Nervy markets make it tough for Fairfield July 13, 2010 ADVISERS to the oil and gas company Fairfield Energy were adamant last night they would not be extending the deadline for investors to subscribe to the group’s £330m share listing despite suggestions that the deal was running into trouble. Fairfield is on the last day of its investor roadshow and indications are that the advisers, [...]
Bankers unite in bid to shift tainted image July 13, 2010 BRITAIN’S most senior bankers yesterday launched an impassioned plea to colleagues to unite in banging the drum for the industry, arguing that accepting past failings goes hand in hand with standing up for their vital role in the economy. Royal Bank of Scotland chief executive Stephen Hester challenged delegates at the British Bankers’ Association annual [...]
Budd insists that OBR is independent July 13, 2010 THE head of the Office for Budget Responsibility (OBR) was yesterday forced to deny there was a conspiracy to revise down how many jobs would be lost through George Osborne’s budget. Sir Alan Budd received a grilling from the Treasury select committee yesterday over accusations his Office for Budget Responsibility (OBR) came under government pressure [...]
Lord Turner: Cut credit to save banks July 13, 2010 THE CHAIRMAN of the Financial Services Authority (FSA) will warn bankers today that tougher regulations constraining credit supply are needed, even if they dent growth. The new Financial Policy Committee must be “willing to take away the punchbowl of excessive credit when everyone else is enjoying the party”, according to Lord Turner, who is speaking [...]
BA under fire from investors July 13, 2010 BRITISH AIRWAYS (BA) executives stood firm on the airline’s approach to crippling cabin crew strikes yesterday after a room of angry shareholders criticised its stance on the matter. At the Annual General Meeting (AGM), chief executive Willie Walsh and chairman Martin Broughton defended BA’s position on the 18-month long dispute and said the new offer [...]
US financial reform bill is set to pass as final votes secured July 13, 2010 SENATE democrats yesterday appeared to nail down the votes needed to approve a historic overhaul of US financial regulations and moved to set up a final vote on it by the end of the week. Senator Ben Nelson, one of the Senate’s most conservative Democrats, said he would support the bill after earlier raising concerns [...]
SHAREHOLDER VIEWS: IS WILLIE WALSH DOING A GOOD JOB? July 13, 2010 MICK RAMKEESOON | SIDCUP “I think Willie Walsh is doing a good job. I agree with the majority of decisions taken by the board, but I don’t agree with the senior remuneration packages or going to Madrid for the next meeting.” DESMOND PRIOR | LONDON “I thought that they did squirm at times and some [...]
Detail of bank levies sent for consultation July 13, 2010 THE details of the proposed levy on banks’ balance sheets have been revealed, as the government seeks to raise £2.5bn a year to help stave off the costs of any future financial crises. The Treasury yesterday outlined its plan for the levy, which it plans to introduce in stages from 2011, and asked the industry [...]
FSA mortgage plans under fire for punishing borrowers July 13, 2010 MORTGAGE bodies criticised the FSA’s plans to crack down on risky lending yesterday, as the regulator released full details of its paper on overhauling lending rules. The Building Societies Association said planned curbs on interest-only mortgages risk punishing credit-worthy customers. “The FSA needs to proceed with caution so as not to restrict their use as [...]
Q&A: BANK LEVY KEY POINTS July 13, 2010 Q.WHY IS THE NEW BANK LEVY DEEMED NECESSARY? A.After the government was forced to use taxpayers’ money to bail out institutions that were crippled during the financial crisis, policymakers insisted a levy on banks’ balance sheets should be introduced as a safeguard against future problems in the industry. The government wants to raise £2.5bn a [...]