Obama’s bank reformer says UK should copy US bank rules May 13, 2010 PAUL Volcker, the 82-year-old adviser to Barack Obama on financial regulation, held a meeting yesterday at the Bank of England at which he is believed to have advised the governor of the need to rein in UK banks in the name of reducing risk in the financial system. Minutes before dashing to a meeting with [...]
Osborne set to vote against tough EU hedge fund legislation May 13, 2010 BRITAIN’S new coalition government faces its first brush with the European Union next week as the bloc’s finance ministers are on course to back tough new rules on hedge funds against UK wishes. EU ambassadors have reached a deal on draft measures to force managers of hedge funds and private equity groups to undergo direct [...]
Ministers get 5pc cut in pay May 13, 2010 MINISTERS agreed to take a five per cent pay cut at their first cabinet meeting yesterday, suggesting the public sector is in for a round of tough pay settlements. David Cameron told his ministers, who will not receive a pay rise for the duration of the parliament, that he wanted them to lead by example [...]
Give the new government a chance, says our panel May 13, 2010 THE new government deserves the benefit of the doubt but won’t last a full five years, according to our panel of London’s business professionals and financiers. We asked the City A.M. / PoliticsHome.com panel to say how confident they were in the Liberal Conservative coalition, and to estimate how long the government would last. The vast [...]
3i bides time in crowded buyout space May 13, 2010 INFRASTRUCTURE investor 3i warned yesterday that competition from rival private equity groups would make asset prices more expensive this year as it looks to make acquisitions. The listed buyout house, which also focuses on growth capital, said it saw “high quality opportunities” for purchases but insisted it would take a cautious approach given recent bidding [...]
BA plans to operate half of its Heathrow flights during strike May 13, 2010 BRITISH Airways (BA) boss Willie Walsh yesterday condemned the planned three-week strike by cabin crew calling it “entirely disproportionate” while vowing to keep the airline going through out the walk out period. The flag-carrier plans to fly 60,000 customers, or 70 per cent of its flights, during the first of four strike periods, with 60 [...]
Bad bond market conditions delay Towergate refinancing May 13, 2010 TOWERGATE Finance yesterday postponed plans to refinance its debts with a £665m note offer due to the poor condition of the public debt markets. The financial advisory firm, Europe’s largest independently owned insurance intermediary, says that global events, outside of its control, have contributed to the deterioration of the debt markets and subsequently led to [...]
BT will spend an extra £1bn on broadband May 13, 2010 BT WILL plough an extra £1bn into its broadband network as it strives to roll out superfast internet to thousands of new homes. It will also invest heavily in its struggling BT Vision television service, which it hopes can pull off a remarkable turnaround now it can offer Premier League football matches. The news came [...]
Facebook holds meetings with staff over privacy concerns May 13, 2010 FACEBOOK chief executive Mark Zuckerberg and other executives will meet with employees to discuss privacy practices of the world’s largest social networking website, as criticism grows about the way it treats its 400m users’ personal information. Facebook will not make any announcements about privacy changes at the meeting, said a source familiar with the situation [...]
Telco sees green shoots May 13, 2010 BT Group is a huge juggernaut of a company. Former chief executive Ben Verwaayen managed to turn it around, but ran out of steam. It was up to his replacement Ian Livingston, who took the helm in 2008, to get it moving again. If yesterday’s results are anything to go by, he is finally on [...]
