Ex BP boss Lord Browne to head advisory board at Stanhope Capital Capital October 24, 2010 FORMER BP chief executive Lord Browne is to head up the newly-formed advisory board of boutique wealth manager Stanhope Capital, it emerged yesterday. Stanhope is believed to be lining up Browne to chair the three-man board and to help it attract investors from the worlds of business and charity and the arts, in which he [...]
Small businesses in London score big win in profits, jobs and growth October 24, 2010 SMALL businesses in London are leading the way in making money and creating jobs in the UK, a study showed. The capital, the south west of the country and Wales top the index of small businesses making substantial contributions to their home regions, according to the Barclays Business Regional Impact Index. The survey ranked regions on [...]
Rio Tinto boss confident tax rule will be kept October 24, 2010 RIO Tinto boss Tom Albanese says he has the “utmost confidence” that Australia’s new government, led by Julia Gillard, will honour the spirit of the modified mining tax agreement it signed with Rio, BHP Billiton and Xstrata in July. The trio of big miners have become worried that under the new tax they will not [...]
CITY MOVES | WHO’S SWITCHING JOBS October 24, 2010 Clifford Chance The law firm has appointed Thomas Vinje, pictured, and Oliver Bretz to take over the leadership of its global antitrust group. Vinje, based in Brussels, will be chair of the group. He joined Clifford Chance as a partner in 2004 and specialises in EU competition and intellectual property law. Bretz, the group’s new [...]
Google: Street View cars did pick up emails October 24, 2010 GOOGLE is to be reinvestigated by the Information Commissioner’s Office after admitting its “Street View” cars around the world accidentally collected more personal data than previously disclosed – including complete emails and passwords. A spokesman for the ICO, which finished an initial investigation in May, said: “We will be making enquires to see whether this [...]
Schroders drops stake in Wellstream after GE bid October 24, 2010 SCHRODERS has sold around half its stake in oil and gas pipeline company Wellstream after it rejected a take over offer from US conglomerate GE of $1.2bn (£755m) earlier this month. The fund manager has been reducing its stake from just over 13 per cent at the beginning of October to a little under seven [...]
Tally of US bank collapses climbs to 139 October 24, 2010 THE Federal Deposit Insurance Corp (FDIC) said that US regulators have closed seven more banks, bringing the total number of bank collapses so far this year to 139. The biggest was Hillcrest Bank of Overland Park, Kansas, which had approximately $1.65bn (£1.05bn) in total assets and $1.54bn in total deposits. Regulators also closed First Arizona [...]
Burlington Arcade is sold for £104m October 24, 2010 BURLINGTON Arcade, one of the world’s oldest shopping centres, has been sold to European real estate firm Meyer Bergman and US property tycoon Joseph Sitt for £104m, the pair said yesterday. The centre near Bond Street, which opened in 1918, will be Sitt’s first purchase in Europe through his investment vehicle Thor Equities. Thor will [...]
We’ve had the cuts – now it’s time for growth October 24, 2010 So we’ve had the cuts, now it’s time for the growth. That’s the message at today’s annual CBI conference and it’s the right one. George Osborne may have hinted at some pact with the Bank of England whereby more QE offsets the government’s austerity drive, but what we really need is a supply side transformation. [...]
BEST OF THE BROKERS October 24, 2010 BSKYB S&PEquityResearch has reiterated its “hold” recommendation and target price of 740p on the satellite broadcaster after a stronger-than-expected set of Q results. Group revenues were up 15 per cent at £1.5bn. The broker also believes News Corp. could up its initial offer for BskyB from 700p per share. INCHCAPE Numis has kept its rating [...]
