Becks rules out Premier return November 22, 2011 FOOTBALL: Former England captain David Beckham has ruled out a return to the Premier League and revealed that several major European clubs are keen on signing him. Tottenham and QPR had previously expressed an interest in the 36-year-old, who helped LA Galaxy win the MLS Cup in his final match for them on Monday, but [...]
Lorgat to stand down in June November 22, 2011 CRICKET: South African Haroon Lorgat will step down as the International Cricket Council’s chief executive in June. The 51-year-old will have completed an eventful four-year term which has seen him counter terrorism in Pakistan and spot-fixing. “Having dealt decisively with the spot-fixing issues, delivered a highly successful ICC Cricket World Cup and adopted a new global [...]
KEY BANK REFORM SET TO BE DITCHED November 22, 2011 THE TREASURY is preparing to water down a key recommendation in the Vickers report that would protect savers in the event of a bank going bust. Investors and banks have argued that Vickers’ suggestion that retail depositors should be paid back before all other creditors if a bank collapses could risk destroying the market for [...]
Cable plans to speed up redundancy November 22, 2011 EMPLOYEES could be made redundant up to three times more quickly, under government plans to be unveiled today. Vince Cable, the business secretary, is expected to announce he will consider cutting the existing 90 day consultation period to 30 days because it is too restrictive. The proposal will be announced as part of a package [...]
JP Morgan to up LME stake November 22, 2011 JP MORGAN Chase is set to become a major player in the looming takeover battle for the London Metal Exchange after it snapped up the stake owned by failed brokerage MF Global. Last night the US investment bank was on the brink of paying £25m for MF Global’s 4.7 per cent stake from UK administrator [...]
Rights and wrongs of boardroom pay November 22, 2011 IT’S simple, really. Good bosses who improve their company and grow returns to shareholders should be rewarded and see their pay go up; bad bosses who destroy shareholder value should see their pay cut or be fired without a big payoff. That should be the culture in the City. The only exception to this rule [...]
IMF opens liquidity line November 22, 2011 THE IMF said it is establishing a flexible liquidity line that would act as “insurance against future shocks and as a short-term liquidity window to address the needs of crisis bystanders”. It would be available for six months to countries with relatively good policies that are facing short-term balance of payments needs. Access under the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 22, 2011 FINANCIAL TIMES NOMURA STEPS UP ASSET SALE PLANS Nomura has approached big private equity firms about the possible sale of domestic businesses, including its real estate arm, as the Japanese bank moves to shore up its capital buffers. Several people familiar with the preliminary talks with parties including KKR and TPG said the bank was [...]
AT&T challenged in T-Mobile buy November 22, 2011 AT&T’s proposed $39bn (£25bn) purchase of T-Mobile is facing increasing headwinds. Yesterday, the Federal Communications Commission (FCC) announced that chairman Julius Genachowski will float a draft order calling for an administrative law judge to review the deal. This action is being read as a sign that the FCC will shoot down the merger. The FCC [...]
Deutsche Bank mulls asset sales November 22, 2011 Deutsche Bank is considering the sales of several global asset management businesses in light of new regulation, rising costs and growing competition expected to weigh down future earnings. Germany’s biggest bank is carrying out a strategic review on how the cost of new regulations and competitive changes are impacting the bank. The review will include [...]
