Irish and Greek leaders could want new deal June 10, 2012 GREECE and Ireland could demand changes to their own bailout deals, it emerged yesterday, after Spain was given much more lenient terms on the terms of its bank rescue. The two smaller countries, as well as Spain’s neighbour Portugal, faced tough constraints on government spending and taxation before they were able to access bailout cash. [...]
Sluggish Italy may need a bailout too June 10, 2012 ITALY is still at risk and could require a bailout in the near future, economists warned yesterday, as its economy remains sluggish and government borrowing costs are still dangerously high. Ten-year borrowing costs stood at 5.77 per cent when markets closed on Friday, below the peaks of above seven per cent seen in December and [...]
Sorrell’s salary could drop as meeting looms June 10, 2012 WPP conceded for the first time this weekend, just days before the advertising giant’s general meeting, that its board could consider cutting chief executive Sir Martin Sorrell’s controversial pay package. Chairman Philip Lader said the WPP board has exercised “the best commercial judgement” and believes it is doing what is best for shareholders. But he [...]
Evonik threatens to scrap float June 10, 2012 THE OWNERS of German chemicals firm Evonik may pull the plug on an initial public offering (IPO) which, when announced, was billed as Europe’s biggest flotation in more than a year. “The performance of financial markets since the end of May has added to the uncertainty whether enough proceeds are achievable that reflect the value [...]
Labour slams Cable’s u-turn on executive pay vote for investors June 10, 2012 SHADOW business secretary Chuka Umunna yesterday blasted the coalition for being “out of step with the tide of investor opinion”, after reports that business secretary Vince Cable is set to climb down on proposals to hold an annual binding shareholder vote on executive pay. The about face comes despite a spate of rebellions over business [...]
UBS losses on Facebook set to soar to $350m June 10, 2012 UBS is thought to have lost up to $350m (£226m) on the botched Facebook float last month. The Swiss investment bank racked up the losses, far higher than those initially estimated, after placing an order for one million shares in the social networking giant. When it did not receive confirmation of the trade it repeated [...]
Shareholders threaten to derail ICAP takeover of Plus Markets June 10, 2012 REBEL investors in troubled exchange owner Plus Markets yesterday called on ICAP to sweeten its bid for the company’s junior stock exchange or face a possible rejection. A group of shareholders owning 30 per cent of the firm said they are committed to voting against ICAP’s £1 takeover bid for Plus SX, arguing that there [...]
Diageo looks at new listing in Hong Kong June 10, 2012 DRINKS giant Diageo is looking at a potential listing of its shares on the Hong Kong stock exchange to help boost its expansion plans in Asia, part of its overall drive into fast growing emerging markets. The world’s biggest spirits group already has its shares listed on the London and New York stock exchanges and [...]
UK received no corporation tax from Vodafone June 10, 2012 VODAFONE, one of the FTSE 100’s biggest companies, did not pay a penny of corporation tax in the UK last year. But the telecoms giant said it makes it main contribution to the UK economy via investment rather than taxes. “Last year, Vodafone’s UK capital expenditure went up from £516m to £575m – which means [...]
May targets families in latest attempt to cut migration to UK June 10, 2012 IMMIGRANTS who plan to bring relatives to the UK will face much tougher rules including a test of their income, under plans set out by home secretary Theresa May. And judges will be encouraged to deport more foreign criminals by making it tougher for them to claim a right to family life under the European [...]