Outside prime London, house prices are falling back to earth October 4, 2012 IT is one of the most important economic stories of the past few years and yet the one that is least talked about. House prices in virtually all parts of the country excepting prime London have collapsed. It’s hard to believe if you live or aspire to live in Kensington, Richmond or another prosperous location, [...]
Civil service says fiasco caused by a brain drain October 4, 2012 THE WEST Coast rail fiasco shows that the government should pay and praise its civil servants more in order to reverse a “brain drain” out of the public sector, the former head of the civil service said yesterday. Gus O’Donnell – a candidate for the governorship of the Bank of England – said the government [...]
What the other papers say this morning October 4, 2012 FINANCIAL TIMES Morgan Stanley warns on Wall St pay Morgan Stanley is preparing to wield its axe again with more job cuts and smaller bonuses planned for next year as the investment bank attempts to boost shareholder returns. In the latest sign of the pressure Wall Street is under to cut costs and address high [...]
EADS gives jobs guarantee for merger backing October 4, 2012 EADS CHIEF executive Tom Enders yesterday moved to win Germany’s support for the £30bn mega-merger with BAE by guaranteeing German jobs in the enlarged firm. Enders said yesterday that he was “so convinced” of the project that he was willing to offer medium- and long-term guarantees for German jobs. Political interests in Britain, France and [...]
Google agrees book peace deal October 4, 2012 ■ Google and a group of publishers have agreed to a settlement over making digital copies of books, capping seven years of litigation involving the search giant’s mission to become the world’s biggest online library. Google and the Association of American Publishers said yesterday that US publishers can choose to make available or choose to [...]
Credit Suisse under investigation October 4, 2012 ■ US federal and state authorities are investigating Credit Suisse over mortgage-backed securities packaged and sold by the bank, it was revealed yesterday. The Justice Department and the New York Attorney General are among those probing Credit Suisse’s actions, according to the sources, who spoke on condition of anonymity. A spokesman for Credit Suisse, Switzerland’s [...]
Lamprell execs face the axe October 4, 2012 ■ Three executives are to stand down from oil rig maker Lamprell after its fourth profit warning since the spring. Chief executive Nigel McCue is to stand down alongside chief financial officer Jon Cooper and chief operating officer Chris Hand. Former chief executive Peter Whitbread has been appointed interim chief executive, and will remain until [...]
Bond helps to push carmaker Aston Martin to a pre-tax loss October 4, 2012 ICONIC carmaker Aston Martin swung to a loss in 2011 as financing costs overshadowed rising sales, according to the luxury carmaker’s annual accounts. The British firm, taken over by Kuwaiti investors in 2007, posted a pre-tax loss of £33.1m for last year, from a pre-tax profit of £6.9m in 2010. Operating profits fell by three [...]
Ex-UBS trader Adoboli hailed as trading star October 4, 2012 KWEKU Adoboli, the former UBS trader accused of losing the Swiss bank $2.3bn (£1.4bn), was a “star” of the prop trading floor where he worked, a former colleague said yesterday. Christophe Bertrand, one of four traders who made up the desk where Adoboli worked, also said the accused former trader could be “unfriendly, unpleasant, superior” [...]
Standard Chartered denies criticism from biggest investor October 4, 2012 STANDARD Chartered last night insisted that its largest investor, Singapore-based fund Temasek, misunderstood British corporate governance when it abstained from voting on several board members this year. The 18 per cent shareholder is known to favour firms with a large proportion of non-executive board members. “Temasek has assured us that their abstention does not imply [...]
