Foster’s board takes new swipe at SABMiller bid September 12, 2011 Australian brewer Foster’s Group has reiterated its opposition to a $10bn takeover bid by SABMiller, telling its shareholders to take no action in relation to the offer. “Your board believes the offer significantly undervalues your company. The offer is also highly conditional and subject to significant uncertainty,” Foster’s said in a letter to its shareholders, [...]
Banks braced for Vickers reforms September 11, 2011 THE safety benefits of a ring-fence around retail banks will be worth the costs, Sir John Vickers will claim this morning. Presenting the final report from his Independent Commission on Banking (ICB), Sir John will reiterate his proposal that Britain’s biggest banks be forced to hive off their retail operations into a separate subsidiary from [...]
Germany prepares for default of Greece September 11, 2011 POLITICIANS must abandon their inhibitions and prepare for the default of Greece, according to a senior member of Germany’s coalition government. “To stabilise the euro, there can no longer be any taboos,” said Philipp Roesler, head of chancellor Angela Merkel’s junior coalition partners, the Free Democrats (FDP). Roesler, who is also economy minister, added: “That [...]
Why bank reform is all in the detail September 11, 2011 BAIL-INS, not bailouts: that ought to be the motto of any banking reformer worthy of the name – it will be interesting to see how much space is devoted to the concept in today’s report by the Independent Commission on Banking (ICB) (the document will include lots of good ideas, and also some rather silly [...]
Lest we forget: NYC mourns victims of 9/11 September 11, 2011 THOUSANDS of mourners gathered at the World Trade Center in New York City yesterday to remember the victims of 9/11 on the tenth anniversary of the attacks. President Barack Obama and former President George Bush joined families and mourners at a new memorial built at Ground Zero, where the names of all of those who [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 11, 2011 FINANCIAL TIMES JPMORGAN CHIEF SAYS BANK RULES ‘ANTI-US’ New international bank capital rules are “anti-American” and the US should consider pulling out of the Basel group of global regulators, Jamie Dimon, chief executive of JPMorgan Chase, has said. In an interview with the Financial Times, Mr Dimon said he was supportive of forcing banks to [...]
Nikkei falls on Eurozone worries September 11, 2011 Asian stock markets tumbled in early trading this morning on fears that the Eurozone debt crisis is spiralling out of control as Greece stands perilously close to default. Japan’s Nikkei shed 1.8 per cent in early trading to 8.577.22 while the broader Topix index tumbled 1.8 per cent to 742.39. The falls followed a torrid [...]
Bartz resigns from Yahoo board September 11, 2011 Carol Bartz has resigned from Yahoo’s board, a spokesperson has confirmed, three days after the company’s board fired her from her post as chief executive. Bartz had previously said that she planned to remain on the internet company’s board of directors, a statement that conflicted with that of a company spokesman, who said Bartz would [...]
PwC to unveil 6pc jump in its revenues September 11, 2011 TURNOVER at professional services firm PwC rose by six per cent last year, as increased demand from its financial services clients offset a fall in revenues from the public sector. The accountancy giant will announce this morning that revenues from its UK, Middle East and Channel Islands operations hit £2.46bn in the year to 1 [...]
Profiting from reshuffles and regulation September 11, 2011 IT’s been a busy year for PwC’s reshuffled executive board. As well as moving to its new, ultra-sustainable offices at More London, the firm has succeeded in wrestling the Aviva audit mandate from rival Ernst & Young after 10 years, and bulked up its advisory services with the acquisition of technology and management consultants Diamond [...]
