BP gets ready to field offers for Russian joint venture TNK-BP October 14, 2012 THE FUTURE of BP’s lucrative but fraught Russian joint venture could be decided this week, with the firm’s obligation to conduct good faith sale talks with partner AAR ending on Wednesday. After this date, BP is free to sell its stake in TNK-BP to another buyer, most likely to be Rosneft. AAR, controlled by a [...]
Tax breaks help UK lead way in European oil exploration efforts October 14, 2012 THE UK is leading a minor resurgence in European oil and gas exploration, according to figures out yesterday. A stable oil price and new tax breaks to offset exploration charges imposed in 2010 have encouraged explorers in British waters to drill more in the third quarter of the year, Deloitte said in its survey of [...]
Bernanke: QE3 is helping the world economy October 14, 2012 MONEY-PRINTING in the US helps the world economy and does not harm developing countries, Ben Bernanke claimed yesterday, hitting back at critics of his latest quantitative easing (QE3) package. The Federal Reserve chairman insisted that the steps he is taking should boost the US economy and so help the world economy get back on track, [...]
New bank watchdog to monitor profits as well as their conduct October 14, 2012 BANKS’ will come under extra scrutiny in future if they are seen to make large profits on potentially dodgy products, under new proposals for the incoming Financial Conduct Authority (FCA) that will be unveiled later this week. The watchdog will monitor behaviour in financial institutions, as well as how products and services work for the [...]
Prudential retreats from plan to shift headquarters to Asia October 14, 2012 INSURANCE giant Prudential has abandoned plans to relocate its headquarters from London, it was suggested yesterday. Speculation has raged over the Pru’s intention ever since it was revealed that the firm was looking at redomiciling its corporate HQ to Asia to reduce the impact of the European Union’s forthcoming Solvency II regulations. Following this announcement [...]
UBS loses its comms chief Michael Willi October 14, 2012 UBS’S communications chief Michael Willi will leave the Swiss bank by April, according to a memorandum seen by Reuters, as management struggles to unite behind a plan to cut jobs. Willi is resigning to take up an undisclosed new position elsewhere, UBS chief executive Sergio Ermotti and operating chief Ulrich Koerner said in the memo [...]
Lagarde warns the momentum behind finance reform is fading October 14, 2012 CRUCIAL financial reforms may never be completed as political momentum fades, International Monetary Fund (IMF) boss Christine Lagarde warned yesterday. “There has been significant progress on regulatory reforms aimed at making markets and institutions more transparent, less complex, and less leveraged,” she told a conference in Japan. “But the job is not done yet. Many [...]
Second William Hill bid rejected by Sportingbet October 14, 2012 WILLIAM HILL’S proposed takeover of online bookie Sportingbet looks set to go down to the wire this week, after the Sportingbet board knocked back a second bid for the company last week. Sources close to negotiations said yesterday that William Hill, together with GVC Holdings, made an improved informal bid for Sportingbet late last week, [...]
Hannam back on front foot with Afghan mining venture October 14, 2012 TOP city dealmaker Ian Hannam is pushing ahead with a gold mining project in Afghanistan just months after leaving his post at JP Morgan Cazenove. Hannam, famed in the Square Mile for his deal making skills, will switch his focus to mining company Centar, the firm he established to mine the Qara Zaghan gold mine [...]
Medium-sized firms are the key to growth October 14, 2012 THE BUSINESS world is hiding a “squeezed middle” that should be encouraged to expand faster, according to research published today. Medium-sized businesses generate 16 per cent of jobs but represent just one per cent of UK companies, CBI figures cited by Deloitte show. And a lack of capital and trust caused by a nervous post-crisis [...]
