CITY VIEWS: DOES TONY BALL DESERVE TO EARN 30M AS ITV BOSS? September 21, 2009 ROY PARCHMENT AVIVA“That is a huge amount of money for that kind of role. The question is how much value is added by that person to the company? You have to ask how much chief executives contribute to shareholders and profits. If Tony Ball can turn around ITV, then he might be worth it.”DECLAN WOOLOUGHAN [...]
Holliday to join board at BoA September 21, 2009 DUPONT chairman Charles Holliday is expected to be added to Bank of America’s (BoA) board of directors. The bank’s directors were due to agree the appointment in a board meeting, in which they were also due to be briefed on options if the bank’s chief executive Kenneth Lewis is charged with civil fraud. Last week, [...]
HIM launches new fund for ex-New Star manager September 21, 2009 FORMER NEW Star fund manager Nick Brind is to be handed the reins of a new financials fund at investment boutique HIM Capital. The fund, set to be domiciled in Dublin, will be launched on 15 October and will be the first Brind will manage since he gave up the New Star Financial Opportunities fund [...]
Oil to hit $100 as supplies hit delivery glitch September 21, 2009 CHRISTOPHE de Margerie, head of oil giant Total, yesterday warned that underinvestment in exploration due to the downturn will lead to a world shortage of oil. He added that he saw the price of oil rising to more than $100 a barrel, up from around $70, as the price stands at current levels. Total’s boss [...]
WHAT DO DE MARGERIE’S COMMENTS MEAN FOR THE OIL SECTOR ? September 21, 2009 PETER HUTTON NCB“De Margerie has consistently highlighted the need for continued investment to meet demand. In fact, we need a new Saudi Arabia every two to three years. Total claim $60-70 oil is insufficient for new projects eg oilsands, so this is effectively a hint for higher oil or lower project costs.”MALCOLM GRAHAM-WOOD HANSON WESTHOUSE“As [...]
US sees rise in loan defaults September 21, 2009 A MEASURE of the US economy’s prospects scaled a one-and-a-half-year high in August but a record rise in home loan defaults cast doubts on the durability of the recovery. The Conference Board yesterday said its index of leading economic indicators rose 0.6 per cent to 102.5, the highest level since January 2008. It had advanced [...]
ENI pulls out of takeover talks with rival Tullow September 21, 2009 ENERGY group Tullow Oil saw its share price close 1.8 per cent down at 1,158p yesterday, after the Italian state oil group ENI decided against an offer for the group. ENI is said to think that a bid would be too expensive after completing due diligence and pricing its African assets. Tullow’s share price was [...]
Anglo Irish is hit by fresh loans scandal September 21, 2009 EIGHT senior managers at the nationalised Anglo Irish Bank owed the bank a total of €21.9m (£20m) in personal loans as of the end of September last year. The group of senior figures, who are still with the bank, owed loans ranging from €835,000 to €7.1m, according to leaked internal documents. Just one – outgoing [...]
60m hotel to be built in Soho September 21, 2009 Luxury hotel operator Firmdale sped up the pace of Soho’s redevelopment yesterday, announcing a deal to build a luxury £60m property on the site of Ham yard, a former World War Two bomb site. Firmdale co-founders Tim and Kit Kemp already run six London hotels, including the Soho Hotel in Richmond Mews.
BA looks to Spain for winter sun September 21, 2009 British Airways (BA) could operate tourist flights from London City airport next year to capitalise on its new range of regional aircraft. Destinations served using five E-190 jets on order from Brazilian manufacturer Embraer could stretch to the Spanish holiday islands of Majorca and Ibiza.