Lloyds boss Daniels to waive bonus February 22, 2010 LLOYDS Banking Group chief executive Eric Daniels yesterday bowed to populist acrimony over City remuneration by becoming the fourth major bank boss in a week to surrender his contractual bonus for the year. Daniels had been entitled to a potential maximum payout of £6.5m for the 2009 financial year, of which just £1.04m represents his [...]
JP Morgan analyst in hot water after Asda meeting February 22, 2010 A JP Morgan analyst has been suspended after allegedly gate-crashing a private Asda supplier meeting. Rickin Thakrar, in his mid-20s, wrote an explosive research note, revealing management thought stores had become “boring”, despite being explicitly banned from attending the event. He gleaned private information about the firm’s plans just days before it released its results. [...]
British Airways cabin crew vote for strike February 22, 2010 BRITISH Airways (BA) cabin crew have voted in favour of industrial action over pay and conditions. According to the Unite Union, which represents the 12,000 crew, 81 per cent of the 9,000 who returned ballots voted in favour of a strike. Unite assistant general secretary Len McCluskey said: “With this overwhelming vote in the teeth [...]
SEC and BoA settle US case February 22, 2010 A FEDERAL judge has approved a $150m (£96.9m) settlement between the Securities and Exchange Commission (SEC) and Bank of America (BoA) over its acquisition of Merrill Lynch. The fine brings to an end charges that BoA misled shareholders before a vote on the merger with Merill Lynch about the investment bank’s losses and the bonuses [...]
BA staff can’t resist change for ever February 22, 2010 WHAT a shame British Airways’ cabin crew has voted to strike. Willie Walsh, the firm’s chief, is doing a good job in extremely tough conditions to take out costs and ensure the airline will still be with us in five years’ time – yet some of his staff still seem to believe that it is [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 22, 2010 FINANCIAL TIMES NORTEL AIMS TO BLOCK PENSIONS CLAIM Nortel Networks and its creditors are seeking to block the UK pensions regulator from pursuing a claim worth as much as £2.1bn ($3.3bn) against the company’s worldwide assets to cover the shortfall in its UK scheme. The Canadian telecommunications equipment maker and its UK subsidiary filed for [...]
Energy firms under cosh February 22, 2010 ED Miliband, Energy and Climate Change Secretary, has urged Britain’s largest energy companies to cut prices after Ofgem said they weren’t passing on reduced wholesale costs. So far British Gas is the only big six energy supplier to cut its household energy prices this year. Miliband said: “British Gas’s recent cut was a welcome first [...]
MPs say broadband tax unfair February 22, 2010 The government’s proposal for a tax on fixed telephone lines to pay for increased broadband speeds in areas with poor access is unfair and unwise, a parliamentary committee will say today. The Business Innovation and Skills committee disagreed with the government’s “Digital Britain” white paper which focused on universal broadband access by 2012.
Labour challenged over lending February 22, 2010 The opposition Liberal Democrats will challenge the government today to reveal how much money part-nationalised Royal Bank of Scotland and rival Lloyds have lent since a state bailout 12 months ago. The issue threatens to embarrass the Labour Party before an election expected in May if the figures show the banks have failed to meet [...]
Commerz in the red after state bailout February 22, 2010 GERMANY’S second-largest bank Commerzbank is today set to post a fourth quarter loss of €1.6bn (£1.4bn), after the group had to be rescued by a state bailout in the wake of its disastrous acquisition of Dresdner Bank in 2008. In a snap pre-announcement yesterday evening, Commerzbank said it would record a worse-than-expected €1.6bn loss over [...]