New bonus rules won’t achieve anything November 15, 2009 SPIN is an effective device to con the public but only in the short-term – eventually, the truth tends to prevail. Take the flagship economic component of Wednesday’s Queen’s Speech, which Her Majesty will have to read out to Parliament. As we report on page 1, the government will introduce its much-trailed law to formalise [...]
Q & A : THEBONUS CLAMPDOWN November 15, 2009 Q.HOWWILLTHENEWRULESAFFECTBANKERS’ PAYA.A code of conduct on bonuses published by the Financial Services Authority (FSA)in February this year said firms needed to ensure that remuneration policies did not expose them to excessive risk. It set out the proportion of bonuses that needed to be deferred and how long deferrals should be, how much should be awarded [...]
WHAT THE OTHER PAPER SAY THIS MORNING November 15, 2009 THE SUNDAYSThe Sunday TelegraphUK FACES MAJOR OBSTACLES IN BID TO BE A LOW-CARBON LEADERThe UK risks missing out on its slice of the £4.5 trillion low-carbon industry, the manufacturers’ trade body has warned. The EEF said the country faces major obstacles to becoming a leading centre for so-called “cleantech” products and services, “most notably question [...]
Obama officials defend the Fed November 15, 2009 Obama’s administration yesterday argued against plans proposed by Chris Dodd, the Senate banking committee chairman, to merge banking regulators into one, under which the Federal Reserve would lose some of its power. Ahead of today’s hearings on the bill, Austan Goolsbee, a White House economic adviser, defended the Fed’s ability to do its job.
UBS to unveil turnaround plans November 15, 2009 UBS chief executive Oswald Grübel will tomorrow outline his plans to turn the troubled Swiss banking giant’s fortunes around. Grübel will lead a full-day presentation, which analysts hope will involve a strategy to cut costs.
Japan economy beats estimates November 15, 2009 Japan’s gross domestic product (GDP) grew a larger-than-expected 1.2 per cent from July to September as the previous Liberal Democratic administration’s stimulus boosted consumer spending, government data showed today.
BApensions boss faces critical week November 15, 2009 ROGER Maynard, chairman of the British Airways pension scheme and director of Spanish airline Iberia, has ducked out of key Iberia board meetings to avoid a conflict of interests. Maynard has steered clear of corporate discussions of Iberia’s planned £4.4bn merger with BA. However he is understood to have been closely involved in other aspects [...]
Commerzbank execs next to get bonus curb November 15, 2009 COMMERZBANK intends to adopt a new bonus structure for its executives that will further limit management remuneration at Germany’s second-largest bank. The bank has already announced a new bonus model for its employees that included pooling bonuses and not paying these out if the bank does not meet certain growth criteria. In an interview with [...]
MPs call for more time on EC regulation November 15, 2009 MEMBERS of Parliament have issued an urgent warning to the European Commission over plans to tighten Europe-wide financial regulation, branding them “a serious cause for concern”. In a major report today the Treasury Select Committee said rushing in proposals to set up a macro-economic risk monitoring board and several industry-specific watchdogs would be “a recipe [...]
New Look eyes a double expansion November 15, 2009 FASHION retailer New Look has said that it plans to double its presence on the UK high street and is considering a share listing next year. New Look chief executive Carl McPhail has said that the firm will double its domestic floor space to 7m sq ft and potentially add 670 more stores outside of [...]