Commerzbank wins chance to fight bonuses November 6, 2012 COMMERZBANK yesterday won the right to challenge the bonus awards of over 100 staff who were formerly at failed bank Dresdner Kleinwort. The 104 investment bankers claim they are entitled to their full bonus – totalling €52m (£41.7m) – thanks to a verbal guarantee from senior managers in 2008. But when Commerzbank took over Dresdner [...]
Top regulators say new Basel III regulations are not yet enough November 6, 2012 INCOMING rules on banks’ capital and liquidity levels are still not enough to make the financial system secure, a top regulator behind the Basel III rules warned yesterday. “Basel III is necessary, and banks are reasonably well positioned to meet the new capital requirements – but it is not sufficient,” said Wayne Byres, secretary general [...]
Accounts boss accuses firms of hiding debt November 6, 2012 INVESTORS are losing out because firms and banks attempt to hide the true level of debts in off-balance sheet instruments, the head of the International Accounting Standards Board (IASB) claimed yesterday. Hans Hoogervorst argued that vested interests are opposing his move to push leasing arrangements on balance sheet, as it would present a less healthy [...]
Canaccord boys trade their toys November 6, 2012 BROKERS at Canaccord Genuity have been out on the road the past couple of weeks, working on a bond issuance for lorry company Stobart Group. As part of the roadshow the firm hosted a “truckers’ breakfast” at its London office yesterday, dishing out bacon sarnies and coffee to those who attended. They were also handing [...]
Election all nighter? Nobody in the City partying like it’s 2008 November 6, 2012 IF New York is the City That Never Sleeps, perhaps London ought to be referred to as the City That Elected Not To Party last night. The Capitalist was extremely disappointed at the lack of US election all-nighters held in the City, particularly from the likes of Bank of America Merrill Lynch and Morgan Stanley [...]
Morgan Sindall boss departs on profit warning November 6, 2012 CONSTRUCTION group Morgan Sindall yesterday announced its chief executive would stand down as it warned on trading levels for this year. The boardroom shake-up saw chief executive Paul Smith resign with immediate effect, and executive chairman and former chief executive John Morgan appointed in his place. Senior independent director Adrian Martin will take up the [...]
Brit chip giants Imagination and ARM buy American rival November 6, 2012 BRITAIN’S two biggest chip designers, ARM Holdings and Imagination Technologies, yesterday spent $410m (£256.5m) carving up US challenger MIPS. ARM is leading a consortium spending the lion’s share of the money – $350m – on buying a warchest of 580 patents from the Silicon Valley company. The remaining $60m has been spent by Imagination on [...]
AngloGold halts operations at Mponeng mine due to sit-in November 6, 2012 OUTPUT at South Africa-focused AngloGold’s Mponeng mine ground to a halt yesterday as striking miners staged a sit-in. The gold miner has been forced to halt mining and processing activity, just two days after protesting employees returned to work. The strike that has plagued AngloGold since the end of September is still rumbling on, with [...]
Bowleven up on Petrofac oil alliance November 6, 2012 SHARES in Aim-listed oil and gas explorer Bowleven soared yesterday as it agreed an alliance with Petrofac to develop a project offshore Cameroon. Petrofac will provide the Africa-focused explorer, through its subsidiary Euroil, with up to $500m (£313m) towards the first stage of development and up to $60m towards well costs to develop the Etinde [...]
Knight and Barber join TfL November 6, 2012 FORMER banking advocate Angela Knight and outgoing TUC head Brendan Barber have been confirmed as new members of the Transport for London board. The pair will be joined by Brian Cooke, the former chairman of London TravelWatch and supporter of Boris Johnson. The Mayor said yesterday the trio will bring “considerable expertise” to the board when [...]
