News

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

Anglo says Hampton is not on cards

November 8, 2009

MINING group Anglo American has dismissed reports that Royal Bank of Scotland chairman Sir Philip Hampton is set to join the board. Weekend reports said an announcement of his appointment could be made today. But Anglo said the report was “speculation”. Anglo plans to refresh its board following the failed merger approach by rival Xstrata [...]
EU hedge fund clampdown is labelled ‘poor’

November 8, 2009

THE planned clampdown on hedge funds by European bureaucrats is “vague, sweeping and inadequate”, according to a damning report on the merits of the controversial directive. Research by economists and academics on behalf of the European Parliament said the attempt to regulate hedge funds is, in its current form, “poorly-constructed, ill-focused and premature”. Authors said [...]
Lord Myners to face hedge fund grilling by Lords

November 8, 2009

Lord Myners, Financial Services Secretary, will this week be questioned by the House of Lords EU sub-committee over the controversial Alternative Investment Fund Managers Directive (AIFM Directive). The directive requires managers of funds to register and submit data to regulators, creating extra costs and stifling investments from hedge funds and private equity groups. Experts say [...]
City boost for fund managers

November 8, 2009

BRITAIN’S asset management industry and the government will today outline how they will work together to both retain business and lure back funds that have fled overseas, in a key report to be published in London. The Asset Management Working Group will make 25 key findings and 22 recommendations including making the UK a domicile [...]
WHAT GOD COMPLEX? BLANKFEIN IS JUST FEELING A WEE BIT LONELY

November 8, 2009

One could feel a bit sorry for Goldman Sach’s chairman and chief executive Lloyd Blankfein. Push aside the fact that he earns more than the GDP of a small country for doing “God’s work”, and life on the 30th floor starts to look very lonely. “People are pissed off, mad and bent out of shape. [...]
BILL OF THE WEEK

November 8, 2009

Little Bay played host to a group of 16 colleagues from a well-known accountancy firm, who treated themselves to a long lunch in honour of one of the party’s 30th birthday celebrations. Readers may remember the Farringdon Road venue after owner Peter Ilic ran a “pay what you think” promotion in February. No such frugality [...]
GM will stick with plan to cut Opel costs

November 8, 2009

General Motors (GM) will probably stick to a plan to cut costs at Opel by 30 percent after deciding to restructure the European subsidiary itself rather than sell it, Bob Lutz, a GM executive set to become Opel’s chairman, said yesterday. “The restructuring plan developed at the end of last year is still the basis [...]
GM executive tipped to head Jaguar Land Rover

November 8, 2009

Carl Peter Forster, the European chief of General Motors, has been tipped as the next head of Jaguar Land Rover. Forster was unhappy about GM’s decision not to sell European subsidiary Vauxhall Opel to Canada’s Magna International and is expected to join Jaguar Land Rover within the next few months. The London born GM chief [...]
BAE warship division boosts GDP by millions

November 8, 2009

BAE Systems will today reveal that its warship business added almost £600m to the UK economy and supported 15,000 jobs over the past 12 months. BAE Systems Surface Ships, formerly BVT Surface Fleet, contributed £231m directly to gross domestic product (GDP), with an additional £366m created in the wider economy through the knock-on effects of [...]
Tourists will fill West End

November 8, 2009

CENTRAL London shops expect to receive a glut of foreign customers this winter, enticed to the capital by the current weakness of the pound. The New West End Company, which represents retailers in Oxford Street, Regent Street and Bond Street, is expecting a 5-10 per cent year-on-year increase in foreign shoppers over the festive period. [...]