Eurotunnel’s ferry deal runs into competition headwinds February 19, 2013 THE COMPETITION Commission yesterday raised concerns that Eurotunnel’s purchase of defunct SeaFrance’s ferries could drive up fares for passengers. Eurotunnel bought three of SeaFrance’s four boats for €60m (£52m) last year with the aim of launching its own English Channel ferry service. The Office of Fair Trading referred the deal to the watchdog. The Competition [...]
Higher bonuses can’t halt fall in lawyer payouts February 19, 2013 LAWYERS saw their total pay pack- ages fall by five per cent last year, as rising bonus payouts failed to stem the drop in average salary. Total remuneration for lawyers in 2012 came in at £139,040, down from £146,500 in 2011 according to recruiters Laurence Simons. Though bonuses edged up very slightly to £35,000, it [...]
UK trade bodies call for solution to energy crisis February 19, 2013 ENERGY groups yesterday called for more technological investment to solve the UK’s looming crisis after warnings from regulators a future squeeze on production will cause price hikes for consumers. The chief executive of energy watchdog Ofgem, Alistair Buchanan, yesterday warned a fall in the UK’s power production over the next few years would lead to [...]
Tantrums and tyres as Square Mile go-karting contest returns February 19, 2013 WHILE a game of squash or round of golf are the more traditional City pastimes for the competitively inclined among us, a new sport seems to be ruffling a few feathers within the Square Mile. Yes, the City Slickers Grand Prix is back for a third year. With go- kart racers from Morgan Stanley, Barclays, [...]
BAnks refuse to speak out in bonus row February 19, 2013 CITY banks yesterday refused to publicly attack EU plans to limit their bonus payments for fear sparking a backlash, despite the intervention of Mayor of London Boris Johnson. Leading banks and industry organisations contacted by City A.M. put up a wall of silence, even though many privately expressed concerns that limiting bonus levels at double [...]
UK firms party Gangnam Style at market bash February 19, 2013 THE Honourable Artillery Company was the venue for the 2013 UK Stock Market Awards on Monday evening. The third annual ceremony, compered by BBC Radio 4 sports presenter Garry Richardson, was held to celebrate all that is great about publicly listed British companies “and the equity market within which they operate”. With that in mind, [...]
Mortgage loans up sharply at Leeds mutual February 19, 2013 THE LEEDS Building Society hiked mortgage lending on the back of rising savings deposits and support from the Bank of England’s Funding for Lending Scheme (FLS), the mutual announced yesterday. Pre-tax profits came in at £52.4m for 2012, up four per cent on the year, while capital and reserves rose seven per cent to £614m. [...]
German investor sentiment roars up in 2013 February 19, 2013 GERMAN investors were more upbeat in February than at any point since the end of 2009, according to a prominent survey out yesterday. Economic sentiment climbed 16.7 points to hit 48.2, ZEW said, a 38-month high after three successive months of improvements. “The financial market experts have made their peace with the weak fourth quarter [...]
CLEAN SWEEP AS MINE BOSS QUITS February 19, 2013 BHP Billiton’s Kloppers is fourth industry giant to go in six months THE MINING industry was shaken by its latest change at the top last night, as BHP Billiton chief executive Marius Kloppers announced his retirement. The departure, the latest in a string of shake-ups among the FTSE 100’s mining giants, will see Andrew Mackenzie, [...]
PROFILE: THE MAN MINDING SWISS EXEC PAY February 19, 2013 THOMAS Minder’s campaign against executive pay packets began almost exactly five years ago at a UBS shareholder meeting in the sleepy Swiss town of Basel. Until then Minder was best known for his family’s traditional herbal toothpaste, Trybol, but he was flung into the spotlight when he attacked then-UBS chairman Marcel Ospel over the subprime [...]