THE HEDGE FUND that triggered the initial break-up approach for ABN Amro last night called for Rijkman Groenink, the Dutch bank's chief executive, to be sacked, reports The Times.
The Children’s Investment Fund (TCI) said that the senior supervisory board of the Dutch bank should take full control of the sale process.
In a letter to Arthur Martinez, chairman of the supervisory board, TCI said Mr Groenink, who chairs the more junior management board, no longer had credibility.
Christopher Hohn, chief investment officer of TCI, said the fund was concerned that Mr Groenink had “no intention to negotiate in good faith” with the Royal Bank of Scotland-led consortium, which is attempting to trump an agreed offer for ABN from Barclays.
THE CAREER OF ONE of the titans of British industry came to a dramatic end yesterday when Lord Browne quit as chief executive of BP after lying to a court about his relationship with another man, reports The Guardian.
Following crisis talks at the company's London headquarters, BP said Lord Browne had resigned with immediate effect after losing his four-month battle to suppress newspaper reports about the relationship. In doing do, he forfeited a leaving package worth up to £15.5m.
Lord Browne went all the way to the House of Lords in his attempts to prevent Associated Newspapers, the publisher of the Mail on Sunday, from disclosing details of his relationship with Jeff Chevalier, his Canadian partner between 2002 and 2006.
FEARS THAT THE crisis engulfing Turkey could spill over into other emerging markets were allayed by analysts last night, reports The Independent.
Despite knee-jerk falls in some eastern European currencies, they said Turkey's problems were political rather than economic, specific to the country and likely to remain contained.
Turkey has been plunged into crisis by tensions surrounding its presidential election and threats of a military coup. The country's Constitutional Court yesterday annulled last Friday's first round after the opposition boycotted the vote.
The wife of the ruling AK Party's candidate, Abdullah Gul, wears a headscarf - one of the most potent symbols of Islam. Pro-secularism supporters, including the army, feared the century-old separation of religion and state in Turkey would be undermined if Mr Gul was elected.
The government could now propose a different candidate, but may call a snap general election and postpone the presidential poll.
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