DoJ to launch BP spill probe May 18, 2010 THE US Department of Justice (DoJ) has been asked to launch a full-blown investigation into BP’s involvement in the Gulf of Mexico disaster as the oil giant faces a $625m (£434m) bill for the clean up. US attorney general Eric Holder is understood to have launched the investigation on the back of demands made by [...]
Yell shares plummet after top execs announce departure May 18, 2010 SHARES in embattled Yell tumbled by almost a fifth yesterday as news of the imminent departure of two of its top men gave investors the jitters. The chief executive and chief financial officer will quit the struggling yellow-pages publisher after preventing a debt crisis from escalating into insolvency. Chief executive John Condron, who will leave [...]
Head of Moody’s sovereign debt rating service to leave the firm May 18, 2010 MOODY’S Investors Service yesterday said the head of its sovereign rating group is leaving the firm, but a spokesman said the decision was not related to market events or recent criticisms of rating agencies. The decision by Pierre Cailleteau, head of the sovereign rating group, to leave was his own, the spokesman said. Cailleteau’s departure [...]
Smartphones help Vodafone double profits May 18, 2010 VODAFONE yesterday said a surge in demand for smartphones helped it to more than double its full year profit. This was despite growing despair over its key Indian unit, which was forced to take a £2.3bn impairment charge thanks to fierce competition and rapidly escalating spectrum costs. Vodafone’s overall profit soared from £4.2bn to £8.7bn. [...]
Vodafone May 18, 2010 VODAFONE is on the verge of staging a recovery. In Europe, things are finally improving, with service revenue in the UK turning positive, increasing by 1.4 per cent since the firm finally started selling Apple’s iPhone (what a shame it took so long). If the iPad is a hit in the UK, and early signs [...]
US trials curbs to stop Dow plunge repeat May 18, 2010 NEW rules to curb stock trading when markets plunge uncontrollably will go into effect in June for the largest stocks. The plan has been hastily crafted by the Securities and Exchange Commission and the major US exchanges in response to the unexplained “flash crash” on 6 May that drove the Dow Jones industrial average down [...]
Outdoor ads to come under scrutiny of OFT May 18, 2010 THE Office of Fair Trading (OFT) will launch an investigation into outdoor advertising after players in the sector raised concerns about its fairness. The OFT will now examine whether the industry offers fair value for buyers and consumers. Heather Clayton, senior director of infrastructure at the OFT said: “The cost of all forms of advertising [...]
GORMAN FOCUSES ON TRUST May 18, 2010 MORGAN STANLEY chief executive James Gorman said yesterday Wall Street must “rebuild trust” with America’s Main Street amid a growing divide between high finance and the rest of the country. Gorman, who became chief executive on 1 January, said Morgan Stanley finds itself in an “extremely fluid” environment in light of ongoing investigations and regulatory [...]
WILL PRUDENTIAL’S PROSPECTUS WIN INVESTORS ROUND TO AIA? May 18, 2010 NIC CLARKE | CHARLES STANLEY “There are clear merits in doing the deal. It would be a truly transformational deal with the enlarged group generating around 60 per cent of its profit in Asia and would give it the number one market share in the region.” PAUL MUMFORD | CAVENDISH ASSET MANAGEMENT “We have tremendous [...]
Pru reveals risks and hopes May 18, 2010 PRUDENTIAL exposed the risks and upsides of its $35.5bn (£24bn) move on AIG’s Asian network in more detail as its prospectus finally emerged yesterday. The 936-page document, which was pored over by analysts and investors, re-stated Prudential’s punchy promise to more than double its new business profit from the Far East by 2013 while returning [...]
