Alistair Darling is being unfair to Lloyds October 13, 2009 ONCE again, the government has got it completely wrong on Lloyds Banking Group. Chancellor Alistair Darling should be happy that the bank is trying to raise private funding to remove itself from the asset protection scheme, a flawed contraption which never really made any sense. Instead, however, the Treasury is turning the screws on the [...]
MPs revolt over expenses October 13, 2009 MPs JOINED forces yesterday to revolt over the demands of independent reviewer Sir Thomas Legg, who is forcing them to repay excessive expenses claims. Prime Minister Gordon Brown and Tory leader David Cameron said MPs could be barred from standing at next year’s general election if they refused to pay back the sums. “If people [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 13, 2009 FINANCIAL TIMES RBS EYES SELL-OFF OF 300 BRANCHESRoyal Bank of Scotland (RBS) is exploring a government-backed plan to give up all its 312 RBS-branded branches in England and Wales, in a radical move to satisfy Brussels state-aid authorities that could boost business banking competition on the high street. Officials close to the negotiations say the [...]
Myners meets with foreign banks October 13, 2009 Lord Myners, the treasury minister, will today hold a meeting over bonuses with the major foreign banks operating in the UK. He will urge them to agree to a “level playing field” over pay and bonuses. UK banks have already agreed on voluntary rules on remuneration, and have pledged greater transparency in the way they [...]
Lottery boss hits the jackpot October 13, 2009 Dianne Thompson, the chief executive of lottery group Camelot, raked in £1.8m last year. Thompson, who spearheaded an upgrade on the lottery, earned £1.07m in salary, and received a £792,000 “integration” payout. The salary equates to an 11 per cent pay rise from the previous year. Camelot defended the sum, saying the chief executive had [...]
Intel results offer hope to tech sector October 13, 2009 INTEL, the chipmaker and tech sector bellwether, yesterday gave an upbeat outlook as it announced third quarter results that shattered expectations, boosting its shares six percent and fueling hopes of a tech sector recovery in the run up to Christmas Analysts said Intel’s rosy forecasts for revenue and margins, both of which exceeded expectations, and [...]
Posties to deliver a strike by next week October 13, 2009 POSTAL strikes will hit the UK next week, after a last-ditch ultimatum from the Communications Workers Union (CWU) failed to get backing from Royal Mail. CWU issued an eleventh hour “peace deal” to Royal Mail over modernisation at the company, threatening to strike as early as next week if demands on pay and working conditions [...]
NYSE boss:high freq trading safe October 13, 2009 THE head of the New York Stock Exchange said that it was not necessary to bring more oversight to high frequency trading, a split-second stock trading strategy that has come under increasing scrutiny. The US Securities and Exchange Commission recently said it was reviewing high frequency trading. “I frankly hope the SEC does not do [...]
Banker convicted of wife’s killing October 13, 2009 A CITY banker who killed his unfaithful wife following a violent row was yesterday found guilty of manslaughter. Former HSBC banker Neil Ellerbeck, 46, attacked his wife Kate during an argument at their £600,000 home in Enfield last November. Ellerbeck, who had secretly been bugging his wife’s phone calls, was remanded in custody and will [...]
WHITNEY DOWNGRADES GOLDMAN October 13, 2009 BANKING analyst Meredith Whitney downgraded Goldman Sachs to “neutral” from “buy” yesterday. She cited the recent rise in the bank’s share price, but said it still had strong fundamentals. Whitney said the stock had exceeded her price target of $186 (£117), and that the upside could be limited over the medium term.