City Moves who’s switching jobs September 7, 2009 ActantLars Hjaltman has joined the exchange trading solutions firm as head of development, based in the UK but operating in the firm’s major markets across Europe and the US. Hjaltman has over 20 years of experience in technology and software development, having most recently been chief operating officer of Electronic Shipping Solutions. He has also [...]
RBS moves to cut overdraft charge in half September 7, 2009 ROYAL Bank of Scotland has broken ranks with competitors by slashing charges on customers who go overdrawn without agreement or exceed their overdraft limit. From 1 October, RBS and subsidiary NatWest will slash the fee for returning a cheque, direct debit or standing order to £5, while the fee for paying an item on an [...]
CADBURY RIVALS SET FOR BID WAR September 7, 2009 CADBURY, the maker of some of Britain’s best-loved confectionery brands, yesterday rejected a £10.2bn takeover approach from Kraft Foods, sparking speculation that the US food giant and its rivals may soon enter a spiralling bidding war for the firm. Kraft Foods, which owns confectionery brands Toblerone, Milka and Oreo, said a deal would create a [...]
BarCap poaches Rothschild’s Marsaglia amid growth drive September 7, 2009 BARCLAYS Capital has taken its plans to become a global investment-banking player up a gear by naming Stefano Marsaglia, the respected Rothschild banker, as chairman of its financial institutions group (FIG). In the latest in a series of high-profile hires Barclays has snapped up the Italian heavyweight, who has spent the last 17 years at [...]
Barclays in PPI ban row September 7, 2009 BARCLAYS yesterday launched a legal appeal against a Competition Commission decision to ban the sale of Payment Protection Insurance (PPI) alongside financial products. Barclays told the Competition Appeals Tribunal that a point-of-sale ban was not justified by the evidence and also argued that the scope of the definition of PPI imposed by the Commission is [...]
Kraft’s Cadbury bid sparks a flurry of FTSEmerger hopes September 7, 2009 THE leading share index notched back up towards the 5,000-points mark yesterday, after a proposed bid for Cadbury by Kraft raised hopes of a more general pick-up in merger activity and lifted banks and commodity shares. The FTSE 100 rose 1.7 per cent to a close of 4,933.18, up 81.48 points, as it came close [...]
European stocks near 11-month high September 7, 2009 EUROPEAN shares closed higher yesterday, led by UKchocolate giant Cadbury which soared 38 per cent following a £10.2bn bid approach from US company Kraft Foods. The pan-European FTSEurofirst 300 index of top shares rose 1.4 per cent to 975.90 points, just 0.3 per cent away from an 11-month closing high. The European benchmark index has [...]
KDB to withhold Lehman details from liquidators September 6, 2009 KOREA Development Bank (KDB) has told the liquidators of Lehman Brothers that it will not disclose all information surrounding a potential rescue by the South Korean business, mooted prior to the US investment bank’s collapse. KDB was in negotiations with Lehman over a $6bn (£3.7bn) investment in the bank last year, but backed away from [...]
OSBORNE TELLS FSA: VETO BANK BONUSES September 6, 2009 SHADOW chancellor George Osborne has told the Financial Services Authority (FSA) to end the era of the “mega bonus” even for banks such as Barclays that were not bailed out. He said all banks are regulated entities potentially underpinned by the taxpayer so they should all face bonus curbs. He stopped short of calling for [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 6, 2009 THE SUNDAYSThe Sunday TelegraphG20 WILL CURB BANK BONUSESBonuses for bankers throughout the Western world will for the first time be subject to limits and checks as soon as next year after the G20 pledged to embark on an international crackdown on financiers’ pay. Banks will have caps imposed on the size of the bonus pot [...]