rates are great, high interest rates are bad – that, at least, seems to be the general message from politicians and the media, who almost invariably welcome easy money and decry rate hikes. The problem is that the public doesn’t agree – not a bit, in fact. The latest YouGov research on the [...]
Deutsche defers bonuses February 8, 2012 DEUTSCHE Bank will defer any part of an employee’s bonus above €200,000 this year, a source close to the bank said, making it the latest industry player to limit pay in the face of fierce criticism of the industry. Any staff with a bonus at or below the maximum would see half of it in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 8, 2012 FINANCIAL TIMES BROKERS SUSPENDED IN LIBOR INQUIRY More than a dozen traders and brokers in London and Asia have been fired, suspended or put on leave by their employers as a multinational probe into alleged manipulation of crucial global lending rates accelerates. Regulators have been investigating US and European banks that help set interbank lending [...]
Ernst & Young fined $2m in US February 8, 2012 The US watchdog board for corporate auditors yesterday said it has imposed a $2m penalty, its largest fine ever, on accounting and consulting firm Ernst & Young LLP in a settlement involving past audits of Medicis Pharmaceutical Corp. The Public Company Accounting Oversight Board said it also sanctioned four current and former Ernst & Young [...]
Diamond Foods to ditch top staff February 8, 2012 Diamond Foods, the US-listed maker of Kettle crisps and Emerald nuts, is replacing its chief executive and chief financial officer and will restate its earnings for the last two years following an accounting probe. The investigation into payments to farmers has thrown into doubt the company’s deal to buy the Pringles snack business from Procter [...]
BarCap’s role in £56bn deal is challenged February 8, 2012 BARCLAYS Capital’s last-minute inclusion in the adviser list for the Glencore-Xstrata merger, which has lifted its place in the Thomson Reuters league table for M&A worldwide, has been challenged by one of its rivals. Thomson Reuters, which has lifted BarCap from eighth to sixth following the bank’s declaration that it is an adviser on the [...]
