FDIC chair to quit as 5-year term finishes May 9, 2011 SHEILA Bair, one of the most visible regulators who navigated the recent financial crisis, will leave the Federal Deposit Insurance Corp (FDIC) on 8 July, the agency announced yesterday. Bair began her five-year term as chairman in June 2006 and was known for her tough talk against Wall Street excess. Throughout the 2007-2009 financial crisis [...]
BNP Paribas chair to retire May 9, 2011 BNP Paribas chairman Michel Pebereau, who in the course of a decade turned a state-owned French lender into one of the biggest banks in Europe, is expected to announce his retirement before shareholders tomorrow. Pebereau, 69, was widely expected to step down before reaching the retirement age of 70 next year. Chief executive Baudouin Prot [...]
Great Portland fills W1 offices May 9, 2011 Great Portland Estates has said that the whole of its refurbishment property at 160 Great Portland Street will be let to visual effects company Double Negative. The firm will take a 20-year lease and pay rent equivaent to £59.60 per square foot on the first to fifth floors of the building.
Shapland leaves Sainsbury’s May 9, 2011 Sainsbury’s has announced that its group development director Darren Shapland is to stand down, with non-food managing director Luke Jensen taking on the majority of the role from July. The company also announced that James Brown would join from Littlewoods as business unit director for clothing, and Robbie Feather was leaving John Lewis to become [...]
Admiral passes pay resolutions May 9, 2011 Motor insurer Admiral’s annual meeting ended with all resolutions passed yesterday and 98.7 per cent support for the remuneration report. Admiral, which posted a 50 per cent rise in first-quarter revenues last week, also saw chief executive Henry Engelhardt, finance chief Kevin Chidwick, operating chief David Stevens and its eight non-executive directors re-elected.
AIR predicts US storm losses May 9, 2011 Insured losses from the tornadoes that devastated the US south last month are likely to reach between $3.7bn (£2.3bn) and $5.5bn, risk modelling consultancy AIR Worldwide said yesterday. The windstorms have killed an estimated 354 people to date in seven US states. The loss will be predominantly from destruction of both residential and commercial property, [...]
Volkswagen bids for MAN May 9, 2011 VOLKSWAGEN has kicked off a creeping bid for MAN, valuing it at $20bn (£12.3bn) and stepping up its drive towards a goal of merging the German truckmaker with Swedish rival Scania. VW is keen to create Europe’s biggest truckmaker to compete more effectively with world leader Daimler and number two Volvo. The German carmaker already [...]
Hertz back in the race with $2.1bn bid for Dollar Thrifty May 9, 2011 HERTZ Global Holdings is back in the market for smaller car rental firm Dollar Thrifty, offering close to $2.1bn (£1.3bn) as it looks to bump a rival bid from Avis Budget that has struggled to win regulatory clearance. Hertz’s latest bid for Dollar Thrifty – a $1.2bn offer in April, 2010 was rejected by Dollar [...]
Tognum eyes higher price as outlook beats forecasts May 9, 2011 SPECIALITY engine maker Tognum has unveiled a full-year outlook that beat expectations, as it aims to elicit a higher takeover offer from its suitors Daimler and Rolls Royce Group. According to sources, the company would accept a sweetened bid valuing it at €3.55bn (£3.1bn). Tognum said yesterday it expects 2011 revenue of around €2.9bn (£2.5bn) [...]
Elan sells drug delivery business to Alkermes to cut its debt pile May 9, 2011 IRELAND’S Elan agreed a $960m (£587.5m) deal to sell its drug delivery business to US firm Alkermes yesterday, cutting its debt pile by two thirds and making it a pure biotech firm. Elan will get €500m (£437.8m) in cash and a 25 per cent stake in Alkermes which it will start reducing, in consultation with [...]
