UBS looks to cap banker bonuses
UBS is looking at capping bankers’ bonuses following regulatory and investor pressure. Switzerland’s largest bank by assets is considering a range of options including putting a lid on executives’ bonuses, increasing the time for deferred pay to five years and aligning its absolute remuneration level with the average of a peer group.
Banks shake-up aluminium market
The arrival of investment banks in the aluminium market has triggered a shake-up in the $100bn (£62m) industry. The change has prompted a surge to record levels in the premium consumers pay for metal over the benchmark price set at the London Metal Exchange as banks can lock in a guaranteed return by storing the metal in giant warehouses.
Rise in fees helps lift Bonhams
Bonhams boasted rises of more than a fifth in turnover and pre-tax profits after a run of strong sales of art and collectables last year. The normally reticent group said 2011 pre-tax profits rose 24 per cent to £17.4m, on the back of a 22 per cent increase in revenues to £111m.
Officials could run West Coast trains
The government will take over the West Coast Main Line from 9 December if a legal challenge by Virgin Trains is still ongoing, the Transport Secretary said yesterday. Patrick McLoughlin said he will put officials in charge of the London to Glasgow line if the case is not settled by then.
US pays whistleblower $104m
Bradley Birkenfeld, the whistleblower who exposed the secret workings of the Swiss banking industry has been awarded $104m (£64m) for assisting US tax collectors.
The Daily Telegraph
Darty pay “error” prompts rebellion
Electrical retailer Darty is facing an investor rebellion after the company admitted a £620,000 award made to its chief executive was not subject to performance criteria. Up to 50 per cent of investors are set to vote against the pay deal at Thursday’s AGM.
Facebook shares rise after interview
Facebook’s shares rose 7.7 per cent after chief executive Mark Zuckerberg's first interview since the firm’s IPO. He said the firm would focus more on internet search.
THE WALLL STREET JOURNAL
Ford faces decisions on Europe
Ford Motor is preparing to shake up its European operations, possibly closing one factory in Genk, Belgium, as the auto maker moves toward the naming of an heir-apparent to chief executive Alan Mulally.
Zell takes over Equity International
The chief executive and co-founder of Sam Zell’s Equity International have left the firm in a rare sign of upheaval the real-estate empire. Mr. Zell has assumed the role of interim chief executive.