|RIM could cull 6,000 jobs as it struggles against Apple Inc's iPhone and Google Inc's Android|
|Tuesday, 29 May 2012 08:22|
News round up: Research in Motion, Apple, Google, Bank of England, TKN-BP, First Group, Lonrho and Banks.
Bank of England
The Bank of England is poised to cut interest rates or launch another round of quantitative easing if the euro collapses, it emerged on Monday. A senior official for the Bank said the measures would "again play [their] part in mitigating the impact" of Greece or other countries leaving the single currency.
The fault-lines that have riven BP’s Russian joint venture reopened yesterday after Mikhail Fridman resigned as chief executive. A person close to the Russian consortium that owns half of TNK-BP said that Mr Fridman had left amid a loss of faith in BP as a partner and that the two sides were heading "towards some kind of disengagement". The move triggered suggestions that the Russian partners, led by Mr Fridman, were trying to reopen a route to breaking up the venture after a $32bn sale of their interest to BP and Rosneft collapsed last year, says The Times.
First Group chairman Martin Gilbert was yesterday urged to "hit the phone" and talk to shareholders as some key investors raised concerns about his position at the helm of the transport giant. Gilbert, who has been chairman of the Aberdeen-based group since 1995, is also chief executive of Aberdeen Asset Management, and one unnamed major shareholder was reported to be seeking talks with him “over whether it is appropriate for him to hold two big jobs”.
Former trade minister Sir Richard Needham has quit the board of Lonrho on the eve of tomorrow's AGM after a blistering row over pay and corporate governance at the Africa-focused group. Sir Richard resigned his non-executive post after a bust-up with executive chairman David Lenigas over a proposed hike in his annual salary from £500,000 to £750,000. In his resignation letter, he said that under Mr Lenigas’s leadership the company risked again being "dubbed an unacceptable face of capitalism".
Banks will be required to display notices in branch and on websites that tell customers how much of their savings are protected if the bank goes bust, the Financial Services Authority (FSA) said today. The plans - outlined in December - will also apply to building societies and credit unions.
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