WHAT THE OTHER PAPERS SAY THIS MORNING August 12, 2010 FINANCIAL TIMES BARCLAYS REFUSES TO USE TARGETS The head of Barclays’ small business division has firmly refused to sign up to UK lending targets in a move that could fuel government criticism of the industry’s willingness to ease credit constraints in the economy. Speaking to the FT after Barclays broadened the remit of its business [...]
Culture dept to quit iconic headquarters August 12, 2010 THE Department for Culture, Media and Sport (DCMS) is quitting its iconic headquarters near Trafalgar Square and renting space in another Whitehall building, in an audacious bid to shave £10m from its annual budget, City A.M. has learned. The unusual move shows the lengths that cabinet ministers are going to in order to find departmental [...]
Credit Suisse sheds 75 jobs in the capital August 12, 2010 CREDIT Suisse is axing 75 jobs in its British investment banking and support operations, becoming the second bank in as many days to slim down its headcount. The Swiss-based bank said yesterday the cuts are intended to help shift resources to growth areas, but would not be drawn on which departments will feel the pain [...]
Pru hires City fixer as profit eases tension August 12, 2010 PRUDENTIAL has hired a troubleshooter to help repair its tattered relations with City investors after the collapse of its $35.5bn (£22bn) attempt to buy AIG’s Asian arm. After a wave of criticism over its handling of shareholders, the FTSE 100 titan has poached insurance industry veteran Steve Riley from Clive Cowdery’s Resolution business. Riley started [...]
Prudential August 12, 2010 THE problem with failed takeovers is you have to try and pretend they never happened. For several months, the men from the Pru were courting shareholders mercilessly, telling them a $35bn acquisition of Asian insurer AIA was an unmissable opportunity. Sure, management were careful not to talk down the group’s chances as a standalone life [...]
Insurer tipped to boost payouts to investors as earnings expand August 12, 2010 PRUDENTIAL will be able to ramp up its payouts as early as next year as it enjoys strong underlying earnings, analysts and insiders believe. The insurer, which has grown its interim dividend by five per cent for the past four years, could either rebase the payout to a higher level or up its growth rate [...]
Hussey quits De La Rue due to note errors August 12, 2010 THE BOSS of the world’s biggest money printing firm was forced to resign yesterday after quality issues emerged at one of its factories. James Hussey was muscled out despite assurances the problems would not affect any of the 150 world currencies De La Rue is responsible for. However, the firm issued a warning that sales [...]
Dana is under fire after it rejects KNOC August 12, 2010 DANA Petroleum’s embattled board came under fresh fire from shareholders and City analysts yesterday as it dug in its heels against a £18-a-share takeover bid from rival Korea National Oil Corporation (KNOC). Dana said bid talks had stalled after KNOC “failed to recognise the value of the company’s recent developments and work in progress”. The [...]
JJB loses links to the Jones family as Sir David’s son quits August 12, 2010 THE JONES family ties with high street retailer JJB Sports have come to an end, as it emerged yesterday Stuart Jones has quit his post as marketing manager. Jones’ father, former JJB chairman Sir David Jones, stepped down from his role as non-executive director on 28 July due to ill health. Stuart is understood to [...]
Ex-Blue oar boss on buying spree August 12, 2010 FORMER Blue Oar Securities chief Andrew Monk has swallowed up a pair of small businesses to boost his new vehicle, Third Quad Capital. Third Quad said yesterday it had bought up loss-making corporate finance and broking house VSA Capital, a resources, oil and gas specialist, for a nominal sum. It has also bought Softline, a [...]
