RBS gets six advanced bids for Global Merchant Services June 3, 2010 ROYAL BANK OF SCOTLAND is reviewing six second-round bids for its $4bn (£2.7bn) payment-processing arm, and will soon pick two or three suitors for a final round of bidding, people familiar with the matter said. RBS could pick the shortlist as early as next week and aims to agree the sale of its Global Merchant [...]
Drugmaker Elan says its chief will quit in May 2012 June 3, 2010 IRISH biotechnology firm Elan said its chief executive Kelly Martin will step down in May 2012, following months of disquiet from shareholders. The news comes just six weeks after the firm’s chairman, Kyle McLaughlin, announced his retirement when 28 per cent of shareholders opposed his re-election. Elan said it changed Martin’s contract in order to [...]
CITY BOSS DRUMMING UP SUPPORT FOR TALENTED POLE-DANCING WIFE June 3, 2010 FANS of ITV’s Britain’s Got Talent, which has whipped up millions of Britons into a frenzy yet again ahead of this weekend’s final, will be surprised to know that one of the City’s own has a claim to fame via the show. Those who’ve been following the series may remember Alesia Vasmitzel, the scantily-clad blonde [...]
WaMu hit by hitch on exit of chapter 11 June 3, 2010 WASHINGTON Mutual’s effort to exit bankruptcy encountered a setback yesterday when the judge in the case ordered the company to talk further with shareholders about their requests for documents. The bank holding company had sought approval of its disclosure statement, which must be cleared by a bankruptcy court before it can be sent to those [...]
ARM bets on Linux to help it to trump Nokia June 3, 2010 ELECTRONIC chip designer ARM has teamed up with five of its major partners to boost the use of free Linux software on cellphones, challenging Nokia’s Symbian and Microsoft. The chip companies said yesterday they have set up a joint venture, called Linaro, to cut duplicate development in using numerous Linux versions and to speed up [...]
BALLMER: RACE IS ON June 3, 2010 MICROSOFT’S chief executive Steve Ballmer said yesterday the “race is on” between the next generation of Windows and Mac products. “It’s not about Mac and PC any more, it will be about the thing that replaces the Mac,” he told a conference in Los Angeles. He said spending on technology is expected to increase in [...]
Baker & McKenzie elects Brazilian as its chairman June 3, 2010 US LAW firm Baker & McKenzie has appointed Brazilian Eduardo Leite as chairman, marking the first time a large legal practice has turned to the emerging markets for a leader. Leite, who currently practises in the firm’s Sao Paolo office and serves as executive vice president of the China-Brazil Business Council, will replace outgoing chairman [...]
JP Morgan is slapped with a record fine June 3, 2010 THE Financial Services Authority yesterday slapped JP Morgan with the biggest fine it has ever administered. It issued a mammoth £33.3m fine for “failing to protect client money” after it found the bank failed to keep clients money in a special ring-fenced account. The issue relates to billions of pounds of transactions processed by JP [...]
First man extradited over insider dealing charges takes the stand June 3, 2010 THE first man to be extradited to the UK to face insider trading charges made his preliminary court appearance yesterday. Singaporean Helmy Omar Sa’aid, 33, who was extradited to Britain from Mayotte, a French territory in the Comoros Islands, appeared at Southwark Crown Court. The appearance precedes a full trial over allegations he was involved [...]
Xstrata halts sites in super tax protest June 3, 2010 XSTRATA ratcheted up pressure on the Australian government over its controversial resources tax yesterday by suspending two projects in Queensland and putting A$22bn (£13bn) of investment on hold. The mining giant said it would no longer be economically viable to spend A$586m on a coal site in the Surat Basin and a copper facility in [...]
