AT LONG LAST May 19, 2009 MICHAEL Martin yesterday bowed to growing pressure over his role in the expenses scandal and announced he would resign as Commons Speaker. In a remarkably brief 34 second statement to the house, Martin said the Commons was “best when it is united”. “In order that unity can be maintained, I have decided I will relinquish [...]
SHELL SHAREHOLDER REVOLT HERALDS TIDE OF ACTIVISM May 19, 2009 OIL giant Shell yesterday became one of the biggest victims of a shareholder revolt on executive pay as just under 60 per cent of investors voted against its pay policy. To a collective gasp at the company’s simultaneous annual meeting in London and the Hague, shareholders expressed their anger that in spite of Shell missing [...]
Brown: I will solve scandal May 19, 2009 PRIME minister Gordon Brown last night pledged to end the “gentleman’s club” of parliamentary regulation, as he said all Labour MPs who broke the rules on expenses would not stand at the next general election. Brown said the House of Commons must be subject to independent regulation for the first time in history, after Speaker Michael [...]
Marks & Spencer is no longer special May 19, 2009 FOR a supposed retail guru, Marks & Spencer boss Sir Stuart Rose is not doing well. His firm is underperforming Tesco, J Sainsbury, Morrisons and Alliance Boots, among others. Yesterday’s grim full year results show that the firm has a lot of hard thinking to do. Its product and pricing mix still isn’t quite right; [...]
Lufthansa in BMI threat May 19, 2009 SIR MICHAEL Bishop, chairman and controlling shareholder of BMI, has been told to inject more capital into the group or risk scuppering its buyout by German airline Lufthansa. Lufthansa has insisted the conditions of its buyout of BMI from Bishop have not been met and is demanding Bishop stabilise its finances first, or it may [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 19, 2009 FINANCIAL TIMESUS HOUSING OPTIMISM PREMATUREGrowing optimism over the US housing market may be premature, a leading retailer warned yesterday. Frank Blake, chief executive of Home Depot, said housing market signals were still mixed. “We are concerned about the accelerating rates of foreclosures, particularly in the western part of the country,” he said, noting that one [...]
Homeserve exits call-out work May 19, 2009 Home insurance group Homeserve met expectations with a 13 per cent rise in full year profit yesterday, and said it would exit its emergency services division to focus on its core membership business. The group posted a pre-tax profit of £96.1m on revenues 7 per cent lower at £517.4m.
EC supervision plans firming up May 19, 2009 The European Commission is pushing ahead with plans to ramp up financial supervision across the continent, set to be published next week. A leaked draft of a working document last night suggests the EC will push for a European Systemic Risk Council to warn about economic risks. The plans are likely to meet fierce resistence [...]
US Senate passes credit card bill May 19, 2009 The US Senate yesterday voted 90-5 to approve a bill to prevent sudden credit card interest rate increases and hidden fees, with President Barack Obama expected to sign it into law by the end of the month. Experts said the law will affect profits at credit card issuers like American Express.
Pay cuts loom as prices fall to 61-year low May 19, 2009 AN ESTIMATED 80 per cent of workers face the prospect of a pay freeze or cut, after the measure of inflation used for the majority of wage settlements plunged last month. The Retail Prices Index (RPI), which is used for workers’ wage settlements and includes mortgage and rent payments, shrank to -1.2 per cent year-on-year [...]