Chrysler files for public offering of up to $100m September 23, 2013 CHRYSLER Group filed paperwork yesterday for an initial public offering of up to $100m (£62.3m), an action that could slow majority owner Fiat’s plans to take full ownership of the US automaker. The offering will be underwritten by JP Morgan, the company said in a securities filing posted more than four years after the third-largest [...]
British death toll up as Kenya mall siege ends September 23, 2013 KENYAN special forces said last night they had regained control of the Nairobi shopping mall where al-Qaeda linked militants killed at least 62 people. Police said all hostages were believed to have been evacuated from the building last night, and they were combing the building looking for “anyone left behind”. The British death toll has [...]
What the other papers say this morning – 24 September 2013 September 23, 2013 FINANCIAL TIMES Bribery claims hit Glaxo sales in China Sales of GlaxoSmithKline’s medicines in China are thought to have dropped 30 per cent since officials accused the UK firm of corruption, according to Citi analysts’ provisional estimates. Axa eyes Diana ingredient maker sale Axa Private Equity is in talks with JP Morgan to finalise a [...]
Directors see take-home pay fall as bonuses are cut down September 23, 2013 BOSSES’ bonuses fell last year as shareholders took a stronger position on pay and shifted more remuneration towards longer-term incentives, according to a Deloitte report out today. The median bonus payout for executive directors was 67 per cent of the maximum on offer to bosses, down sharply on the 75 per cent in 2011 and [...]
Draghi says he will flood banks with cheap money if it is needed September 23, 2013 EUROPE’S banks will get more support if there is any sign of them hiking the interest rate at which they lend to each other, European Central Bank (ECB) boss Mario Draghi said yesterday. Speaking to the European parliament he reaffirmed his commitment to keep interest rates low until the economic recovery is firmly established. And [...]
Top US policymakers clash over Federal Reserve taper decision September 23, 2013 TWO SENIOR figures from the US Federal Reserve revealed sharp disagreement over recent monetary policy in separate speeches yesterday, drawing the approach into question. Richard Fisher, president of the Dallas Fed, said that the Fed’s decision not to taper QE had damaged its credibility. Fisher said that he urged the Federal Open Market Committee (FOMC), [...]
Bankers get chance to propose changes to bonus cap operation September 23, 2013 BANKS will get a chance to challenge the implementation of the bonus cap and offer ways to make the new pay rules less damaging, as the Bank of England plans to launch a consultation. The rules come from the EU so cannot be stopped by the Bank of England’s prudential regulation authority (PRA). But the [...]
Coalition talks start after clear Merkel triumph September 23, 2013 CHANCELLOR Angela Merkel’s impressive victory in Sunday’s federal election was confirmed yesterday morning, with her party polling 41.5 per cent of the vote, the highest in nearly two decades. Merkel’s Christian Democratic Union (CDU) has already contacted the Social Democratic Party (SPD) to initiate coalition talks. The CDU came just shy of an overall majority [...]
Troubled Bankia lays off 800 directors of firms it part-owns September 23, 2013 SPANISH lender Bankia has cut back the vast majority of its external directors over the past year, it emerged yesterday. In a cost-cutting drive to save €7m (£5.9m) per year, the bank has sacked 800 of the 1,000 directors it appointed to the boards of firms it owns stakes in, the Financial Times reported last [...]
Bank of England’s big guns weigh in behind Carney September 23, 2013 TOP BANK of England policymaker Ben Broadbent yesterday came out in support of governor Mark Carney’s policy of forward guidance. He joined fellow monetary policy committee (MPC) member David Miles who last week gave his backing to the new policy in a speech. Under forward guidance the Bank of England has said it will not [...]