Buffett’s heir stands down March 30, 2011 WARREN BUFFETT’S heir apparent has resigned after buying shares in a company he then repeatedly pushed Buffett to acquire, the billionaire investor announced yesterday. David Sokol had twice previously tried to quit his role at Buffett’s Berkshire Hathaway over the same issue, the Sage of Omaha said in a letter to shareholders, but could not [...]
Populist tax on oil firms has backfired March 30, 2011 IF George Osborne is to be believed, Britain is open for business once again. Some senior executives clearly agree: Sir Martin Sorrell, WPP’s boss, wants to move his firm’s legal base back to Britain if all of the proposals in the Budget are voted through. But if you are an oil and gas company, or [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 30, 2011 FINANCIAL TIMES CHRISTIAN CANDY TO RESELL GOLD SHARES Christian Candy, the property developer, is to sell shares back to minority investors in a gold mining company after his attempt to take the mine owner private was thwarted. The agreement is part of a deal that could strengthen the rights of small investors. It is set [...]
Murdoch promotes his son March 30, 2011 JAMES Murdoch has continued his rise through his father’s media empire after being promoted to deputy chief operating officer of News Corp in addition to his role as chief executive of the media group’s international operations. He will remain in direct control of News International, the UK-based business which operates newspapers including the Times and [...]
Libyan minister defects to UK March 30, 2011 LIBYA’S foreign minister Moussa Koussa defected to the UK yesterday, saying he opposed his government’s attacks on civilians. As the US, UK and France refused to rule out arming Libyan opposition forces to help oust Muammar Gaddafi, Kusa resigned from his post in the Libyan government and claimed refuge after he landed at Farnborough airport [...]
Ireland braces for stress test March 30, 2011 IRELAND is due to announce the results of its banking stress tests this afternoon, raising the spectre of further nationalisations, while Portugal, Spain and Greece continue to grapple with their debts. Irish finance minister Michael Noonan will announce at 4.30pm whether the country’s banks have enough capital to withstand future financial shocks. Prime Minister Enda [...]
June IPO planned for SUEK March 30, 2011 RUSSIAN coal giant SUEK is planning a $1bn (£623m) float in London by the end of June, City A.M. has learned. The float is being shopped around some of the world’s biggest investors in commodities during pre-marketing meetings in London, with BlackRock and Renaissance Capital having been approached. The deal, which is being led by [...]
DIMON GETS TOUGH ON REGULATION March 30, 2011 JPMorgan chief executive Jamie Dimon warned yesterday that excessive regulations risk harming the economy. Speaking at the US chamber of commerce, Dimon said new capital rules could be “the nail in our coffin for big American banks”, adding that the Dodd-Frank banking reform was “one of the most irrational pieces of legislation I’ve ever seen”.
Bribery Act to hit Olympics March 30, 2011 THE BRIBERY Act could hit corporate hospitality bookings at the London 2012 Olympic games, despite assurances that it is not intended to target “genuine” hospitality. In the long-awaited guidance to the Act, released yesterday after a delay of more than two months, the Ministry of Justice sought to reassure companies that “bona fide hospitality…is recognised [...]
COMMENT: LAWYERS REACT TO THE BRIBERY ACT GUIDANCE March 30, 2011 SATINDAR DOGRA| LINKLATERS The guidance provides a welcome dose of common sense. The Act is not intended to subvert normal business interaction and this is now much clearer. The focus on proportionate compliance procedures may help save costs for some businesses, and foreign companies will be assured that they will not fall within the clutches [...]
