Darling: reveal pay under 1m November 30, 2009 BANKS may be forced to reveal the number of staff earning below £1m, chancellor Alistair Darling announced yesterday. Taking a tougher line than Sir David Walker, who recommended disclosure for pay above £1m in his government-commissioned report, Darling suggested public anger over bankers’ pay pointed to the need for more transparency. The Walker review said [...]
Hung parliament would fuel UKcrisis November 30, 2009 IT was certainly impeccable timing. A note yesterday from Morgan Stanley predicting fiscal carnage in Britain in the event of a hung parliament was released just hours before a ComRes opinion poll revealed a slump in the Tory vote. The chances of no party gaining overall control of the House of Commons had suddenly increased; [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 30, 2009 FINANCIAL TIMES CARLYLE SUED OVER COLLAPSED FUNDA prominent Kuwaiti conglomerate is suing the Carlyle Group in a local court, alleging that the US private equity firm misrepresented the safety of its affiliate, Carlyle Capital Corp (CCC), a public debt fund that collapsed in 2008. The firm, National?Industries Group, invested $50m in CCC, which was marketed [...]
Ex-MPC man joins Citi November 30, 2009 A CONTROVERSIAL former member of the Bank of England’s monetary policy committee is to become the chief economist of US banking giant Citigroup. Willem Buiter, who is a professor at the London School of Economics, will take up his post in January, replacing Lewis Alexander, who left in March to advise the US Treasury. Buiter, [...]
US Black Friday sales disappoint November 30, 2009 American retail stocks fell yesterday on the back of weak high street figures for the long-anticipated Black?Friday weekend. Although shopper numbers increased 13 per cent year-on-year to 195m, the average spend declined 7.9 per cent to $343.31 (209), according to the National?Retail Federation. The S&P Retail?Index fell 0.4 per cent to 402.6. “We believe Black?Friday [...]
British sailors held by Iran November 30, 2009 Five British yachters have been taken captive after straying into Iranian waters on their way to an international race. The Britons, part of a nine-strong crew, were picked up by the Iranian navy on Wednesday when the propeller on their vessel, the Kingdom of Bahrain, became damaged. Foreign secretary David Miliband said diplomats had been [...]
EU markets man tries to soothe City November 30, 2009 THE incoming EU internal market commissioner, Michel Barnier, held out an olive branch to the City ahead of tomorrow’s negotiations on a new pan-European regulatory framework. As concerns grew in London over the prospect of unnecessary red tape, the Frenchman said: “I know the importance of the City. I know the importance of this major [...]
AIGshares slide 15pc on fears over loss reserves November 30, 2009 SHARES in insurance monolith American International?Group (AIG) tumbled nearly 15 per cent yesterday after an analyst raised concerns over its loss reserves. Todd Bault at Sanford Bernstein cut his price target for the stock by 40 per cent over worries that an estimated $11bn (£6.7bn) shortfall in the insurer’s loss reserves could have “major ramifications” [...]
Hedge funds on track for best gains in 10 years November 30, 2009 HEDGE funds are on track to post their best returns for a decade in 2009, despite the global downturn. According to figures from data provider Hedge Fund Research (HFR), the hedge fund industry is up 18.77 per cent so far this year. An additional return of only 0.79 per cent between now and the end [...]
Gartmore IPO to net 400m November 30, 2009 FUND manager Gartmore is set to raise about £400m in a flotation later this month tipped to turn most of its 40 fund managers into overnight millionaires. Gartmore and San Francisco-based private equity firm Hellman & Friedman are understood to be planning to sell shares at 250-330p each, valuing the firm at £800m at the [...]