Shareholders approve UBS bonus payout April 14, 2010 UBS shareholders yesterday vented their anger at the Swiss bank for awarding hefty payouts to staff, despite the firm recording big losses during the financial crisis. Over 40 per cent of investors at the firm’s annual meeting in Basel called for an end to the bank’s big bonus culture. The protest will keep chief executive, [...]
E&Y rocked by slide in profits April 14, 2010 PARTNERS’ profits at Ernst & Young fell last year as the accountancy firm invested heavily to close the gap on its rivals. The smallest of the “Big Four”, its average profit per partner fell from £737,000 to £678,000. This compared with £883,000 at Deloitte, £777,000 at PricewaterhouseCoopers and £671,000 at KPMG. The highest paid partner [...]
Moody’s upgrades South Korea April 14, 2010 South Korea’s credit rating was yesterday upgraded, as the government successfully fulfilled its commitment to slash its debt. Moody’s lifted government bond ratings to A1 with a stable outlook from A2, the first increase since July 2007. “The change has been prompted by Korea’s demonstration of an exceptional level of economic resilience to the global [...]
Cash payments out of fashion April 14, 2010 The Payments Council says cash payments have slumped from 73 per cent to 59 per cent over the past decade with debit card spending quadrupling to £264bn last year. Debit card payments, the most popular form of spending, were used over six billion times in 2009. The cheque continued to decline at an even faster [...]
Northern Petroleum strikes oil April 14, 2010 Northern Petroleum has identified a new oil reserve at Baxters Copse in West Sussex. According to an independent third party auditor, 5.36m worth of undeveloped crude reserves exist at the site. Northern Petroleum, along with joint venture partner Providence Resources, will begin work at Baxters Corpse in 2011.
Political uncertainty unnerves consumers April 14, 2010 THE impending general election and the recent Budget have caused British consumers to lose confidence in both the current economic situation and their expectations for the coming year, the Nationwide consumer confidence survey will show today. According to the monthly report, the overall index fell by nine points to 72 last month from 81 in [...]
Fresnillo produces record gold output in the first quarter April 14, 2010 MEXICAN precious metals miner Fresnillo posted record first quarter gold output after the launch of its new Soledad-Dipolos mine, the first leg of an expansion that will also boost its silver production by up to 70 per cent by 2018. London-listed Fresnillo, the world’s largest primary silver producer, is focusing on organic growth after finding [...]
CITY VIEWS: HAS YOUR CONFIDENCE IN THE ECONOMY IMPROVED? April 14, 2010 CHRIS DIAMOND | SKYPE “Yes, I’d say so. I feel the economy is rebounding and I’m spending more money than I would have a few months ago. My spending habits have increased on necessary purchases such as groceries, but for now, luxury items have been put on hold.” MARK DUFF | TRISYSTEMS “I don’t think [...]
Eurozone gets production boost April 14, 2010 Eurozone industrial output rose much more than expected in February, data showed yesterday, highlighting the manufacturing sector’s strong role in economic recovery. Industrial production in the 16-country bloc increased 0.9 per cent from January, the European Union statistics office Eurostat said. Output rose 4.1 per cent year-on-year, the biggest jump since April 2008. Analysts had [...]
France launches HSBC data probe April 14, 2010 French prosecutors have launched a money-laundering probe based on data stolen by an ex-employee of banking group HSBC, claiming it affected thousands of French clients with Swiss accounts. Prosecutor Eric de Montgolfier said the affair involved 8,231 French customers of HSBC who had accounts in Switzerland. Accounts held by around 7,000 Italians were also being [...]