Hedge bonuses should be capped November 11, 2009 European Union (EU) rules to cap bankers’ bonuses and prevent excessive risk-taking should include hedge funds and private equity firms, the Swedish markets minister said yesterday. Sweden has proposed expanding plans adopted earlier this week to boost banks’ capital to include parts of the financial sector which are unregulated.
Fifty calls in the administrators November 11, 2009 Casino and private members’ club Fifty, which counts Cheryl Cole and Mike Ashley as its patrons, has called in the administrators. The company’s owners, London Clubs International (LCI) and Planet Hollywood entrepreneur Robert Earl are set to throw in the chips on Monday at the loss-making establishment. The move comes after repeated attempts to sell [...]
Guilty plea in UBS trading case November 11, 2009 Michael Koulouroudis, a man from New York, pleaded guilty yesterday to federal charges of trading on secret tips from UBS AG investment banker Nicos Stephanou, who has also admitted guilt. The 59-year-old man now faces up to two years in jail after his sentencing, which will take place in February, for conspiracy and securities fraud. [...]
MANDELSON’S MISSION TO EXPLAIN November 11, 2009 LORD MANDELSON is being tipped to take up an additional role as the government’s chief presenter of policy to the media, a post other countries call “minister of information”. Prime Minister Gordon Brown is reviewing how his administration talks to the press in the run up the next year’s general election.
Hewlett-Packard moves into telecoms by snapping up 3Com in a $3.1bn deal November 11, 2009 HEWLETT-PACKARD (HP) is making a move into the telecom equipment market by striking a $3.1bn (£1.9bn) deal for 3Com, in a major challenge to Cisco Systems. The deal is the latest sign that technology giants from IBM to Oracle are increasingly encroaching in each other’s markets as they seek to become one-stop shops for computing, [...]
Santander ex-hedge fund boss is facing charges on Madoff November 11, 2009 MANUEL ECHEVERRIA, the ex-chief executive of Banco Santander’s hedge-fund unit Optimal, was yesterday charged by a Geneva court with the “dishonest management” of client funds which had been invested with fraudster Bernie Madoff. Echeverria, who is one of the most senior wealth managers facing charges in relation to the Madoff affair, was charged in August [...]
China hints it may let the yuan rise November 11, 2009 CHINA yesterday hinted it may soon let its yuan rise against the dollar, ahead of a state visit by US President Barack Obama. For the last 18 months the US, the European Union and Japan have complained that Beijing deliberately keeps its currency undervalued against the dollar to give its companies an unfair trade advantage [...]
Barrick says gold is shining high November 11, 2009 Barrick Gold, the world’s biggest gold producer, sees potential for record margins in the fourth quarter as gold prices hit new peaks and costs are stable or lower, its chief financial officer said yesterday. “At a gold price now over $1,100, we should be looking at record margins, provided the gold price stays high,” Jamie [...]
BA Iberia merger set for takeoff November 11, 2009 British Airways and Spanish airline Iberia could announce a long-awaited merger agreement as early as this week, Sky News reported last night. It said the two parties were gearing up for a deal to be announced by tomorrow. BA refused to comment, saying only that talks with the carrier, which started over a year ago [...]
LEST WE FORGET November 11, 2009 STAFF at Lloyd’s of London gathered yesterday to pay their respects to fallen soldiers on Armistice day. Lloyd’s chairman Lord Levene and the Lord Mayor of London laid wreaths. The Lutine Bell in Lloyd’s underwriting room, where the service was held, was rung to mark the two-minutes silence.
