SPORT | IN BRIEF October 10, 2010 Marseille plan to sue De Jong FOOTBALL: Marseille say they will take legal action against Manchester City’s Nigel de Jong over the broken leg suffered by Hatem Ben Arfa. France star Ben Arfa, on loan at Newcastle from Marseille, has been ruled out for several months after suffering two breaks following a tackle from De [...]
EU targets bonuses in power grab October 7, 2010 THE EUROPEAN Union charged ahead with its crackdown on the banking industry yesterday, as several bodies outlined tougher-than-expected rules on pay, bonuses and tax that could radically alter the City. Finance watchdogs from the 27 member states met in London yesterday to flesh out the first Europe-wide rules to curb bankers’ pay, agreed earlier in [...]
Calvert walks free after just seven months October 7, 2010 MALCOLM Calvert, the ex-Cazenove partner jailed earlier this year for insider dealing, has been released from jail after serving under a third of his 21-month sentence, City A.M. can reveal. His early release comes as a smack in the face for the Financial Services Authority, which has gone all out this year in its efforts [...]
Time to nip next bubble in the bud October 7, 2010 REGULAR readers will know that I’m reasonably optimistic when it comes to short-term growth – I believe that the economy will slow to an uncomfortably modest pace over the next few months but that we won’t tip into a double-dip recession. Yesterday’s manufacturing figures, which showed that the recovery in factory production accelerated further in [...]
FACT BOX | EUROPEAN BANKING LAWS October 7, 2010 PAY RULES The European Parliament last week endorsed a skeleton law for the first EU-wide curbs on excessive pay in the banking sector from January 2011. CEBS MEETING The Committee of European Banking Supervisors (CEBS), a panel made up of financial watchdogs from each member state, is the body that conducted the banking stress tests [...]
Sinochem offer for Potash Corp is now unlikely October 7, 2010 SINOCHEM, China’s largest fertiliser company, may struggle to get state financial backing for a takeover of Canada’s Potash Corp, making a deal unlikely, it emerged last night. China’s government has indicated it would prefer Sinochem to finance any takeover without credit from state banks, which is likely to put the transaction beyond the company’s reach. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 7, 2010 FINANCIAL TIMES UK AND FRANCE IN TALKS ON TRIDENT MAINTENANCE An agreement being negotiated by the UK and France would see British nuclear warheads serviced by French scientists and break with half a century in which neither country has collaborated on its independent deterrent. Ahead of a summit in three weeks, the governments are close [...]
Footie tycoon hedges stake in Barclays October 7, 2010 THE BILLIONAIRE owner of Manchester City football club has moved to hedge himself against a drop in Barclays’ share price, investment bank Nomura confirmed last night. Sheikh Mansour bin Zayed al Nahyan has done a deal with Nomura to protect the value of his entire £2.4bn stake, amounting to 6.2 per cent of total Barclays [...]
Cooper tops Labour MP’s poll October 7, 2010 YVETTE Cooper has topped the ballot in Labour’s shadow cabinet elections, putting her in poll position to become the next shadow chancellor – if she decides to accept the job. Cooper’s husband Ed Balls, a key ally of Gordon Brown, has coveted the top economic brief for several years, leading to suggestions she will stand [...]
SocGen says it won’t ask Kerviel for €4.9bn fine October 7, 2010 SOCIETE Générale has distanced itself from the record €4.9bn (£4.3bn) fine slapped on rogue trader-turned-national-hero Jerome Kerviel after an astonishing backlash in France. Kerviel was jailed for five years, with two suspended, for several offences including forgery. But the astronomical fine has caused indignation in his home country, solidifying sentiments that he was used as [...]
