EU set to widen bonus clampdown
Europe’s fund managers are facing a ban on bonuses that exceed salary as the European parliament pushes for the extension of its severe pay clampdown on bankers to the wider financial sector.
In a political development that shows how the bankers’ bonus cap could snowball through the world of finance, the parliament’s main parties support inserting the curbs into a year-old reform proposal for Ucits funds – a popular investment product that can be sold across EU borders – which have net assets of €6.4 trillion.
HSBC set to cut thousands more jobs
HSBC is gearing up for thousands more job cuts, with Europe’s biggest bank by market value set to outline the next stage in its strategic overhaul at an investor day in two months’ time.
Insurers escape bank-style levies
The world’s biggest insurers have dodged bank-style capital surcharges based on their entire balance sheets, because regulator the International Association of Insurance Supervisors has decided the broader financial system can be protected with a regime that focuses on their non-traditional businesses.
Amazon launches assault on TV
Amazon is spending millions of dollars on a series of pilot shows after joining the internet’s assault on television. The world’s largest online retailer will produce programmes that will appear exclusively through their services on the web.
Warning over plain tobacco packets
The author of the report that alerted ministers to flaws in the West Coast rail franchise bid has warned of a new fiasco if it introduces non-branded cigarette packs.
The Daily Telegraph
Helicopter rescue privatisation deal
Britain’s privatisation programme is stepping up a gear with the imminent award of a £3bn helicopter outsourcing contract and further progress on the sale of the Government’s £3bn stake in nuclear fuels group Urenco.
Waitrose launches gardening range
Waitrose is branching out into the blossoming gardening market, launching a website offering tips on growing your own fruit and flowers, and a gardening range.
THE WALL STREET JOURNAL
Philippines bets big on casinos
The Philippines this weekend launched its bid to become Asia’s third gambling hub with the opening of a $1.2bn casino, as the region battles the US for supremacy in the global gambling market.
India has growing thirst for coffee
Booming coffee demand in India is prompting international companies such as Italy’s Lavazza, Switzerland’s Nestlé and US-based Starbucks to set up shop in the traditionally tea-drinking continent.