FSA moves to reduce risk in its new report January 28, 2010 Senior employees at financial firms will have to undergo tough new vetting procedures under rules announced yesterday by the Financial Services Authority (FSA). Management and board members will face extra scrutiny to make sure they pass stringent competence and probity tests. Any executives or senior managers moving positions will have to submit a thorough application [...]
Barnier pencils in spring date for hedgie visit January 28, 2010 MICHEL Barnier, the Frenchman whose appointment to the EU’s internal market brief caused a furore in December, has confirmed he will meet with hedge fund managers and venture capitalists in London. London MEP Syed Kamall said Barnier’s aides were arranging a visit after the coming general election in spring. It is understood several high-profile financiers [...]
Arriva seeks a tie-up with France’s Keolis January 28, 2010 BUS and rail group Arriva is talking to French state railway SNCF about a deal that could create a European transport giant. Sunderland-based Arriva has held early-stage talks with SNCF about acquiring all or part of public transport operator Keolis, in which SNCF has a 44.5 per cent stake. The combination of the two businesses would [...]
Wall St hit as tech results disappoint January 28, 2010 US stocks fell yesterday as poor outlooks from Motorola and Qualcomm dented optimism in the technology sector while worries about Greece’s fiscal health dragged on sentiment. Qualcomm shares tumbled 14.2 per cent to $40.48 and Motorola slid 12.4 per cent to $6.48 after both companies’ earnings and outlooks fell short of expectations. “They did exactly [...]
3i sits pretty on cash pile as M&A returns January 28, 2010 LISTED buyout titan 3i said it was entering 2010 with “increased firepower” for new acquisitions as it reported a drop in disposals and investment activity yesterday. The group raised £270m from realisations in the third quarter, bringing the nine-month total to £777m – below the sum of £942m generated in 2008. Net cash inflow of [...]
Upbeat data hints at bank loans revival January 28, 2010 BANK lending is showing signs of revival after drying to a trickle in the depths of the financial crisis, data from the Bank for International Settlements (BIS) showed yesterday. International bank lending slowed in the third quarter of last year by 0.8 per cent, or $235bn (£145.6bn), to $30.6 trillion, the BIS said, adding that [...]
Tate & Lyle faces profits fall as prices are dragged down January 28, 2010 FALLING prices for sweeteners paid by soft drinks companies like Coca-Cola and Pepsi are set to turn profits sour at sugar group Tate & Lyle. Sweetener selling prices in the Americas in 2010 would fall short of those in 2009, meaning overall margins from its US corn sweetener business this year would probably be “slightly below” [...]
Worst is over, says Interpublic January 28, 2010 A RENEWED appetite for investment among customers of advertising firm Interpublic shows the recession-ravaged industry is recovering, its chief executive said yesterday. Michael Roth said anecdotal evidence indicated there was “no question” that customers were beginning to focus on 2010 and to invest in their brands again. “I still believe the worst is over,” he said. [...]
Big engine deal for Rolls Royce January 28, 2010 ENGINE-maker Rolls-Royce yesterday won an order from Jetstar Airways, a subsidiary of Australia’s Qantas, for V2500 engines to power up to 90 new Airbus aircraft in a deal worth up to $1.2bn (£738m). The contract includes a long-term engine service agreement for the Airbus A320 planes as well as engines installed on 40 aircraft already [...]
Pinsent to join the JJB board January 28, 2010 OLYMPIC gold winning rower Sir Matthew Pinsent has joined the board of JJB, the troubled retailer announced yesterday as it posted a 28 per cent decline in sales. Pinsent has been appointed as a non-executive director in a bid to breathe new life into the business. He will pick up an estimated £40,000 a year [...]
