Dunstone to fight piracy laws in court September 29, 2009 CARPHONE Warehouse chief executive Charles Dunstone said last night that he is prepared to take the government to court if it passes a rule forcing internet service providers (ISPs) to cut off suspected file-sharers. Dunstone said that Carphone-owned ISP provider TalkTalk – which supplies 4.25m households – would refuse to slow down or cut off [...]
Bank of England says it has no plans to lower rates on commercial reserves September 29, 2009 THE pound gained yesterday after the Bank of England said it had no immediate plans to cut the interest rate paid on commercial banks’ deposits. Introducing an unprecedented level of transparency to its policymaking process, the Bank invited a host of leading City economists to attend a summit to discuss quantitative easing (QE). The Bank [...]
BNP Paribas plans 4.3bn rights issue September 29, 2009 FRENCH banking giant BNP Paribas is to raise €4.3bn (£4.1bn) as it joins the global rush by lenders to pay back state bailout money. The bank said the underwritten issue, at a discounted €40 per share, would help it repay €5.1bn in non-voting shares taken by the French government at the end of March, as [...]
PPI complaints to be reassessed September 29, 2009 The Financial Services Authority (FSA) is introducing new rules to ensure complaints about payment protection insurance (PPI) are handled properly. Companies will be required to reopen 185,000 previously rejected PPI complaints to see if the decisions were fair.
Microsoft boss takes pay cut September 29, 2009 Microsoft chief executive Steve Ballmer took a 5.5 per cent pay cut for the last fiscal year, as the software giant suffered its first ever drop in annual sales. Ballmer earned a total of $1.3m (£0.8m), and saw his performance-related bonus slashed $100,000 to $600,000.
BBVA replaces chief executive September 29, 2009 Chief executive Ignacio Goirigolzarri of BBVA, the second-biggest bank in Spain, is being replaced by the bank’s director of human resources, Angel Cano. The bank’s chairman Francisco Gonzalez will remain. The decision to replace Goirigolzarri comes just days after BBVA announced it had raised €2bn (£1.8bn) via a bond issue and sold assets worth €1.15bn.
WHAT THE OTHER PAPERS SAY THIS MORNING September 29, 2009 FINANCIAL TIMESHRE CHIEF BACKS HARSH CONDITIONS FOR SUPPORTThe chief executive of Hypo Real Estate says that a German government plan to enforce a controversial “squeeze-out” of minority shareholders next week is the only option for the troubled bank. Axel Wieandt said the move – which will deprive shareholders of a chance to recover further value [...]
Paternoster boss steps back September 29, 2009 PATERNOSTER founder Mark Wood is stepping back from the chief executive position to cut the specialist pensions insurer’s costs. Wood, who set up the business in 2005, will become deputy chairman and be replaced as chief executive by former commercial director Ed Jervis. Wood described himself as an expensive resource at a time when the [...]
British Airways begins its fight back September 29, 2009 AIRLINES can still put on a great show, as yesterday’s inaugural British Airways flight from City Airport to New York JFK testified. We were treated to water salutes from firefighters, cheerleaders and champagne on tap. And apart from the fun of flying on a brand new, 32-seater all business class luxury Airbus A318, the exercise [...]
Bid battle set to hike rents September 29, 2009 A BIDDING war has broken out between Australian bank Macquarie and fund manager Blackrock for new City development Drapers Gardens in a move experts predict will hike prices across the City. Both firms are on the hunt for a 250,000 sq ft office to re-house staff. But following a number of stalled construction projects in the [...]
