TNK-BP names a new director October 11, 2011 BP said yesterday that its head of Iraq, Michael Townshend, is joining the board of its embattled Russian subsidiary TNK-BP with immediate effect. Townshend, who has worked for BP for more than 30 years, will replace former chief executive Tony Hayward on TNK-BP’s board of directors, which has been rocked by a dispute over BP’s [...]
Centamin says it is on course October 11, 2011 CENTAMIN Egypt said its gold production had returned to planned levels after the regular delivery of blasting products resumed in late July. It produced 50,539 ounces of gold in the third quarter, up five per cent from the second quarter and a jump of 67 per cent from the year-earlier quarter. Centamin said it remains [...]
Banks: little stability gain from Vickers too big to fail October 11, 2011 THE VICKERS Commission was completely unnecessary in solving the “too big to fail” problem, RBS chief Stephen Hester told a committee of Lords yesterday. “I believe that goal would have been accomplished without Vickers due to the international reforms that are in place,” Hester said. Barclays’ Bob Diamond agreed: “It’s not a question of with [...]
ECB back in the market for Italy’s sovereign debt October 11, 2011 THE EUROPEAN Central Bank (ECB) was suspected of once again ramping up its bond-purchasing programme yesterday after yields fell at an auction of Italian debt. The Bank had scaled down its intervention in recent weeks, which was interpreted by markets as an attempt to put pressure on Rome to speed up the implementation of its austerity [...]
EU lenders set for tougher capital tests October 11, 2011 EUROPE’S banks will have to achieve a significantly stronger capital position under a quick-fire regulatory health check and may need to raise some €100bn (£87.5bn), banking and regulatory sources said yesterday. The European Banking Authority (EBA) wants banks to hold a minimum core tier one ratio of at least seven per cent under a recession [...]
FSB in call for quick reform on derivatives October 11, 2011 DERIVATIVES market reforms are proceeding too slowly in the EU, according to a Financial Stability Board (FSB) report out yesterday. “Aggressive” action is needed to meet the G20’s deadline of the end of 2012, the FSB warned. The US has been more prompt in enacting legislation to standardise derivatives trading. Regulators intend to make market [...]
Emirates NBD to take over Dubai Bank October 11, 2011 EMIRATES NBD, the largest bank in the United Arab Emirates by assets, will take over struggling government-controlled Islamic lender Dubai Bank under orders from Dubai’s ruler, as consolidation gets under way in local banking. Dubai’s government, which also holds a 55.6 per cent stake in Emirates NBD, has been working to support state-linked institutions saddled [...]
Crunch time as firms seek women directors October 11, 2011 FORTY-FOUR per cent of the UK’s top 350 companies still have no women representatives on their boards, despite a recent push to improve boardroom diversity and encourage the appointment of female executives. Over the past decade, the proportion of women on the boards of the UK’s biggest 350 public companies has increased from five to [...]
CITY VIEWS: DO YOU THINK INITIATIVES TO GET MORE WOMEN ONTO UK BOARDS ARE WORKING? October 11, 2011 ANDREW PELL | J CHAHINE CAPITAL “As an asset manager we care about results, whether they’re from women or men. But I don’t think the initiatives that have been put in place are working – there are a lot of scenarios associated with sexism still in place in City companies.” LAWRENCE EDWARDS | LIQUID CAPITAL [...]
Boards are in the spotlight October 11, 2011 THE DIVERSITY policies of several UK firms that still have no female board members will be in focus today, as they receive a letter from the Prime Minister urging them to make clear their plans for change. Lord Mervyn Davies recommended in February that women should make up a quarter of boards of FTSE 100-listed firms [...]
