Banned RBS director sets up advice firm August 15, 2010 A FORMER RBS director and right hand man of Sir Fred Goodwin has set up his own business advisory firm, following his agreement with the Financial Services Authority (FSA) never to return to banking. Johnny Cameron registered Caps Advisory as a business on 19 July, two months after he agreed not to perform any “significant [...]
Goldman top brass get $24m windfall August 15, 2010 GOLDMAN SACHS bosses including chief executive Lloyd Blankfein crystallised millions of dollars of gains last week by cashing in stock options, according to regulatory filings. Blankfein booked a profit of $6.1m (£642,000) by exercising his right to buy nearly 90,700 shares in Goldman at their 2000 level of $82.86 apiece and selling them at prices [...]
Last chance for BAA and Unite to prevent bank holiday strikes August 15, 2010 BOSSES from airport operator BAA and the Unite union are meeting today in a last-ditch attempt to prevent the closure of six airports over the August bank holiday weekend. The meeting, at conciliation service Acas, is likely to be the last chance the two sides will have to come to an agreement over pay and [...]
Bank heads towards a rift on way ahead August 15, 2010 THE Bank of England is heading towards a rift over what to do about the slowing recovery and rising inflation, according to economists. Analysts at Investec Economics expect the release of this week’s minutes of the Monetary Policy Committee’s (MPC) last meeting to reveal that some members now want to increase the stock of quantitative [...]
DO YOU EXPECT THE MONETARY POLICY COMMITTEE’S MINUTES TO SHOW SOME MEMBERS VOTING FOR MORE STIMULUS? August 15, 2010 DAVID BUIK | BGC PARTNERS “I wouldn’t be at all surprised if all nine members voted for an increase in quantitative easing (QE) by October. In fact I’m expecting it. People accuse me of heresy and say I should be strung up but I don’t care if inflation gets to 4 per cent because we [...]
Vedanta seals £5bn buyout of Cairn India August 15, 2010 CAIRN ENERGY is this morning poised to announce the sale of a majority stake in its Indian venture to Vedanta Resources, the precious metals miner, for around £5bn. Lawyers were last night scrambling to finalise the paperwork for Vedanta’s purchase of 51 per cent of Cairn India. Cairn is expected to retain an 11 per [...]
KNOC considers hostile bid for Dana after offer rejected August 15, 2010 THE KOREA National Oil Company (KNOC) is considering launching a hostile takeover of Aberdeen-based oil firm Dana Petroleum as early as this week, it emerged yesterday. Dana rejected a friendly bid from the firm last week after months of talks, saying the £18 per share offer “failed to recognise the value of the company’s recent [...]
Cairn August 15, 2010 CAIRN’S Indian assets are certainly attractive. The sites bought for a mere $7m (£4.5m) from Shell in 1997 now trade on the Mumbai exchange at a market value of $14bn. Cairn’s flagship oilfields in Rajasthan are predicted to churn out 90,000 barrels a day in 2011, rising to 125,000 barrels the year after. Vedanta is not [...]
Transocean payout on hold after oil spill August 15, 2010 TRANSOCEAN, the company that leased the rig at the centre of the oil disaster in the Gulf of Mexico, has been blocked from paying shareholders a $1bn (£640.7m) dividend. A Swiss regulatory body has rejected plans by Transocean, which leased the Deepwater Horizon rig from BP, to pay shareholders a dividend of 82 cents per [...]
Obama hopes publicity stunt will allay Gulf oil fears as BP suspends seal plans August 15, 2010 US PRESIDENT Barack Obama and his family visited Florida’s Gulf coast this weekend as part of a drive to encourage tourism to the region blighted by the Deepwater Horizon oil spill. Speaking before an afternoon dip with his daughter, Obama said his administration remains committed to ensuring a full clean-up is carried out. “I’ll not [...]
