EU tries to stop banks swerving bonus cap rules March 18, 2014 THE EUROPEAN Union banking regulator is preparing to clamp down on a system of allowances, paid to bankers to get around tight new bonus rules. Michel Barnier, the EU financial services commissioner, said banks that pay employees monthly allowances in order to boost their take-home pay without directly contravening the bonus cap will be examined by [...]
Samsung, Motorola and LG join Google’s smartwatch platform March 18, 2014 GOOGLE last night unveiled a version of its Android smartphone software designed specifically for smartwatches and wearables. Motorola, LG and Samsung are among the consumer hardware manufacturers that have signed up to use the new software which Google is calling Android Wear. LG’s G smartwatch running Android Wear is due to arrive next quarter with [...]
Berlusconi hit with two year election ban March 18, 2014 FORMER Italian Prime Minister Silvio Berlusconi has been hit with a two-year ban preventing him from running for public office. The Court of Cassation, Italy’s highest appeals court, has upheld a judgement against him by the appeals court in Milan, following a conviction for tax fraud. Berlusconi was said by his lawyer to be “disappointed” [...]
Total overhaul of Carney’s top level executives March 18, 2014 MORE than a dozen top staff at the Bank of England will be reshuffled into new or radically changed jobs this summer, the Bank said yesterday, with around 10 more senior positions still to be filled. A new deputy governor has been appointed for markets and banking, a position which did not exist previously and comes [...]
Sainsbury’s hit by first sales fall in nine years March 18, 2014 SAINSBURY’S nine-year run of like-for-like sales growth came to a halt in the fourth quarter as sluggish market growth and fierce competition from discounters finally caught up with the grocer. Like-for-like sales excluding fuel tumbled 3.1 per cent in the 10 weeks to 15 March, ending 36 consecutive quarters of sales growth on chief executive [...]
Analyst Views: Is Sainsbury’s sales fall a sign of a more serious underlying trend? March 18, 2014 DAVID MCCARTHY | HSBCPart of the sector’s problems is its introverted definition of “peers”. Sainsbury is losing like-for-like sales to retailers that it appears not to define as “peers”. This sector is in structural decline, with no end in sight. We downgrade our rating, target price and forecasts to reflect our rising concerns. JAMES GRZINIC [...]
Music industry slumps despite online growth March 18, 2014 MUSIC subscription services’ revenues grew to over $1bn (£603m) worldwide in 2013, but the dramatic growth from the likes of Spotify and Rdio was not enough to support the music industry which contracted 3.9 per cent overall to $15bn. Japan led the slump in global music revenues with a 16.7 per cent drop in sales [...]
Shares plunge as Asos ramps up investment March 18, 2014 ASOS shares plunged eight per cent yesterday after the online fashion retailer said it will ramp up spending on warehouses to meet growing demand at the expense of short term profits. Chief executive Nick Robertson said it will lift capital expenditure this year to £68m from the £55m previously forecast as it accelerates its investment [...]
Bottom Line: Give up the fantasy and settle into real life March 18, 2014 INVESTORS love an excuse to panic. No sooner had Asos revealed yesterday that margins were likely to be squeezed this year as a result of slower sales and more investment, than shareholders had run screaming for the hills – wiping more than £1bn off the retailer in early trading. Fellow online players (and stock market [...]
Top investment bankers paid most at Barclays March 18, 2014 SENIOR executives at Barclays saw their share awards drop by around 20 per cent for 2013, the bank’s figures showed yesterday. The drop for the top 12 staff comes after a poor year for the bank – adjusted profits fell 32 per cent compared with 2012, and executives are under pressure from shareholders and politicians to [...]