Top StanChart exec joins WHSmith board November 22, 2012 TOP banking executive Annemarie Durbin has been drafted in at high street retailer WH Smith as a non-executive director. Durbin, currently group head of corporate governance, property, environment and security at Standard Chartered, will replace Mike Ellis who steps down in January. Durbin, who has been at Standard Chartered Group for 17 years and worked [...]
What the other papers say this morning November 21, 2012 FINANCIAL TIMES Man Group gains from prototype Man Group, the world’s second largest hedge fund manager, has shifted $1.5bn (£940m) of its flagship computerised fund AHL into an experimental new portfolio to boost ailing returns. The new vehicle, which Man has internally dubbed “evolution”, has made 18 per cent so far this year, and made [...]
Terminator 2 has shown us why robots should not kill November 21, 2012 Should robots be allowed to kill people?” It’s a question anyone who has seen Terminator 2 shouldn’t have to think about for long. Killer robots are not, science fiction has taught us, a very good idea. Give a robot a gun and a modicum of intelligence and it won’t be long before it is scheming [...]
What the other papers say this morning November 20, 2012 FINANCIAL TIMES TNK-BP fails in London civil suit bid TNK-BP, Russia’s third-largest oil producer and the subject of a high-profile sale, has failed in its attempt to sue a former director for civil fraud in English courts. A €39m (£31m) freezing order gained by TNK-BP on its former head of logistics, Igor Lazurenko, his wife, [...]
Hammers bid for Beckham may be dashed by Paris megabucks November 20, 2012 WEST Ham face competition from mega-rich Paris Saint Germain if they revive their efforts to lure former England captain David Beckham to Upton Park in January. Hammers chairmen David Sullivan and David Gold are long-standing admirers of the evergreen East End-born midfielder, who is quitting Los Angeles Galaxy next month. But Qatar-backed PSG have expressed [...]
Spending billions on buybacks is a cautious move November 18, 2012 THE concept of “having closure”, weirdly popular in American culture, is not something BP is all that familiar with. But the oil major quite likes the idea. Its record $4.5bn (£2.84bn) penalty and guilty plea to felony charges went some way last week to clearing the way back from the bottom of the Gulf of [...]
Megafon set to list in London by December November 15, 2012 TELECOMS firm Megafon re-started the flood of Russian firms looking to list in the City yesterday, announcing the price on its joint London-Moscow listing as its delayed initial public offering (IPO) comes to market. The offering was held up by the group’s acquisition of handset maker Euroset and by the third quarter financial results. Speculation [...]
Don’t scare away signs of life in City flotations market November 15, 2012 After several nerve-wracking days’ delay, Alisher Usmanov’s telecoms group Megafon finally launched its London IPO yesterday, giving the moribund market a timely boost ahead of the naturally quiet festive season. Megafon’s flotation, which is expected to raise more than £1.5bn for the selling shareholders, will run just slightly ahead of the London and Almaty float [...]
What the other papers say this morning November 14, 2012 FINANCIAL TIMES Nine bidders for Parlophone records Warner Music and a joint venture led by industry impresario Simon Fuller are among nine groups to have registered interest in buying Parlophone from Universal Music Group. The label, home to Kylie Minogue and the Pet Shop Boys, is being sold to satisfy regulators’ concerns about Universal’s £1.2bn [...]
Russian billionaire snaps up top investment bank November 14, 2012 DEALMAKER Stephen Jennings, who helped lead the privatisation boom of post-Communist Russia, yesterday left the country behind after selling his investment bank Renaissance Capital to billionaire Mikhail Prokhorov. New Zealander Jennings, who founded the bank in 1995, yesterday sold his remaining 50 per cent stake to Prokhorov’s Onexim Group, who already owned the other half [...]