Putin hands Shell a role in gas projects June 28, 2009 ANGLO-DUTCH energy giant Shell has accepted an invitation from Russian president Vladimir Putin to participate in two giant natural gas projects, as the country eases its nationalistic clasp over its energy sector. Royal Dutch Shell was yesterday asked to take part in the Sakhalin-3 and Sakhalin-4 deep-sea gas projects off Russia’s Pacific coast. Putin yesterday [...]
Pension fund managers under scrutiny over engagement with investments June 28, 2009 PENSION fund managers face mounting pressure to use their shareholder powers to engage with the companies they invest in, according to a survey of pension schemes by the National Association of Pension Funds (NAPF). Almost half of pension schemes questioned said they will be spending more time checking that the fund managers they employ to [...]
Citi ads banned in Japan as regulator cracks down June 28, 2009 THE JAPANESE financial regulator has launched disciplinary proceedings against US bank Citigroup over allegations that its policy to prevent money laundering is not strict enough. Japan’s Financial Services Agency (FSA) ordered the bank to suspend all advertising of its products for one month at its 35 retail branches in the country. The regulator said the [...]
Tory lead grows as City donors swell coffers June 28, 2009 THE Conservative Party has extended its opinion-poll lead over Labour as City donations continue to pour into the Tory coffers, a survey has shown. Support for the Conservatives is up two points to 40 per cent while Labour is down one point to 24 per cent, according to a YouGov survey conducted for the People [...]
When the going’s tough, the City goes shopping June 28, 2009 SIR Stuart Rose has recently waived more than £1m worth of Marks & Spencers share options, and could come under more pressure at this week’s annual meeting. Discount retailers like Aldi and Lidl have just announced a slowdown in growth, while on TV Mary Portas has moved from advising high street stores to charity shops. [...]
Commerz CEO says finances require no aid June 28, 2009 COMMERZBANK has suffered setbacks in its operating business in June but the bank’s finances are solid enough to do without further state aid, according to the bank’s chief executive Martin Blessing. This month’s slippage had been preceded by a calmer May, Blessing is quoted as saying in an interview with Handelsblatt due for publication this [...]
Government criticised over backdated shipping rates by top company bosses June 28, 2009 DIRECTORS from 22 shipping companies, including P&O European Ferries and DFDS Tor Line, have slammed the government, accusing it of ignorance, and a disregard for the future of jobs in the industry. In a letter to business secretary Lord Mandelson some of the most prominent names in UK port operations said the government had been [...]
BEST OF THE BROKERS June 28, 2009 KESAJP Morgan analysts believe that Kesa offers investors a restructuring story with the potential to deliver around 100 per cent earnings per share growth over two years. The broker views the firm’s continued investment in new markets as a positive, especially as it has been achieved with a capex reduction. It remains “overweight” on the [...]
CITY MOVES WHO’S SWITCHING JOBS June 28, 2009 Securities and Investment InstituteAlan Fleming, an associate at investment management firm JM Finn, has been elected president of the Yorkshire branch of the Securities and Investment Institute (SII). Fleming, 53, joined JM Finn in 2003 and continues to be involved with the management of client portfolios after 25 years in the investment management industry. He [...]
Optimism is increasing for finance firms June 28, 2009 CONFIDENCE in the prospects for the financial services sector has risen for the first time in two years, with many parts of the industry expecting business volumes to rise in the next quarter, according to a study published today. But the latest Financial Services Survey by the Confederation of British Industry (CBI) and PricewaterhouseCoopers shows [...]
