Relief well rig back at BP oil spill site in Gulf July 25, 2010 A RIG that had been drilling a relief well to plug the Gulf of Mexico oil leak was back on site yesterday after storm fears forced it to leave the area on Friday. The Transocean rig “is on location, and beginning the process of reconnecting,” a BP spokesperson said. Other vessels that had left the [...]
European bank stress tests were too soft, analysts say July 25, 2010 LONDON’S stockmarket will give its verdict on the European Union’s bank stress tests today after analysts warned they were not tough enough to give investors real confidence. Only seven of the 91 institutions investigated failed to meet the capital requirements demanded by the Committee of European Banking Supervisors under three “economic shock” scenarios. Five Spanish [...]
WH Ireland to hire new boss July 25, 2010 STOCKBROKER WH Ireland has taken on former Toscafund fund manager Paul Compton as its new chief executive, in an attempt to turn the ailing business around. Compton joins the firm at a torrid time for the small-cap broking industry. WH Ireland said on Friday that it had fallen into the red over the first half [...]
McLaren gets £260m boost for new sports cars July 25, 2010 FORMER Formula 1 racing boss and executive chairman of the McLaren Group Ron Dennis has successfully raised £260m to help fund a new sports car manufacturing business. McLaren Automotive, a subsidiary to the racing group, raised the new finance through a collection of new investors with a small portion of the funding raised through debt. [...]
CITY MOVES | WHO’S SWITCHING JOBS July 25, 2010 Chartered Insurance Institute Chris Hanks, currently a management board member at Allianz UK, has been elected as the 114th president of the CII, taking over from Fortis UK chief executive Barry Smith. Hanks, pictured, joined Allianz in 1999 and is currently general manager responsible for the commercial business at Allianz UK. In addition, Julian James, [...]
BPP becomes a university July 25, 2010 HIGHER education college BPP, which specialises in business and law degrees, is to become the first private provider to gain university college status in nearly three and a half decades. Universities and skills minister David Willetts will today award BPP the university college title, three years after it was granted degree-awarding powers. The move is [...]
The world’s centre of gravity is moving East July 25, 2010 THE Prime Minister, who leads a delegation of senior ministers including George Osborne, William Hague and Vince Cable to India this week, is right to commit his government to building a “special partnership” with Delhi. The world’s centre of gravity is moving East. Washington is shifting its attention from its post WWII Atlantic allies to [...]
Treasury committee to grill King July 25, 2010 MERVYN King, the governor of the Bank of England, will this week appear in front of the Treasury committee to give evidence on the findings of the quarterly Inflation Report in May, when the Bank raised its short-term inflation forecast in the face of stubborn price resilience. At the time, King said the monetary policy [...]
Business chiefs join PM in trade mission to India July 25, 2010 DAVID Cameron will this week lead this country’s strongest ever trade mission to India, in a drive to boost cooperation between the UK and one of the fastest-growing economies in the world. Over 50 of the UK’s top business leaders will join the Prime Minister, chancellor George Osborne, foreign secretary William Hague, business secretary Vince [...]
Red Knight’s bid for United may go ahead July 25, 2010 A BID to wrest control of Manchester United could be back on after a fans’ campaign against its American owners appears to have taken hold. The club was forced to humiliatingly offer a second batch of season tickets more than seven weeks after the initial deadline. Around 4,000 tickets were put on general sale by [...]
