Weber to quit bank role February 9, 2011 BUNDESBANK sources yesterday confirmed that governor Axel Weber told a private gathering that he will not seek another term in the same role. However, his candidacy for governorship of the European Central Bank (ECB) remains in question, despite speculation he could also abandon his bid for the position. He was widely seen as the lead [...]
Nokia leaks Doomsday memo February 9, 2011 A leaked memo sent from Nokia’s chief executive Stephen Elop yesterday painted a vivid picture of the threat facing the company. The email warned that Nokia’s failure to keep pace with rivals such as Apple has left it “standing on a burning platform” needing to change. Elop said in the past two years Nokia had [...]
IMF failed to spot financial crisis February 9, 2011 The International Monetary Fund (IMF) was criticised by its internal watchdog yesterday for failing to spot the financial crisis, partly because it was “overly influenced” by rich nations. The Independent Evaluation Office said there was a mind-set among IMF economists that developed economies were unlikely to provide a spark for a major financial crisis, given [...]
Xchanging tanks on torrent of bad news February 9, 2011 ALARMED investors wiped out half of outsourcing firm Xchanging’s market value yesterday after the firm warned on its profits, scrapped its dividend and announced that its chief executive had left. Xchanging, which sponsors the Oxford and Cambridge boat race, also said it will take a £100m impairment charge linked to the loss of goodwill from [...]
Murdoch snaps up The Shine Group for around £700m February 9, 2011 RUPERT Murdoch is set to buy the company his daughter founded after years of trying to get her to join the family company. News Corp has agreed to buy independent TV production company The Shine Group, which is responsible for hit shows including Master Chef and Ashes to Ashes, in a deal valuing it at [...]
Keeping it in the family February 9, 2011 RUPERT Murdoch likes to keep things in the family. His son James is head of European operations at News Corp and chairman of BSkyB – the firm 39 per cent owned by News Corp and the target of a controversial takeover plan. Now Elisabeth is about to be welcomed back into the fold after a [...]
Merlin claims to boost lending to businesses February 9, 2011 HOUSTON, we have an agreement.” So joked one of the chancellor’s key allies yesterday, clearly relieved to have finally signed a deal of sorts with the four Merlin banks. But the government has got precious little for the weeks it has spent locked in negotiations with HSBC, RBS, Lloyds and Barclays. Here City A.M. looks [...]
State-owned bank chiefs to take bonuses February 9, 2011 LLOYDS and RBS chose yesterday’s unveiling of the final “Merlin” project as the moment to disclose all-share bonuses worth several million pounds for their chief executives. Outgoing Lloyds chief Eric Daniels will take home £1.45m, less than two thirds of the bonus to which he is entitled, while RBS boss Stephen Hester will be awarded [...]
Varley plays dealmaker February 9, 2011 EX-BARCLAYS chief executive John Varley has driven project Merlin from the beginning, acting as the chair and chief organiser of the initiative. Barclays was never obliged to participate in Merlin, unlike part-nationalised RBS and Lloyds, causing a flurry of speculation over Varley’s enthusiasm for the project. New Barclays chief executive officer Bob Diamond was keen [...]
Lib Dem peer gets the sack after outburst February 9, 2011 LORD Oakeshott was unceremoniously sacked from his job as Liberal Democrat Treasury spokesman last night, after describing the government’s lending agreement with banks as “pitiful”. The Liberal Democrats said the peer had agreed to leave his non-ministerial party post by “mutual consent”, although privately senior party sources said he had been sacked. Oakeshott infuriated George [...]
