FSA faces calls to publish details of investigation into RBS and Goodwin December 5, 2010 THE Chancellor is considering changing a law which the Financial Services Authority (FSA) has blamed for preventing it from publishing the findings of its investigation into Royal Bank of Scotland (RBS) and its former chief executive Sir Fred Goodwin. George Osborne could announce an investigation into the Financial Services and Markets Act (FSMA) as early [...]
US lawmakers keen to strike deal on tax cuts and job aid December 5, 2010 SENIOR US lawmakers said yesterday they were optimistic about striking a deal to extend Bush-era tax cuts for all taxpayers and continue emergency jobless aid for millions of long-term unemployed Americans. President Barack Obama and other Democratic leaders want to extend the cuts only for low and middle income Americans, arguing that the tax breaks [...]
Compass denies rebate wrongdoing December 5, 2010 COMPASS has denied any wrongdoing over volume contracts for services it provides for non-food contracts. Reports this weekend suggested that Compass, whose customers include the Ministry of Defence, had asked some of its non-food suppliers for rebates of up to 20 per cent relating to contracts it had with the government. But a Compass spokesman [...]
Hermes family sets up holding scheme to ward off LMVH December 5, 2010 THE founding family of France’s Hermes luxury fashion group yesterday revealed it has set up a holding company with more than half of the group’s capital in a bid to fight off a takeover bid from Louis-Vuitton Moet Hennessy (LVMH). The bold move, which is subject to regulatory approval, followed crisis talks on Friday, when [...]
Investment banks to cash in if £31bn Glencore opts for a London listing December 5, 2010 THE world’s biggest commodities trader, Glencore, is said to be planning a float for next year that could be the largest ever seen on the London Stock Exchange if the firm opts to list in the UK. However, it might instead choose to float in Hong Kong to gain access to faster-growing emerging markets, or [...]
Bhushan prepares for float December 5, 2010 Indian company Bhushan Power & Steel Group is planning a £450m flotation next year after appointing investment banks JPMorgan Chase and Credit Suisse to oversee it, according to reports out yesterday. Officials at the company’s headquarters in New Delhi could not be immediately reached to comment on the report. Last month, Indian energy group Jubilant [...]
CVC eyeing Punch Taverns December 5, 2010 Private equity group CVC is planning an to bid for British pub company Punch Taverns, according to weekend reports. CVC is also understood to be in talks with Punch Tavern’s adviser Goldman Sachs (GS.N) about a bid for part of Punch Tavern’s 6,000-strong leased pubs estate. CVC declined to comment on the report.
Asil Nadir to sue over arrest December 5, 2010 Former Polly Peck tycoon Asil Nadir last night vowed to sue the police after he was arrested for allegedly breaching bail conditions. Nadir, 69, was accused of breaking his midnight-to-6am curfew while celebrating an anniversary. But he was later released without charge, and with an apology. He said: “I have been a victim of an [...]
SIX OF THE BEST December 5, 2010 Financial News today publishes its list of Rising Stars for 2010, with a fifth of its 100 top executives under 40 working in the emerging markets field. Starting from top left clockwise, these are six of the 100: Simona Paravi, Django Davidson, Jeff Tannenbaum, Tina Hasenpusch, Liam Camburn, Esther Chan.
Shoppers return to stores after snow December 5, 2010 SNOW may have kept people at home for much of last week, but consumers hit the stores as soon as milder weather returned, according to data released yesterday. John Lewis recorded falls in sales on Wednesday and Thursday, compared to the same days last year. However, a weekend surge saw the department store surpass £100bn [...]
