Beleaguered BP boss poised to step down July 25, 2010 EMBATTLED BP chief executive Tony Hayward is to quit the company, with the oil giant’s board deciding today whether to announce his resignation tomorrow – when the group delivers second quarter results – or wait until the Gulf of Mexico leak is plugged. Hayward was yesterday locked in negotiations with board members over his exit [...]
Geithner says recession over July 25, 2010 THE US economy is not likely to slip back into recession but letting tax cuts for the wealthiest Americans expire is necessary to show commitment to cutting budget deficits, Treasury Secretary Timothy Geithner said yesterday. In appearances on several Sunday talk shows, Geithner said only two to three per cent of Americans – those making [...]
Lessons from Hayward’s departure July 25, 2010 SHOULD we fell sorry for Tony Hayward, BP’s beleaguered chief executive? His departure from the firm, which he joined in 1982 as a rig geologist in Aberdeen, will be announced imminently; the 53-year old is being sacrificed to allow the oil giant to move on and try and rebuild itself after the catastrophic damage to [...]
Coalition details regulation July 25, 2010 CITY minister Mark Hoban is today set to solidify the coalition government’s plans to overhaul banking regulation. His speech, to bankers and business leaders, will mark the start of two days in which the ruling party will detail plans to change the regulatory system and disband the Financial Services Authority (FSA). The coalition is calling [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 25, 2010 THE SUNDAYS The Sunday Telegraph FUND CHIEF SLAMS OFWAT One of Britain’s leading investors in the UK’s water industry has said that Ofwat is “dysfunctional” and should be merged with the electricity regulator, Ofgem. Neil Woodford, leading fund manager for Invesco Perpetual, said that the water regulator did not understand the equity market and that [...]
Apollo to form Ares bank July 25, 2010 Private equity firm Apollo Global Management plans to create a new bank under a provision in the US financial reforms passed last week, the Financial Times reported yesterday. Apollo has reportedly brought on a team from Countrywide Financial to run the bank, which has yet to receive approval from regulators. Apollo plans to ask its [...]
Eurogroup chair praises EFSF July 25, 2010 Eurogroup chairman Jean-Claude Juncker said establishment of the Eurozone’s emergency loan mechanism, the European Financial Stability Facility (EFSF), calmed markets and said that he was against changing Eurozone rules in a way to allow exclusion of euro members. Juncker welcomed the EFSF mechanism, saying that “since establishment of the mechanism conditions truly calmed down and [...]
Boots buys up Turkish drug wholesaler July 25, 2010 ALLIANCE Boots will prepare for a major push into Africa and the Middle East with the purchase of one of Turkey’s biggest drug wholesalers. Alliance Boots will take full control of Hedef Alliance in a deal thought to value the Turkish company at more than £600m. Boots already owns a 50 per cent stake in [...]
Aurora jumps back into black July 25, 2010 THE clothing retailer behind Karen Millen, Coast, Oasis and Warehouse has clawed its way back from its annus horribilis last year to beat market expectations. Aurora Fashions, formed in March last year after the administration of the brands’ former owner Mosaic Fashions, said earnings hit £38.6m last year on sales of £661m. Aurora, which is [...]
Invesco pushes energy deal July 25, 2010 International Power’s biggest investor has told GDF Suez, the French energy group that is holding reverse takeover talks with the British firm, a cash sweetener may not be needed to win its support. Neil Woodford, head of investment at Invesco Perpetual, which has an 11 per cent stake in the electricity generator, said he would [...]
