Anglo American snaps up Hampton to boost board November 9, 2009 MINING company Anglo American yesterday confirmed the appointment of RBS chairman Sir Philip Hampton to the board. Sir Philip joins as non-executive director in the latest of a series of senior changes at the precious metals group. Seen as a heavyweight figure in the City, Sir Philip was previously chairman of J Sainsbury, a position [...]
EX-BANKER TRIES HIS LUCK WITH SEX TOYS November 9, 2009 OF ALL the career paths followed by former City types who have lost jobs in the recession, this one really does take the biscuit. Matt Thomas, a former manager in corporate finance at Seymour Pierce, decided to make the most of the opportunity when he was made redundant last November by setting up a joint [...]
CITY EYE November 9, 2009 The City’s striking skyline, viewed from the 28th floor of the Citigroup tower at Canary Wharf yesterday on one of the coldest days of the year so far.
TAKING THE BISCUIT November 9, 2009 CADBURY last night dismissed a hostile £9.8bn takeover offer from the world’s second largest food company Kraft, accusing it of “irritating” its shareholders by making a low-ball tactical bid. Kraft’s hostile offer, which landed just hours before a deadline set by the City’s Takeover Panel, was made on the same terms as first mooted back [...]
DOW SURGES TO THIRTEEN MONTH HIGH November 9, 2009 GLOBALmarkets rallied yesterday after investors were buoyed by an improving global economy, as gold surged and the dollar weakened. A broad rally in the US sent the Dow to its highest close in thirteen months, after the Group of 20 ministers in Scotland pledged to keep interest rates low throughout the major world economies at [...]
US hedgie trial goes to a jury November 9, 2009 THE trial of two former Bear Stearns hedge fund managers went to a jury yesterday, in the case of the first high-profile Wall Street executives criminally charged with fraud over subprime mortgage-backed securities that fuelled the market meltdown. US prosecutors called a score of witnesses and cited hundreds of documentary exhibits for their case in [...]
Kraft’s bid hugely undervalues Cadbury November 9, 2009 IRENE Rosenfeld, Kraft’s boss, is pursuing a canny strategy. She knows that she cannot dramatically sweeten the value of her bid for Cadbury and therefore stands no chance of winning at the moment – after all, her biggest shareholder, the thrifty Warren Buffett, has told her to remain disciplined – so she is planning to [...]
Madoff’s goods go on sale November 9, 2009 FRAUDSTER Bernie Madoff’s extravagant lifestyle was further exposed yesterday, as details of his seized personal items were unveiled, including 16 Rolex watches. Over 30 handbags, a personalised Mets jacket and Post-it notes will all be up for grabs in an auction on Saturday, in a state-run sale which has been put together to raise at [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 9, 2009 FINANCIAL TIMES Banks face hike in funding costsBanks around the world face increases in funding costs that could cut profits and hit their customers as they look to refinance $7,000bn-plus in short-term debt expiring in the next three years with longer-dated bonds, according to research released today. Institutions seeking to reduce their reliance on short-term [...]
Douglas quits Laing O’Rourke November 9, 2009 Tony Douglas, the chief operating officer at the UK’s biggest privately owned construction company Laing O’Rourke, quit yesterday, and chief executive Ray O’Rourke halted his plans to step down from his post. Douglas, who had been managing director at Heathrow airport, was being groomed to take on the top job, and had been tasked with [...]
