Investors urged to clean up firms July 2, 2012 The government has done all it can to give shareholders power over executives and boost transparency in big firms, and it is now down to investors to improve the way businesses are run and make Britain’s banks safe again, business secretary Vince Cable told the Association of British Insurers last night. “If the prevailing culture [...]
Webb calls for pension certainty July 2, 2012 Pensions minister Steve Webb will today call for better certainty in pension planning. Claiming people want clarity about what their pension income might be, Webb said earlier: “With the dawn of automatic enrolment the market is growing – so now is the time for pensions industry to look at the market gap in relation to [...]
Administration for Julian Graves July 2, 2012 High street health food shop Julian Graves yesterday collapsed into administration after four years of losses. Owned by the same company as Holland and Barrett, Julian Graves stores will continue to operate while its financial situation is assessed. The 189-strong chain said no redundancies are currently proposed and its 755 staff will be paid as [...]
Glaxo will pay $3bn to settle US fraud case July 2, 2012 GLAXOSMITHKLINE has agreed to plead guilty to misdemeanor criminal charges and pay $3bn (£1.bn) to settle the largest case of healthcare fraud in US history. The settlement includes $1bn in criminal fines and $2bn in civil fines in connection with the sale of the drug company’s Paxil, Wellbutrin and Avandia products, according to filings in [...]
Ernst & Young names 19 to join partnership July 2, 2012 AUDITOR Ernst & Young yesterday named the 19 new admissions that will join its partnership this week, bringing the total number of new partners recruited to the firm’s UK and Ireland offices to 43 over the past year. Across Ernst & Young’s entire Europe, Middle East, India and Africa operations 187 employees have joined the [...]
Google outlines deal to placate EU’s worries over competition July 2, 2012 GOOGLE has outlined a settlement proposal to soothe antitrust concerns, the European Commission confirmed yesterday. Submitted just before Europe’s deadline, a letter was sent by Google executive chairman Eric Schmidt to European Commission competition chief Joaquin Almunia. The tech giant was in May presented with a list of four objectionable areas where its practices may [...]
Allen & Overy builds revenues and profits but growth slows July 2, 2012 MAGIC CIRCLE law firm Allen & Overy will this morning announce a rise in both turnover and profits, despite a slowdown in the firm’s growth since its last update. Turnover at the firm is up six per cent to £1.18bn, while profits before tax have risen seven per cent to hit £486m. But the figures [...]
Facebook said to stick with Nasdaq listing July 2, 2012 FACEBOOK executives have reportedly binned any ideas of switching the stock’s listing to the NYSE after Nasdaq glitches botched the social networking giant’s IPO. Facebook, which was hit by a flurry of lawsuits and complaints from investors claiming they lost millions of dollars when the long-awaited shares hit the market on 18 May, is understood [...]
Bankers least trusted in UK July 2, 2012 BANKERS are the least trusted professionals in Britain, according to a new poll that highlights the damage to the industry’s reputation in the wake of the Libor scandal and RBS’s disastrous computer glitch. In a list of jobs ranging from doctors to politicians, bankers were seen as the least likely to tell the truth, said [...]
Rain results in misery for Murray July 2, 2012 BRITISH No1 Andy Murray will today resume his efforts to advance to the quarter-finals of Wimbledon after rainfall yesterday halted the momentum built throughout his fourth-round match against Marin Cilic. Intermittent drizzle transformed into consistent rainfall during a contest in which Murray had taken control, a promising turn after early exchanges had resulted in regular [...]
