Lead story in the Times this morning is that Osama Bin Laden was left isolated and on the run in A...
Lead story in the Times this morning is that Osama Bin Laden was left isolated and on the run in Afghanistan last night after the routed Taleban leadership left him to his fate. The Taleban, who harboured their "guest" for years and refused to hand him over after the September 11 attacks, declared that he no longer enjoyed their protection and was beyond their help.
Paul Myners, the high-profile executive chairman of Gartmore, is this week expected to step down as head of the investment bank writes the Times. Mr Myners, who forged close links with the Treasury as head of its review of the pension fund industry, is widely believed to be in the running for a prominent government job. Last month Gordon Brown, the Chancellor, accepted his controversial key proposals on the tightening of rules for pension fund managers.
The Times notes that Sir Ian Prosser, head of the Six Continents hotel group, emerged yesterday as the front-runner to take over the top job in Standard Chartered, the banking group, after it was confirmed that Sir Patrick Gillam, the current chairman, is to retire.
The Times also writes that the collapse in the price of oil could cost the Government up to £3 billion in lost tax revenues, Treasury forecasters have estimated. The figures are based on an internal pricing model, which reveals that a $1 movement in oil prices hits government finances by about £300 million. The model suggests that the Government will face a £3 billion hole if the oil price, which has fallen by around $10 a barrel since September, remains at current levels for the rest of the year.
The Times reports that top City lawyers claim that thousands of firms and individual operators are insufficiently prepared for the Financial Services and Markets Act, which becomes law in less than a fortnight. Several partnerships are arranging seminars and crash courses on the legislation, the most significant for the industry in some years, to prepare clients for the change.
Putting the tech into protection
Square Mile’s series of informal interviews
Fallout from Haywood suspension
Launching later in 2019
£80bn funds under calculation