Bank plans to hire operating officer in 2013 October 22, 2012 THE BANK of England will appoint a chief operating officer for the first time next year, it announced yesterday, in order to ease the strain on Sir Mervyn King’s successor as governor when the Bank assumes its broadened role in the financial sector. The new executive will run the Bank on a day-to-day basis, the [...]
Dudley gets back his seat at the table October 22, 2012 JUST over four years ago, Bob Dudley left Russia in something of a hurry. Then boss of the firm’s TNK-BP tie-up with AAR – the consortium of oligarchs who yesterday agreed to sell out to Rosneft – Dudley spent the next five months attempting to run the joint venture from a secret location, as the [...]
Advisers BP’s tie-up with Rosneft October 22, 2012 A whole host of investment banks have been involved with the sale of BP’s stake in TNK-BP. Bank of America Merrill Lynch is a financial adviser to Rosneft, with Craig Kennedy, vice chairman of global energy and power at BAML, acting at the lead on the deal from BAML. He has been involved with the [...]
MegaFon holds back its London market listing October 22, 2012 RUSSIAN telecoms firm MegaFon yesterday postponed its London-Moscow listing, striking another blow to hopes that a flood of firms from the country could kick-start the sluggish initial public offering market in the City. The group hopes to raise $2bn (£1.25bn) from the sale of up to 20 per cent of its stock, listing global depository [...]
Lack of IPOs blamed on sellers demanding excessive prices October 22, 2012 THE INITIAL public offering (IPO) market is in such a poor state because sellers demand unrealistically high prices, brokerage Numis said yesterday. Executives believe sellers will maximise the value of their stakes if they offer at a low price initially, allowing the market to build and raise the price in subsequent sales. “IPOs can allow [...]
David Cameron pledges to fight for the City in European Union battle over bank regulations October 22, 2012 DAVID Cameron yesterday promised to fight for the City’s interests when Eurozone leaders debate the format of a forthcoming banking union. Last week’s European Council meeting saw an agreement to form a central body that aims to speed up economic integration and will exert control over 6,000 individual banks. But the exact format of the organisation [...]
Adoboli trial continues October 22, 2012 ACCUSED UBS fraudster Kweku Adoboli was not challenged when he told a colleague that he had made a “cosmetic adjustment” to the accounts, a London court heard yesterday. Former back office contractor Johannes Zuidmeer also said he allowed the trader to hold back from entering a $1bn loss into the accounts, accepting his explanation that [...]
Brussels plans bank resolution agency for 2013 October 22, 2012 BRUSSELS will push ahead with plans to form a pan-European agency to shore up or wind down troubled banks as soon as a banking union is introduced next year, commissioner Michel Barnier said yesterday. His statement came as Ireland was confirmed as a “special case” in being eligible for an earlier retroactive recapitalisation of its [...]
Eurozone government debt still growing despite lower deficits October 22, 2012 LEVELS of government debt across the Eurozone climbed to another record high last year, according to data published by Brussels’ statistics office yesterday. While the size of deficits shrank, most governments still continued to load billions onto their debt piles. Debt climbed to 87.3 per cent of GDP across the euro area, up from 85.4 per [...]
Monster shares hit by lawsuit October 22, 2012 ■ Monster Beverage shares fell 14 per cent yesterday after news that it is being sued by the family of a 14-year-old girl who died after drinking two cans of its Monster Energy drink. US-listed Monster said it does not believe its drinks are “in any way responsible” for the girl’s death last December.
