Mandy and Merkel clash over GM August 20, 2009 Business secretary Lord Mandelson said General Motors should take an “objective, commercial decision” when choosing a buyer for its European arm Opel, which should not be “distorted by political considerations”. The comments were seen as a thinly-veiled criticism of German chancellor Angela Merkel, who is offering state subsidies to Magna – the Canadian car parts [...]
Mandelson in hint at Labour spending cuts September 14, 2009 BUSINESS secretary Lord Mandelson yesterday promised that Labour would be “wise spenders, not big spenders”, as he sought to regain ground lost to the Conservatives ahead of next year’s general election. Reviving a slogan last used in Labour’s 1997 electoral campaign, Mandelson attacked the opposition, whom he said would hamper economic recovery by withdrawing stimulus [...]
LSE CHIEF XAVIER ROLET PONDERS AN OVERHAUL OF INTERIOR DESIGN October 26, 2009 XAVIER Rolet, the dynamic new top dog over at the London Stock Exchange, just can’t seem to ease up in his quest to stamp his mark on the exchange. In the past few months, Rolet has been very busy – commencing talks to buy up rival Turquoise, axing the LSE’s long-standing M&A and PR advisers, [...]
Osborne’s cuts are merely the first step October 6, 2009 IT was Philip Hammond, the Tory shadow chief secretary to the Treasury, who put it best last night. He readily explained that the package of spending cuts and reforms outlined by his party yesterday were only a start and that there would be more to come. His frankness came as something of a relief after [...]
THE FSA’S SHORT HISTORY July 20, 2009 The Financial Services Authority was born when former chancellor Gordon Brown overhauled the financial regulatory system following Labour’s landslide election victory in 1997. Brown’s revamp saw responsibility for banking supervision transferred to the FSA from the Bank of England, which had historically performed that function. The City watchdog later took on responsibility for regulating mortgages, [...]
Lords defy Darling on pensions June 21, 2009 Chancellor Alistair Darling will face harsh criticism over his plans to tax pension provisions, with the publication of a report by the House of Lords economic affairs committee this week. The committee, led by Lord Vallance, will say that the plans outlined in the chancellor’s Budget, will affect far more people than the chancellor has [...]
GENERAL MOTORS SELLS VAUXHALL September 10, 2009 CAR giant General Motors (GM) yesterday revealed it is selling a 55 per cent stake in Vauxhall and Opel to Canadian car parts maker Magna International. The announcement ends a long bidding war for its European arm between Magna, which is backed by Russian bank Sberbank, and Belgian group RHJ International and Beijing Automotive. The [...]
GENERAL MOTORS SELLS VAUXHALL September 10, 2009 CAR giant General Motors (GM) yesterday revealed it is selling a 55 per cent stake in Vauxhall and Opel to Canadian car parts maker Magna International. The announcement ends a long bidding war for its European arm between Magna, which is backed by Russian bank Sberbank, and Belgian group RHJ International and Beijing Automotive. The [...]
The tributes pour in as City A.M. gets to 1,000 October 22, 2009 GORDON BROWNPrime Minister“Congratulations to City A.M. on reaching a thousand editions. Your paper has kept both Westminster and the City informed at a time of great turbulence in the world economy.” SIR VICTOR BLANKFormer chairman, Lloyds Banking“City A.M. has developed into a quality newspaper which sparks boardroom debate with its insight and analysis. It is [...]
FSA hits back as MPs attack August 13, 2009 THE FINANCIAL Services Authority (FSA) yesterday hit back at MPs, after all three political parties rounded on the City regulator over its rules on executive pay. FSA chief executive Hector Sants said it was not the watchdog’s job to wage war on bonuses for social reasons, and that politicians should bring in laws to cap [...]