GM BOSS IS OUSTED AFTER JUST EIGHT MONTHS IN JOB December 1, 2009 GENERAL MOTORS, the ailing car giant that recently emerged from the biggest bankruptcy in US history, last night ousted its chief executive Fritz Henderson after just eight months in the top role. Henderson, a GM veteran who has been with the car firm since 1984, was appointed as chief executive at the end of March [...]
CHAIRMEN FACING ANNUAL ELECTION November 30, 2009 COMPANY chairmen could face annual re-election under wide-ranging new proposals on corporate governance published today. The consultation by the Financial Reporting Council (FRC), chaired by Sir Christopher Hogg, also suggested external assessments of boards’ performance every three years. The guidelines are the latest attempt to reform the Combined Code and overhaul boardroom accountability in the [...]
France goads Britain over EU jobs win November 29, 2009 FRENCH president Nicolas Sarkozy fired a salvo at the City of London yesterday, describing Britain as the “big losers” in the appointment of Frenchman Michel Barnier to the EU’s finance brief. Sarkozy’s remarks, which were instantly condemned by City figures, underline the difficulties London can expect in dealing with Barnier. France is seen as favouring [...]
Plush London homes rise in price as City money returns November 29, 2009 The CITY’S bankers are beginning to splash out again on prime property, according to the latest survey by estate agent Knight Frank, which reported that prices rose in November by 1.2 per cent. The lift means prime property homes – situated in the desirable postcodes of Mayfair, St Johns Wood and Kensington and over the [...]
BBA: Walker review must not hurt UK November 26, 2009 THE Financial Services Authority (FSA) and the British Bankers Association (BBA) yesterday called on other nations to mirror the Walker reforms on disclosing £1m-plus earners and strengthening boards. BBA chief executive Angela Knight said Walker was right to insist on more time commitment from non-executive directors and financial industry experience to sit on the board [...]
Rents set to rise for student flats November 23, 2009 Rental growth in the student accommodation sector has remained robust during the downturn, according to estate agents Knight Frank. Rental rates for student houses have recorded growth of five per cent per year over the last six years, compared to 0.6 per cent for commercial property. Substantially higher growth was achieved in key university towns [...]
BLUE-BLOODED CAZENOVE AND THE MYSTERY OF A TRUE ANCIENT RELIC November 19, 2009 BLUE-blooded City stockbroker Cazenove might have officially agreed to surrender the rest of itself to US investment bank JP Morgan, but something tells The Capitalist the die-hards won’t be ready to forget the firm’s noble heritage in a hurry. Lunch yesterday was with a City chum who remembers Caz’s days at its old headquarters in [...]
City divided on Cadbury’s new suitors November 18, 2009 THE City was yesterday divided over the prospect for a Cadbury bidding war as Ferrero and Hershey confirmed they were in early talks about a possible offer for the UK giant. Some said that the presence of other potential bidders in the field would prompt Kraft to increase its offer. One analyst said: “Kraft has [...]
The Queen’s Speech starts election race November 18, 2009 THE government yesterday laid down battle lines for the next general election with a politically charged Queen’s Speech that the Conservatives and Liberal Democrats dismissed as “pointless”. The legislative programme outlined by the Queen in the House of Lords contained moves including a widely-expected Financial Services Bill, which will allow regulators to veto bankers’ bonuses [...]
Ferrero and Hershey eye up Cadbury November 17, 2009 ITALIAN confectionary firm Ferrero and US-based Hershey are in talks over a potential joint bid for Cadbury, threatening to derail Kraft’s £9.8bn hostile bid for the UK confectioner. A source familiar with the talks said that the discussions are “very early in the process”. But the news is the clearest sign yet that there could [...]