Citigroup bankers to get cash bonuses
Citigroup is set to pay most of its investment bankers in Europe at least half of their bonuses in cash this year, underlining how US banks continue to be much more generous than their European rivals. At Citi’s Europe, Middle East and Africa unit, its top rewarded bankers – getting bonuses of $5m or more – will be paid 40 per cent in cash for their 2013 performance, according to an internal document obtained by the Financial Times.
Davey to back North Sea reforms
Plans to boost North Sea oil and gas production, which experts say could generate at least £200bn for the UK economy, are set to be adopted by the energy secretary. Ed Davey is expected to back demands from the industry for a much tougher regulatory regime in the North Sea, requiring companies to collaborate to maximise recovery of oil and gas from existing fields and new discoveries. The minister will this week receive the final report from oilman Sir Ian Wood on how to get the most out of the North Sea.
UK car industry set to pass forecasts
The UK car industry expects to smash official growth forecasts for 2014, as executives dismiss fears of a saturated market and look ahead to another bumper year in Europe’s fastest-growing new car market.
London ‘creating ten times more jobs’
The scale of London’s dominance of the economy will be revealed today in figures showing a “desperately unbalanced” recovery, in which ten times as many jobs are being created in the capital as in any other British city. For every public sector job created in London, two have been lost in other cities, according to the economic think-tank Centre for Cities, which compiled the data.
Vodafone to splash cash in Spain
Vodafone has approached the private equity owners of Spanish broadband operator Ono about a potential £7bn offer as part of its efforts to expand across Europe.
The Daily Telegraph
Ofwat to hold back big water bill rises
Britain’s water companies could be told they cannot impose the increases on customer bills they had hoped to as regulators clamp down on the rises. Ofwat is expected on this morning to announce it has blocked the planned increases in water costs for the years 2015-2020 in effort to call time on the industry’s debt-driven business model.
French on track to relaunch Orient Express
The Orient Express is set to steam back into business after vanishing from European rail timetables in 2009, thanks to the French rail group SNCF.
THE WALL STREET JOURNAL
Icap poised to lose key ISDAfix role
Brokerage giant Icap is poised to lose its central role in helping set a key interest-rate benchmark as regulators continue probes into alleged manipulation of certain market rates. Market officials plan as soon as today to alter the methodology used daily to calculate the benchmark, known as ISDAfix, cutting Icap out of its longtime role in helping calculate it, according to people familiar with the decision.
Securities lawsuits are on the rise
Stockholders filed 234 federal securities class-action suits against US firms last year, the most since 2008, according to a report by NERA Economic Consulting.