Fund bonuses cap set to be eased
Brussels’ plan to cap fund managers’ bonuses is likely to be eased after a member of the European parliament leading the charge on pay restrictions signalled his willingness to soften his position. Sven Giegold, a prominent German green MEP promoting a plan to curtail bonuses for bankers and fund managers, told the Financial Times he was open to allow fund managers to raise the cap on their bonuses to as much as twice their base salaries.
Hermitage closes Russian fund
The Hermitage Fund, an HSBC-backed vehicle that invested in Russia and became embroiled in a diplomatic war with the Kremlin over the death of one if its lawyers, is closing its doors.
Cohen buys Picasso for $155m
Steven Cohen, whose hedge fund SAC Capital this month paid $614m to settle insider trading accusations with regulators, has spent a further $155m to buy a long-coveted painting of Pablo Picasso’s mistress, “Le Rêve”. It was his second attempt to buy the painting from casino mogul Steve Wynn.
DTZ could be set free again
The Australian owner of DTZ is considering spinning off the property consultancy into a standalone business, only a year after saving it from collapse.
Olympus chiefs jail demand
Japanese prosecutors demanded jail terms and heavy fines today for former top executives at Olympus, the disgraced camera maker whose corrupt accounting practices tarnished Japan’s corporate reputation.
The Daily Telegraph
EasyJet to create more jobs
Airline EasyJet is to create more new jobs for pilots as it continues with its expansion plans, saying the posts will be open to those currently flying for the military.
Japan’s unsafe debt trajectory
Japan's public debt has reached worrying levels and could lead to a bond buyers’ strike unless the government brings the budget deficit under control, the country's top currency official has warned.
THE WALL STREET JOURNAL
EADS Aims to Break Free
EADS shareholders are today expected to approve a plan to shake up the aerospace company's governance and ownership structure, with strict limits on government input into daily operations.
Gold Goes Under $1,600
Gold prices slipped below $1,600 an ounce as stronger economic data from the US and easing concerns over Europe’s debt problems weighed on investor demand for the metal.