Dougan vows not to make losses
Credit Suisse’s chief executive has laid out a vision for a banking industry with lower but more sustainable returns and has vowed to never again make losses. Brady Dougan, one of the very few to survive at the helm of a global bank during the tumultuous past few years, said Credit Suisse’s aim of an average 15 per cent after-tax return on equity was a much more dependable promise over the long term than the sector’s precrisis 20 to 30 per cent targets. “Our hope is that we will be in the high teens or 20 per cent in the good times and hopefully we will still be at above 10 per cent or around the low doubledigits in the more difficult times,” he said.
Ireland hits out at bailout lenders
Ireland’s deputy prime minister Eamon Gilmore has accused international bailout lenders of treating his country like an economic experiment and said €3.1bn (£2.6bn) in budget cuts and tax hikes demanded by them for next year should be scaled back.
Deutsche Bank in Tokyo probe
Japanese regulators are scrutinising Deutsche Bank over concerns that its employees broke Japan’s anti-bribery rules by providing corporate entertainment to pension fund executives. Pension fund managers involved in managing Japan’s national pension scheme are legally seen as public officials.Deutsche said that it was “fully co-operating” with Japanese regulators.
Boom in self-employer couriers
An army of self-employed Postman Pats is transforming the face of home delivery. Demand for so-called lifestyle couriers, who deliver internet orders to customers’ homes using their own cars, is soaring as retail activity migrates online and companies gear up for Christmas, according to a recruitment ManpowerGroup.
Fewer Scots than English want UK split
For the first time more English than Scots back Alex Salmond’s move to break up Britain — 25 per cent to 23 per cent — and while support for the policy has been declining over the years north of the Border, the opposite is true in England.
The Daily Telegraph
Call for more offshore wind subsidies
Offshore wind farms may not be built unless subsidies are increased, the government’s climate change adviser has warned, in the latest blow to the coalition’s energy policy. The Committee on Climate Change has written to Ed Davey, the Energy Secretary, to warn that “required investment is at risk under current proposals.”
Field: State should sell annuities
Frank Field, the prominent Labour MP, has called for the government to consider entering the annuity market. He said many pensioners were getting a “raw deal” from their annuities, especially when they bought through a broker.
THE WALL STREET JOURNAL
Aston Martin seeks new chief exec
Aston Martin is looking to appoint a new chief executive in the next few months and has drawn up a short list of candidates, a person close to the company said. Current chief Ulrich Bez, who is 69 years old, would retain his position as chairman, the person said. Mr Bez became chief executive in 2000, after stints at BMW and Porsche.
Shipping rates under pressure
Global container shippers have failed to push through increases in the rates they charge for freight on routes from Asia to Europe as the world’s oversupply of merchant vessels threatens to compress returns for the industry.