What the other papers say this morning September 25, 2012 FINANCIAL TIMES Total warns against Arctic oil drilling Total SA says energy companies should not drill for crude in Arctic waters, marking the first time an oil major has publicly spoken out against offshore oil exploration in the region. Christophe de Margerie, the oil giant’s chief executive, said the risk of an oil spill in [...]
Executive pay reforms set to get go-ahead September 25, 2012 LEGISLATION to hand shareholders binding votes on executive pay is set to get the go-ahead as the government today closes its consultation on proposed regulations for remuneration reports. This was the last chance for outside interests to have their say before the rules are debated in the House of Commons on 16 October as part [...]
UBS trader knew of secret account September 25, 2012 Disgraced UBS trader Kweku Adoboli told a close colleague about a secret account he used to hide unauthorised deals, nine months before he was arrested, Southwark Crown Court heard yesterday. Giving evidence, John Hughes said he felt “stupid” for not reporting Adoboli at the time, a decision that cost Hughes his job. Adoboli is pleading [...]
Lehman pays another $10.5bn September 25, 2012 Lehman Brothers said yesterday it will pay about $10.5bn (£6.5bn) to its creditors from early next month, the second tranche of the bank’s $65bn payout stemming from its 2008 collapse. Lehman will distribute the money to affiliates and subsidiaries, as well as to third-party creditors, according to a filing in Manhattan bankruptcy court. The total [...]
Morgan Stanley ends Smith Barney September 25, 2012 Morgan Stanley yesterday renamed its wealth management business after buying out partner Citigroup, bringing to an end 200 years of trading under the Smith Barney name. The business, which manages $1.7 trillion in client assets, will be known simply as Morgan Stanley Wealth Management, the firm said in a statement. Chief executive Jamie Gorman said [...]
Spotify swings to profit thanks to subscriptions September 25, 2012 SPOTIFY, the music streaming service headquartered in London, swung to its first profit last year as it signed up more users to monthly subscriptions and reduced its reliance on advertising. The privately-owned company, founded by Swedish entrepreneur Daniel Ek in 2006, saw a profit after tax of £21m in 2011, compared to the previous year’s [...]
Protests rage on Spanish streets over Rajoy’s cuts September 25, 2012 SPANISH protesters clashed with police in Madrid yesterday over a new round of austerity measures and tax rises, as Prime Minister Mariano Rajoy prepares to unveil a new budget tomorrow. Thousands of people gathered in the central Neptune plaza to form a human chain around parliament, with more than 1,500 riot police blocking access to [...]
Mayer stamps her authority on Yahoo by removing CFO Morse September 25, 2012 YAHOO’S new chief executive Marissa Mayer yesterday made her biggest mark on the troubled web company since joining in July, replacing chief financial officer Tim Morse with tech veteran Ken Goldman. Morse’s departure, which comes after three years at Yahoo, was announced after Mayer presented her strategy to turn the company around to employees last [...]
Hester: RBS is near to making a full recovery September 25, 2012 RBS could reward its investors with dividend payments soon, chief executive Stephen Hester said yesterday, telling investors the bank is well on the way to recovery. But the chief executive also warned that it will take “a lot of money” to rectify past mistakes. RBS is under investigation for Libor fixing, which could see it [...]
IMF mulls a global banking ringfence September 25, 2012 INCOMING regulations are not managing to end the “too big to fail” problem, and could even be giving the world’s largest banks an even more dominant position, an International Monetary Fund (IMF) report warned yesterday. It also said that raising capital requirements against risky activities may be insufficient to have the impact regulators are looking [...]
