Diamond defends BarCap against ‘casino’ allegations September 12, 2010 BARCLAYS’ Bob Diamond at the weekend lashed out at the criticism he has received since being appointed as the group’s new chief executive last week. Diamond, who currently heads up the investment banking arm Barclays Capital, said references to the division as a “casino” were misleading and disappointing. “Words like ‘casino banking’… have no basis [...]
Boris joins the City protest over proposed non-EU migrant cap September 12, 2010 MAYOR of London Boris Johnson has written to home secretary Theresa May to express his concern over the economic impact of the forthcoming Tory cap on migrant workers from outside the EU. Johnson told the BBC’s Andrew Marr show that it was “reasonable to try and get a grip” on immigration. But he added that [...]
PAPANDREOU RULES OUT HAIRCUT September 12, 2010 GREEK Prime Minister George Papandreou ruled out a restructuring or “haircut” to the country’s debt yesterday and insisted it was on track to cut its budget deficit by 40 per cent by the end of the year. Papandreou said the package of wage reductions, pension decreases and tax rises brought in as a condition of [...]
Jimmy Choo founder eyes £500m offer September 12, 2010 TAMARA MELLON, the former fashion PR-turned-luxury goods tycoon, could front a £500m takeover bid for the designer shoe company she founded 16 years ago. Mellon is considering a buyout of Jimmy Choo backed by a consortium of sovereign wealth funds, pension schemes and private individuals, according to a report yesterday. The move would see the [...]
HP closes in on deal to buy tech firm ArcSight September 12, 2010 HEWLETT-PACKARD (HP) is nearing a deal to buy cybersecurity company ArcSight for about $1.5bn (£976m), the latest in a series of technology sector transactions. ArcSight drew interest from several large tech companies and had been seeking around $42 per share, according to a Wall Street Journal report, citing unnamed sources. A deal could be announced [...]
Scarce supply buoys pay for bank juniors September 12, 2010 BANKS which dramatically cut back their graduate and lower-level recruitment programmes in the depths of the crisis are now suffering from an acute shortage of junior talent, pushing salaries for successful applicants up by 12 per cent over the past year. Average base salaries for City workers at assistant vice president level – typically those [...]
Battle of the Milibands heats up as poll puts Ed in the lead September 12, 2010 FORMER foreign secretary David Miliband, long favourite to become the next head of the Labour party, has slipped behind his younger brother Ed in the leadership race, a poll suggested yesterday. The YouGov survey of 1,700 Labour and union members for the Sunday Times put the two brothers well ahead of the three other candidates [...]
Former Iceland prime minister may face trial September 12, 2010 ICELAND should bring negligence charges against former ministers over its banking collapse in 2008, a special parliamentary committee has concluded. The committee, known as the Truth Commission, recommended former prime minister Geir Haarde, ex-finance minister Arni Mathiesen, and former business minister Bjorgvin Sigurdsson should all stand trial. Iceland’s parliament will now decide whether to bring [...]
CBI warns of climate change risk September 12, 2010 The CBI will today call on the government to make readily available to businesses its environmental data, to help firms prepare for the risks of climate change. The proposals include the creation of a new public information bank showing the risk to critical infrastructure of rising temperatures and extreme weather. The CBI’s director of business [...]
Carlyle scraps $1bn Arinc sale September 12, 2010 Private equity firm Carlyle Group has scrapped plans to sell US defence and aviation group Arinc, after failing to find a buyer for the firm in the past six months, several people familiar with the matter said. Carlyle, which hired Goldman Sachs to advise it on the $1bn (£651.4m) sale, is now thought to be [...]
