Rupert Murdoch to step down from running newspapers. Rupert Murdoch's News Corp split to be confirmed. Murdoch denies break-up linked to phone hacking scandal. News Corporation is no longer looking to buy all of BSkyB and in future will look to invest in the US rather than the UK, according to its chief executive and chairman Rupert Murdoch. BlackBerry maker Research in Motion (RIM) is to axe 5,000 jobs from its global workforce as it reveals a further delay of the launch of its next generation of smartphones. Aegis Media's Martyn Rattle and Malcolm Hunter are leaving their respective roles of chief client officer for global and integrated clients and chief client strategy officer for communications planning. Google makes tablet debut and undercuts Apple on price. Merlin Inkley, Channel 4's head of airtime management, is leaving the broadcaster after 20 years. Clear Channel, the outdoor media group, has appointed News International's Martin Corke to the new role of agency sales director. MORGAN STANLEY The investment…
Read More
Barclays boss Bob Diamond facing calls to quit and Ed Miliband demands criminal probe as damning emails show how greedy traders rigged bank interest rates. Goodbye to the Glastonbury promoter who made it great. Michael Eavis parts company with festival management after decade of success. News International is upping the cover price of The Sun from 30p to 40p on a weekday and The Sunday Times by 30p to £2.50, as it looks to drive up revenues. Marmite is ramping up an offensive supporting its secret society the 'Marmarati', in a bid to promote its extra strong variant. ITV boss Adam Crozier will step down from his role as non-executive director at Debenhams after six years. Creative duo Yan and Luke unveil start-up shop Fabula. NATIONAL BANK OF GREECE The chief executive of Greece's largest lender National Bank , Apostolos Tamvakakis, will step down on Thursday and be replaced by deputy CEO Alexandros Tourkolias, a source at the bank told Reuters. JEFFERIES GROUP INC Jefferies…
Read More
· · Spain and Italy face spiraling borrowing costs · German unemployment rises · US say China & Singapore exempt from oil sanctions · Japan’s industrial output falls most since 2011 quake · Barclays’ shares plunge on bank scandal · Overnight markets up on European agreements · European markets set to spike today · Euro rises as EU leaders drop loan conditions · Oil rises from nine-month low on supply worries · Commodities advance on Eurozone agreements
Read More
Jersey threatens to break with UK over tax backlash. Under fire RBS cancels all its Wimbledon hospitality in the wake of NatWest fiasco. News Corporation confirms it is considering a split into two companies. Rupert Murdoch's firm will look into separating publishing assets and film and TV businesses into two listed companies. Facebook names Sheryl Sandberg as its first female director. Mel Cruickshank, the chief executive of Lida, has been poached by Wunderman to lead its UK operation. Travelocity International, which owns Lastminute.com, has recruited Sarah Bartlett as its first chief marketing officer, to oversee its portfolio of brands following a restructure. FIELDPOINT PRIVATE The Connecticut-based startup said late on Monday it hired veteran private banker David Zoll from Barclays' wealth division, expanding the firm's New York base of advisers catering to ultra-high-net-worth clients. Zoll joined Fieldpoint on Friday from Barclays, where he managed the investment and banking needs of 40 ultra-high-net-worth families. CREDIT SUISSE The Swiss Bank will move Benjamin Happ, the head of…
Read More
GERMAN CHANCELLOR Angela Merkel sought to bury once and for all the idea of common euro zone bonds yesterday, saying Europe would not share total debt liability "as long as I live", as the bloc's big four finance ministers met to narrow differences on how to solve a worsening debt crisis. ECONOMIC recovery in the UK is at least five years away, Sir Mervyn King told MPs at the Treasury Select Committee yesterday. The governor of the Bank of England reiterated his backing for £50bn of further quantitative easing, and even kept open the possibility of an interest rate cut. BAD LOANS in Brazil hit a record high in May, adding to fears that the world’s leading emerging markets were heading for a deeper than expected slowdown. Brazilian loans overdue by more than 90 days hit 6%, the highest since records began in 2000, the central bank said. U.S. HOME prices showed further signs of stabilisation in April, boosting hope that the housing market is…
Read More
Recently Hugh Allen, CEO of VSL Associates, spoke at Morgan Stanley for the Microfinance Club UK members about the village savings and loan (VSL) model. Allen had worked at CARE International since the 1970s and is now dedicating himself to the encouragement of microfinance and trying to get development agencies to use the VSL model, which was first implemented in Niger by CARE in 1992. What the Village Savings and Loan Model entails is the creation of savings groups to encourage community-managed savings schemes for those who do not have access to the services of commercial financial institutions. In fact, VSL has been used by CARE primarily in areas of extreme poverty. This savings group consists of members who want to join, contributing to a pool of funds, from which they can also get loans at an interest rate that they have agreed on. The VSL model is time-bound and the collected savings are shared out at the end of the year, when people commonly…
Read More
EasyJet plays on England woes with ads for European flights. England's exit from Euro 2012 peaks at 23.3m. England's fruitless encounter with Italy in the Uefa Euro 2012 tournament brought a peak of 23.3 million viewers to BBC One, according to unofficial overnight figures. Microsoft has acquired corporate social networking company Yammer, for $1.2bn (£769m), which it intends to integrate with Office and Skype, once the deal has been approved. Greggs launches concept store and considers loyalty card. Greggs is plotting a major revamp of its stores and is also poised to introduce a loyalty card in a move to cash in on its growing popularity, following the pasty tax row. Mindshare and Google have teamed up to launch Mobile Garage, a joint venture designed to help Mindshare's global client base harness Google's mobile expertise. Digital agency LBi has recruited John Monks to lead a social business design unit that aims to help businesses "re-engineer" themselves and take better advantage of emerging digital technologies within…
Read More
THE EUROZONE crisis escalated last night as credit rating agency Moody’s slashed the ratings of 28 Spanish banks, while earlier in the day German Chancellor Angela Merkel appeared to rule out plans to mitigate the euro area’s troubles with more debt sharing. CHINA’S largest listed commercial bank has agreed its first financing deal for a Russian infrastructure project in the latest agreement to highlight the growing investment relationship between the two countries. Industrial and Commercial Bank of China will provide $1bn of financing for the construction of a new power plant at Yaroslavl on the outskirts of Moscow. THE EUROPEAN UNION would gain far-reaching powers to rewrite national budgets for Eurozone countries that breach debt and deficit rules under proposals likely to be discussed at a summit this week. CYPRUS became the fifth Eurozone country to extend its palm and ask for bailout cash yesterday, just hours after Spanish authorities officially requested more assistance for its struggling banking sector. CHINA’S commerce ministry said that the…
Read More
Euro 2012: England pay the penalty yet again. Football is not coming home. But Wimbledon starts today, and it's not raining. Virgin Atlantic has appointed former BBC marketer Simon Lloyd as its marketing director, ending the airline's six-month search, triggered by the departure of Paul Dickinson. Starbucks is trying to further its appeal beyond coffee by launching its first tea outlet in Seattle, US. God help us. Global Radio seals £50m purchase of GMG Radio. Google and Sony team up for Google TV. Sony will become the first manufacturer to launch a Google TV product outside the US, when it rolls out its Google TV-enabled product in the UK next month. DELOITTE AND TOUCHE LLP Thecompany has hired Mike Whalen as a director with Deloitte financial advisory services. Whalen, who is a member of the American Society of Cost Engineers, the Institute of Internal Auditors and the Project Management Institute will join the company's Houston office. Whalen was previously principal and national director of construction…
Read More
· Germans tell Greece to push on with reforms · Greek PM and finance minister to miss summit · Germans vote for fiscal pact · Britain needs substantial QE to kick-start recovery · Spanish and Italian borrowing costs improve · Citigroup cut China’s GDP estimate for 2012 · Markets down overnight as China’s GDP forecast cut · Euro falls before debt auctions · Tropical storm shuts down oil and gas production · Commodities gauge down 21% since February
Read More
