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.
Investec buys up remainder of Rensburg March 30, 2010 SOUTH African bank Investec yesterday said it will stump up a hefty premium to acquire the remainder of Rensburg Sheppards, the fund manager in which it already holds a 47 per cent stake. Investec, which merged its private-client stockbroking business Carr Sheppards Crosthwaite with Rensburg in 2005, will pay 1.63 new shares of its own [...]
GDP rebound even stronger March 30, 2010 BRITAIN staged an even stronger rebound out of recession than had previously been thought, official revisions to fourth quarter GDP data showed yesterday. The Office for National Statistics raised the quarterly growth estimate to 0.4 per cent from 0.3 per cent at the second revision and 0.1 per cent at the initial publication. While the [...]
CITY VIEWS: IS BRITAIN ON THE ROAD TO RECOVERY? March 30, 2010 EDWARD LONG | AMLIN “The recovery is still not as quick as it should be. Although the rise in GDP is encouraging, the government should be focusing on issues that are important to the public rather than what’s popular, like bankers’ bonuses.” STEVE HARRY | MARSH “Although things are ok at the moment, there is [...]