News

Your daily news update straight from the City PM newsroom in London

France says Britain’s banks must not go back to old ways

December 6, 2009

There is no crisis between France and Britain over financial regulation but British banks must not be allowed to return to the behaviour that caused the crisis, French budget minister Eric Woerth said yesterday. President Nicolas Sarkozy stirred tensions between the two countries last week by boasting that the appointment of a Frenchman as the [...]
SILVERSTONE IN POLE POSITION

December 6, 2009

The British Grand Prix has been saved at Silverstone after a deal was reached yesterday between Bernie Ecclestone and track owners the British Racing Drivers’ Club. Damon Hill, president of the BRDC, is today expected to announce the Silverstone as host for at least five years. With the 2010 season imminent, Ecclestone threatened to pull [...]
Fall in number of employment disputes as economy stabilises

December 6, 2009

A SUDDEN drop in demand for employment dispute lawyers has boosted hopes of a return to better economic times in the UK. According to Contact Law, the first nine months of the year saw demand for employment lawyers rise 77 per cent as the recession fuelled demand. But in November a 7.4 per cent decrease [...]
Rising stars ofCity fight off the downturn

December 6, 2009

ONE hundred of the City’s most precocious young stars have been honoured in a round-up of the hottest names to watch in the world of finance over the coming year. The list of 100 Rising Stars, compiled by Financial News, includes Goldman Sachs emerging markets trader Jan Sramek, who at the tender age of 22 [...]
M&B rebel fights corner as row grows

December 6, 2009

THE largest shareholder in pubs group Mitchells & Butlers will meet with the Takeover Panel today as the furore grows over the company’s decision to oust four directors. Piedmont, which owns 23 per cent of M&B on behalf of billionaire Joe Lewis, wants to put its side of the story after its representatives Richard McGuire [...]
Six more banks are closed by US regulators

December 6, 2009

MORE American banks failed over the weekend, bringing the total for the year to 130, which is the highest since 1992. Of the six failed banks, the largest to be closed by regulators was Cleveland’s AmTrust Bank, whose 66 branches and $8bn (£4.9bn) in deposits will be assumed by New York Community Bank. AmTrust is [...]
BEST OF THE BROKERS

December 6, 2009

WM MORRISONGalvan Research says that plenty of time has now elapsed at Wm Morrison to allow the shares to absorb any doubts over a possible like-for-like sales slowdown, and the surprise departure of Marc Bolland. It says the stock is holding up well within striking distance of year highs, and there is every likelihood the [...]
GM to refresh management

December 6, 2009

GENERAL Motors will announce a major overhaul of its European management structure this week as it seeks to reassert control over its lossmaking operations. Nick Reilly, European head of GM and chief executive of Opel and Vauxhall, is expected to unveil a new “one tier” management that combines the three brands’ executives. The shake-up follows [...]
CITY MOVES WHO’S SWITCHING JOBS

December 6, 2009

AshurstThe law firm’s board has reappointed Simon Bromwich to serve a further three-year term as managing partner.Bromwich was first appointed to the role in January 2004, while his new term will come to an end in January 2013.The firm’s senior partner Charlie Geffen said Bromwich had “dealt decisively” with the tough market conditions the firm [...]
Pensions burden prevents firms from restructuring for recovery

December 6, 2009

DEFICIT payments on final salary pensions have damaged restructuring and recovery plans for more than a third of firms, double the number compared to 2007, says a survey released today by the CBI and Watson Wyatt. Three quarters of the 192 companies questioned, representing over one million employees, say they will have to pay more [...]