BISCHOFF TO TAKE CHAIR AT LLOYDS July 27, 2009 SIR WIN Bischoff will succeed Sir Victor Blank as chairman of Lloyds Banking Group, the bank announced yesterday, prompting criticism from some quarters. Bischoff, former chairman of Citigroup, will be paid £700,000 a year without shares or a bonus and will assume the role on 15 September, long before next year’s annual meeting, the deadline [...]
Turner is right to reject Glass-Steagall June 23, 2009 TO my surprise, I found myself agreeing with a lot – though not all – of what Lord Turner, chairman of the Financial Services Authority (FSA), had to say to the Treasury Select Committee yesterday. He is right that it is impossible to impose maximum size limits on banks. He was also right that we [...]
Darling gives FSA power to rein in the activity of City firms July 8, 2009 THE FINANCIAL Services Authority (FSA) will share formal responsibility for financial stability with the Bank of England, under a raft of measures included in chancellor Alistair Darling’s white paper on financial regulation. The chancellor rejected Conservative calls for the Bank of England to be given primary responsibility for monitoring dangers to the economy, instead opting [...]
Darling gives FSA power to rein in the activity of City firms July 8, 2009 THE FINANCIAL Services Authority (FSA) will share formal responsibility for financial stability with the Bank of England, under a raft of measures included in chancellor Alistair Darling’s white paper on financial regulation. The chancellor rejected Conservative calls for the Bank of England to be given primary responsibility for monitoring dangers to the economy, instead opting [...]
Brit launches bid for Chaucer June 22, 2009 LLOYD’S of London insurer Brit Insurance made a £226m all-share offer for smaller rival Chaucer yesterday, forcing private equity group Pamplona to reveal it has built a 7.34 per cent stake in the company. Brit is offering the Chaucer board 0.23 new Brit shares for every Chaucer share. This is a nil-premium offer, meaning it [...]
Brit launches bid for Chaucer June 22, 2009 LLOYD’S of London insurer Brit Insurance made a £226m all-share offer for smaller rival Chaucer yesterday, forcing private equity group Pamplona to reveal it has built a 7.34 per cent stake in the company. Brit is offering the Chaucer board 0.23 new Brit shares for every Chaucer share. This is a nil-premium offer, meaning it [...]
Intel to contest record fine May 13, 2009 INTEL president and chief executive Paul Otellini said yesterday that the company will appeal against the record fine of €1.06bn (£1bn) that has been imposed by the European Commission for illegal rebates and other practices it used to squeeze out its rival, AMD. “Intel takes exception to this decision. We believe the decision is wrong and [...]
Blank’s exit won’t end Lloyds’ troubles May 17, 2009 IT was always Sir Victor Blank, one of the Labour Party’s favourite businessmen, who was most likely to be Lloyds Banking Group’s sacrificial lamb. It was he, after all, who was the main driver of Lloyds TSB’s ill-fated takeover of HBOS; he first discussed the idea of the deal with Gordon Brown over drinks in [...]
China’s uncertain markets makes it a long term play August 13, 2008 The eyes of the world are on China this week, as the Olympics gets under way. Last year the Chinese stock market tried to break the high-jump record, as the Shanghai Composite hit its highest ever level in October – rising more than 400 per cent in two years. But this year, it seems to [...]
FSA clamps down on CFD investors July 3, 2008 Rules forcing contract for difference (CFD) holders to disclose long positions of three per cent have had a mixed reaction in the City. A clampdown by City watchdog the Financial Services Authority (FSA) has long been anticipated due to fears that investors are using CFDs, which give exposure to a share for a fraction of [...]