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08/09/2010
| business | An opening for Diamond to become top dog on Wall Street
Lloyd is compromised and Jamie is insufferable, so there's an opening for Bob. Among the (very) small number of Wall Street chief executives who steered their firms intact through the financial crisis, there is a competition developing for who will be seen as the industry's top dog.
Business Diary: HR Owen boss is well-qualified
At first sight, the appointment of Andy Duncan, the former Channel Four as the new chief executive of HR Owen, the posh motor dealer, looks a little curious. From television studio to car showroom is an unusual career move. Still, at least Mr Duncan's personal choice of motor won't embarrass him in front of his new colleagues. Our spies tell us he drives a rather swish Audi S5 turbo cabriolet – not much change out of £40,000 for that one.
De La Rue staff faked banknote quality tests
The troubled banknote producer De La Rue confirmed yesterday that a number of its employees had falsified paper quality reports for some of its 150 clients, and that the findings of the investigation have been passed on to the Serious Fraud Office (SFO).
Diamond's new job at Barclays leaves his critics lost for words
ESPN hires Hair to replace Frank
The sports broadcaster ESPN is preparing to announce the appointment of Ross Hair, who joins from Sony Pictures Television and will take over as head of its operations in Europe, Middle East and Africa.
Ex-C4 chief takes over at HR Owen
Former Channel 4 chief executive Andy Duncan has returned to corporate life, it emerged yesterday, as a luxury car salesman.
Fraudulent credit applicants soar
The number of fraudulent applications received by financial services firms soared by a third during the first half of the year, according to the credit reference agency Experian.
Gem unearths 196ct diamond
Gem Diamonds, the London-listed miner, yesterday unveiled a 196-carat diamond that was found last month at its mine in Lesotho.
Green's move to Westminster triggers HSBC management reshuffle
The HSBC chairman, Stephen Green, is to give the banking industry a powerful voice at the heart of the Government by accepting an offer from David Cameron to become his trade minister from the House of Lords.
Hotels back to pre-slump levels, says Whitbread
The leisure group Whitbread has said that revenues at its budget hotel chain Premier Inn have surged beyond pre-recession levels and dismissed any fears over a double dip in the economy.
HP sues Hurd to stop him heading to Oracle
Hewlett-Packard is suing its ousted chief executive, Mark Hurd, to prevent him immediately taking up a senior position at rival computer giant Oracle.
Jobs market is 'slowing rapidly'
Confidence among employers about job creation remains "fragile", while young job-seekers face the worst labour market in 20 years, according to a report published today.
Obama to unveil $300bn tax cuts
Barack Obama will today put his support behind $300bn (£196bn) of business tax cuts, the latest in a blizzard of policy announcements designed to show the US has not run out of ideas for stimulating its disappointingly sluggish economy.
Ocado chief executive looks to the future as sales climb by 30%
The chief executive of Ocado, the online grocer, said his focus was on its share price over the medium term as they tumbled again yesterday.
OFT inquiry into gravel suppliers
The Office of Fair Trading will investigate the aggregates industry to assess whether the taxpayer is getting a fair deal from suppliers of sand, gravel and broken rocks to road and house-builders.
Rise in global food prices expected to continue
The global spike in food prices is already feeding through to the shops, according to the British Retail Consortium (BRC), a taste of higher inflation to come.
Sinochem lines up tilt at Potash
The Chinese state-owned chemicals giant Sinochem is reported to have approached Singapore state investor Tamasek about a joint bid for PotashCorp, the world's biggest fertiliser group that is subject to a $39bn (£25bn) bid from BHP Billiton.
Social housing group calls in KPMG as administrators
Connaught was in the process of appointing administrators last night after the indebted social housing group admitted to investors that it was unlikely to find the money to repay its creditors.
The Business On... Margaret Cole, Director of Enforcement, FSA
The FSA? Does that still exist?
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| business - comment | David Prosser: Diamond joins the investment bankers running Britain's banks
Outlook It is almost two years to the day since the British Government, via the Financial Services Authority, effectively vetoed Barclays Bank's plan to buy Lehman Brothers, condemning the failing American investment bank to collapse. And although Bob Diamond, the Barclays man championing the takeover, was furious, he has much to be grateful for. Had Barclays been saddled with Lehman in its entirety, its ability to ride out the rest of the financial crisis would have been in question. Instead, it bought Lehman's choicest assets at a knock-down price and Mr Diamond came up smelling of roses.
David Prosser: The mystical meaning of Delphic tax codes
Outlook One reason for HM Revenue & Customs' (HMRC) inability to get the tax affairs of millions of people right is their astonishing faith in people's ability to interpret the tax codes they are sent. The codes, typically three digits and a letter, make no sense whatsoever unless taxpayers take the trouble to look up their meaning on the HMRC website. Yet the taxman somehow seems to hope people will be able to work out whether they're paying the right amount of tax from peering at these cryptograms.
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News courtesy of Independent.co.uk
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