FSA waters down planned rules on banking bonuses August 11, 2009 THE Financial Services Authority (FSA) has watered down plans to regulate how bankers receive their bonuses due to fears that firms could move abroad to avoid the rules. The City watchdog had considered recommending that two thirds of each bonus should be deferred and individual rewards be governed by the firm’s overall performance. But the [...]
THANKS, BUT NO THANKS August 11, 2009 RATAN TATA, the head of Jaguar Land Rover owner Tata Motors, told the government yesterday it no longer needs financial support for the carmaker. Tata said the company had secured direct bank loans, as well as guarantees that would allow it access to a £340m European Investment Bank loan.
Investors hungry for Findel August 11, 2009 Home shopping group Findel yesterday said that it has received strong support from investors for its £81m fundraising, with 97.9 per cent of shares available under open offer being taken up. The owner of Kleeneze announced the offer, along with a share placing, in July. Both were at an offer price of 20p per share.
Hyder wins two new contracts August 11, 2009 Infrastructure design consultancy Hyder Consulting has been awarded two contracts by Crossrail. The contracts are for the design of a rail station at White-chapel – to provide connections for Crossrail, London Underground and East London Line rail services – and the design of the ground level railway adjacent to Royal Victoria Dock.
WHAT THE OTHER PAPERS SAY THIS MORNING August 11, 2009 FINANCIAL TIMES DEUTSCHE BANK BACKS €300M SAL OPPENHEIM INJECTIONDeutsche Bank has backed a €300m ($423m) injection of capital for Sal Oppenheim as the two banks continue their talks over a possible equity shareholding. Sal Oppenheim, a 220-year-old institution that claims to be Europe’s largest biggest independent private bank, said the equity injection was made by [...]
GM unveils super-efficient car August 11, 2009 Troubled auto giant General Motors said yesterday its new electric car, the Chevrolet Volt, will be marketed in 2011 as the world’s most fuel-efficient car. The Volt is expected to achieve city fuel economy of at least 230 miles per gallon, and can travel 40 miles on electric power alone. The record-breaking level of fuel [...]
China charges Rio detainees August 11, 2009 China last night formally arrested four employees of British-Australian mining giant Rio Tinto, including an Australian citizen, and charged them with commercial bribery and trade secrets infringement in a case that has rocked the global steel industry. The four have been held without charge since 5 July. In a brief statement on the arrests, reported [...]
GM drives up sales via eBay August 10, 2009 RESCUED carmaker General Motors (GM) and online auction site eBay yesterday launched a test programme in California which will let consumers negotiate directly with dealers and buy vehicles online. The car shopping website – gm.ebay.com – marks a departure from the way new vehicles have been traditionally sold in the US and comes a month [...]
Astaire dismisses idea of Daniel Stewart purchase August 10, 2009 ASTAIRE, the stockbroking group owned by Edward Vandyk, has poured cold water on the idea of buying out rival Daniel Stewart, City sources say. The group, which changed its name from Blue Oar to Astaire after Vandyk took control earlier this year, has already snapped up broker Dowgate Capital and adviser Ruegg & Co as [...]
Nortel chief resigns as firm unwinds August 10, 2009 NORTEL Networks, the bankrupt Canadian telecoms equipment maker, yesterday said that its chief executive Mike Zafirovski had stepped down as the firm gets closer to being wound down. Zafirovski’s departure had been expected since the company, which was once North America’s biggest telecoms manufacturer, filed for court protection from creditors at the start of this [...]