Sheikh dies in glider accident March 30, 2010 AN Emirati sheikh who headed one of the world’s biggest sovereign wealth funds has been found dead four days after a glider crash in Morocco, state media said. Sheikh Ahmed bin Zayed al-Nahayan, 41, was a younger brother of the ruler of Abu Dhabi, who is also president of the United Arab Emirates. He was [...]
Ladbrokes boss bets on £12m March 30, 2010 LADBROKES’ incoming chief executive, Richard Glynn, could hit the jackpot with a “golden hello” worth £12m over five years. Glynn, chairman of Sporting Index, will have to double the company’s share price from its current level of 158.3p over the period to receive the amount in full. The 45-year-old replaces Chris Bell, who announced his departure [...]
RBS hit with £29m fine for price sharing March 30, 2010 Royal Bank of Scotland has been slapped with a £29m fine after being caught attempting to share loan prices with its biggest rival. The move backfired when Barclays staff shopped the RBS workers to the regulator. The Office of Fair Trading said RBS executives broke competition law by giving their counterparts at Barclays information on [...]
Banks to be forced to put investors first March 30, 2010 UNDER new plans put forward by the Financial Services Authority (FSA) investment bankers will have to inform investors about what exactly it is they are doing with their money. The proposals come as a direct result of the financial crisis and in particular the collapse of Lehmans. If passed banks will have to increase their [...]
Keep an eye on executive pay, watchdogs are told March 30, 2010 THE Financial Stability Board (FSB) is worried companies will be tempted to begin competing for talented staff by using disproportionate bonus deals again as the financial crisis fades. In a review of remuneration practices across G20 countries published yesterday, the Switzerland-based body said its recommendations to reform pay in financial institutions had still not been [...]
Harrods quells speculation on takeover bid March 30, 2010 HARRODS, London’s iconic luxury department store, confirmed yesterday that it is not up for sale, following speculation over a takeover approach from a Gulf-based investor. “We have been aware of gossip circulating over a possible sale, and we took the decision to reassure staff this morning that this was not the case,” Harrods said. “We [...]
Northern Rock shares worthless March 30, 2010 Former shareholders of Northern Rock are to be left with nothing after the mortgage lender’s independent valuer confirmed the company’s shares were worthless and there was no requirement to pay compensation to those who lost money when the government seized control of the business. In a report yesterday, independent valuer Andrew Caldwell of BDO said [...]
HSBC raises $580m for fund March 30, 2010 HSBC has raised $580m (£384m) for a new infrastructure fund to invest in public-private partnership projects such as hospitals, prisons, offices, transport and housing. HSBC put $150m towards the fund, which will concentrate on investing in projects in their early stages, then selling them once they are up and running. The fundraising target is $1bn.
Car scrappage scheme ends March 30, 2010 The vehicle scrappage scheme brought in last year to boost consumption and protect jobs ends today after contributing to a fifth of new car registrations since its launch, the government said. The scheme gave motorists £2,000 to trade in cars more than 10 years old for new, more fuel-efficient vehicles. The £400m initiative has helped [...]
IRENE’S SWEET PICKINGS March 30, 2010 KRAFT Foods chief executive Irene Rosenfeld, who led the successful takeover of Cadbury earlier this year, saw her pay package rise by 41 per cent to $26.3m (£17.4m). Her pay partly reflected her role in leading the bid which transformed the group’s portfolio creating the world’s largest confectioner.