BMI investor goes to high court May 20, 2009 The controlling shareholder of business airline BMI, Sir Michael Bishop, is going to the high court to try and force through a takeover of the group by German carrier Lufthansa. Bishop launched legal proceedings yesterday, saying his group had done everything required of it to complete a £350m buyout by Lufthansa. The move came after [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 20, 2009 FINANCIAL TIMESCANNES HIT BY CUTBACKS AND CAUTIONThere are still outward signs of glamour on the Croisette in Cannes, but economic reality has gripped the film market at this year’s 62nd film festival. Some of the biggest parties have been cancelled and, for the first time in years, it is easy to get a hotel room. [...]
MP hit by duck island row May 20, 2009 A THIRD Tory MP has said he will not stand at the next General Election after it emerged he claimed for a “duck island” for his garden pond. Backbencher Sir Peter Viggers, who served in Margaret Thatcher’s government, was told he would be thrown out of the party by leader David Cameron if he did [...]
Time for a real shareholder revolution May 20, 2009 FOR too long, shareholders have been the City’s absentee landlords. So it has been good to see some of the institutions that control much of the FTSE 100 start to flex their muscles. Four UK listed companies, including Shell, have had their remuneration reports rejected since January; let us hope there are many more. There [...]
Ex-M Stanley trader banned May 20, 2009 AN ex-Morgan Stanley trader who built up a hefty unauthorised oil futures position after a long liquid lunch, and then hid the deals overnight, was yesterday banned from the Financial Services Authority (FSA). David Connor Redmond was a freight and oil trader who, the FSA say, built up a substantial futures position on the ICE [...]
IMF warns on UK spend May 20, 2009 THE government must repair the public finances faster than it has spelt out in the Budget or risk a further significant shock to the battered economy, the International Monetary Fund warned yesterday. It urged the government to specify how it would cut public spending or raise taxes once the economy recovers. It says GDP will [...]
Brown in 50p tax row May 20, 2009 PRIME Minister Gordon Brown and outgoing CBI president Martin Broughton were last night at loggerheads over the new 50p top tax rate. Broughton launched a scathing attack on the policy, accusing Brown of “economic vandalism”. But Brown hit back, saying that while he had no “desire or wish” to raise tax, he needed to lower [...]
RESOLUTION EYES UP LLOYDS ASSETS May 20, 2009 CLIVE Cowdery’s Resolution was put on high alert yesterday after Lloyds Banking Group signalled it may be forced by the European Commission to dispose of assets, reopening the possibility of the buyout vehicle purchasing part or all of Scottish Widows and Clerical Medical. A source familiar with the situation said yesterday that Resolution could be [...]
Chelsea to tie Cole down as suitors hover May 20, 2009 CHELSEA are poised to offer defender Ashley Cole a new contract worth more than £100,000 per week in order to head off interest from Barcelona. The Spanish giants are thought to be ready to spend £20m on the England left-back, while super-rich Manchester City have also been linked. Cole, 28, already earns in the region [...]
Pietersen absence is simply a ‘precaution’, insist medics May 20, 2009 ENGLAND medics insist there is no need for concern over Kevin Pietersen’s Achilles injury, which has ruled him out of the one-day series with the West Indies. The Hampshire batsman has been ordered to rest after suffering a recurrence of the injury during the second Test victory at Durham last week. But any suggestion that [...]
