Unions threaten air chaos strikes August 9, 2010 UNIONS are threatening to cause travel chaos in the run-up to the August Bank Holiday with a ballot over strike action against the British Airports Authority (BAA). The Unite ballot of more than 6,000 firefighters and ground staff at six airports, including Heathrow, is expected to come out in favour of strikes on Thursday after [...]
Gulf well stakeholder sells bonds August 9, 2010 Anadarko Petroleum, which owns 25 per cent of the Macondo well at the centre of the Gulf of Mexico oil spill, said yesterday it sold $2bn worth of bonds and will now not need a $1.5bn loan it previously lined up. Anadarko said it raised $6.5bn in financing commitments, in part to pay for potential [...]
Ambac in bankruptcy warning August 9, 2010 Financial services group Ambac said it lost $57.6m in the second quarter, after the US bond insurer suffered big losses on securities. The company warned it may have to file for bankruptcy if it cannot restructure its liabilities by the second quarter of 2011. The firm is looking at raising capital as well as a [...]
BBC to abolish pension top-ups August 9, 2010 The BBC board is set to scrap pension top-up payments to around 30 executives at the corporation, saving more than £1m. The move would slash director general Mark Thompson’s pay packet by around 20 per cent, in a bid to diffuse criticism over executive pay.
WHAT THE OTHER PAPERS SAY THIS MORNING August 9, 2010 FINANCIAL TIMES VOLATILITY IN WALL STREET TAKES IT TOLL ON TOP BANKS Goldman Sachs and Morgan Stanley each suffered at least 10 days of trading losses in the second quarter, underlining how turbulent markets have cast a pall on Wall Street since April. The banks’ trading results deteriorated sharply from the first three months of [...]
GLG trio will be paid more than Man CEO August 9, 2010 THE THREE top managers at hedge fund GLG Partners are set to have higher basic pay packets than the chief executive of rival Man Group once the £1bn takeover of GLG is complete. Co-chief execs Noam Gottesman and Emmanuel Roman, along with Pierre Lagrange, senior managing director, will all earn basic salaries of $1m (just [...]
Banks to meet SME leaders in bid to prove they will lend August 9, 2010 SMALL business leaders will be invited to join forces with a new banking taskforce designed to improve the flow of credit to SMEs, City A.M. has learned. The British Bankers Association (BBA), working in conjunction with the chief executives of the six major UK banks, yesterday drafted a letter to chancellor George Osborne pledging to [...]
KKR common unit sale is off August 9, 2010 PRIVATE equity firm Kohlberg Kravis Roberts & Co said yesterday it has cancelled plans to sell $500m of new common units, less than one month after it listed on the New York Stock Exchange KKR, one of the biggest private equity firms in the world, had announced plans to sell the units in May. The [...]
GDF and IP set to confirm deal August 9, 2010 FRENCH utility GDF Suez and International Power are set to announce they have struck a deal on a planned asset tie-up this morning. GDF will pay a cash dividend of about 90p a share to International Power shareholders as part of a reverse takeover, after talks were revived in July. The enlarged firm will generate [...]
Porn star takes centre stage in the ousting of HP boss Mark Hurd August 9, 2010 A glamorous former porn star set in motion the chain of events that last week ended with the downfall of one of America’s most powerful chief executives. HP boss Mark Hurd, 53, was forced to resign after it was found $20,000 (£12,500) of expense claims in his name were inaccurate. It then emerged the married [...]
