November 2011 – European CEO

Coming soon: “oil-less” economic growth

The world may soon achieve something long dreamed of by governments and policymakers: higher economic growth without using more oil

Irish Life sees 2011 return to profit

Bancassurer Irish Life & Permanent posted a 2009 operating loss and said it would not be back in the black until 2011 by when it wants to have been part of a consolidation in the market. The group, whose profitable life business and lack of property development exposure have made it Ireland’s only major listed […]

Euro in most difficult phase since launch

Europe’s single currency project is facing its toughest period since its launch over a decade ago and it is essential that Greece tackle the roots of its troubles to restore confidence, German Chancellor Angela Merkel said. In an interview with public television station ARD on Sunday, Merkel also stressed that no decisions had been taken […]

France Telecom’s new CEO signals continuity

France Telecom’s new CEO sent a message of continuity to markets by pledging to keep cash flow targets and a prudent stance on acquisitions this year, as he named a new management team composed largely of insiders. Europe’s third-largest telecom operator posted in-line revenues and operating profits for 2009, and predicted that sales would be […]

Ex-Fastweb CEO sought in money-laundering probe

Italian investigators probing a money-laundering racket have issued an arrest warrant for Italian telecoms billionaire Silvio Scaglia, the founder and former top executive of broadband operator Fastweb

Greek unionists block Athens bourse entrance

A group of about 150 unionists blocked the entrance to the Athens stock exchange on Tuesday but bourse officials said they expected trade to go ahead normally. “There is a back-up capacity, an alternative mechanism that enables electronic trading to go ahead normally,” Athens stock exchange Vice-Chairman Socrates Lazaridis told Reuters. “Already 101 terminals have […]

Irish “bad bank” transfers delayed until end March

Ireland will transfer the first loans to the National Asset Management Agency (NAMA) “bad bank” by the end of March, missing its latest deadline of late February, as it waits on European approval to begin the scheme. Finance Minister Brian Lenihan has said work valuing the total loans initially worth 80 billion euros ($109bn) was […]

Kenya suspends ministers over graft

Kenya’s prime minister has suspended two ministers over corruption allegations after the president took the same action against eight officials in moves that will please donors but underline coalition divisions

German halt casts shadow over European GDP recovery

Europe’s post-recession recovery has hit a roadblock as German economic growth unexpectedly ground to a halt in the final quarter of 2009, though France made up for some of the damage. The news comes at a hard time for Europe’s single currency bloc as governments struggle to sort out Greece’s debt difficulties and contain financial […]

Resolution sees more deals as Friends sales drop

British insurance-focused bid vehicle Resolution reported weaker sales at Friends Provident, its first acquisition, and said an end to growth in Britain’s life market had opened up further deal opportunities. Friends Provident had sales of £873m ($1.37bn) in 2009, down 13 percent from £1bn the previous year, Resolution said on recently. Analysts had expected sales […]

EU hedge fund plan threatens economy

EU plans to regulate managers of hedge funds and other alternative investments need changing to avoid damaging Europe’s economy and curbing investor choice, a report from British lawmakers said. In April last year the bloc proposed that managers in the EU must register, comply with leverage caps, appoint an independent valuer and make disclosures to […]

UK’s FSA boss Sants quits in unexpected move

Britain’s top financial regulator has announced he plans to step down, surprising the markets and casting doubt over the future of the Financial Services Authority and broader banking reform. Britain’s opposition Conservative Party, tipped in the polls to win the next election expected in May, has said it wants to abolish the FSA and hand […]

Lloyd’s of London sees regulation as key challenge

The Lloyd’s of London insurance market has weathered the financial crisis well but it faces challenges over the next three years from growing regulation and the rise of new regional insurance hubs, the group said. Lloyd’s plans to lobby against excessive regulation while ensuring that it can provide access to competing insurance centres such as […]

CIT hires new CEO

CIT Group Inc has hired former Merrill Lynch CEO John Thain as its new chief executive, the commercial lender said in early February, wagering that the well-traveled executive can guide its post-bankruptcy turnaround. Thain, 54, immediately replaces interim CEO Peter Tobin, who will remain a director. Former CIT chief Jeff Peek, another past Merrill executive, […]

Russian deals cost Turkey

Deals that have strengthened energy ties between Turkey and Russia may boost Ankara’s much desired control over regional gas and oil transit, but at a cost to other foreign players in its downstream market

Digital Editions