Pension pots set for change April 10, 2012 THE PROJECTED rates of return on personal pension and life insurance products need to be reduced, according to a study for the Financial Services Authority. Projection rates, which show prospective returns on investments, should be put at a more “realistic” figure to reflect the economic outlook, a report by PricewaterhouseCoopers said. Peter Smith, head of [...]
ABI warns on Barclays pay April 10, 2012 THE ASSOCIATION of British Insurers has voiced concerns about executive pay at Barclays, raising the pressure on the bank over chief executive Bob Diamond’s recent £17m pay award. The ABI, whose members own 20 per cent of the FTSE All-Share index, has issued an “amber top” warning over the pay, one step down from its [...]
Boris extends poll lead over Labour’s Ken April 10, 2012 BORIS Johnson has extended his poll lead over Ken Livingstone to six points as his main opponents to be Mayor of London unveiled their full manifestos. The Conservative candidate wins by 53 to 47 against his Labour rival when voters are forced to choose between the two candidates. A ComRes poll also shows that Livingstone’s [...]
Paddick and Livingstone unveil manifestos to take on Johnson April 10, 2012 BORIS JOHNSON ■ Fight for London to keep a “fair share” of its tax. ■ Bid to take over suburban rail services in the style of London Overground. ■ Refuse to buy Tube trains that require a driver and push for automated trains. ■ Free travel for every person over 60. ■ Three more police [...]
Who do you think will win the London mayoral race? April 10, 2012 THIS week we’re asking members of our Voice of the City panel who they think will win the race to be London’s next mayor. Having seen the full manifestos of the main candidates, who do you think offers the best option for London – both from a business perspective and from a personal point of [...]
F1 owners set deadline for flotation pitch April 10, 2012 CVC Capital Partners has set a Friday deadline for banks hoping to play a role in Formula One’s Singapore IPO, sources said yesterday, in a sign that the process for the roughly $1.5bn IPO is formally under way, with plans for a July listing. Formula One chief Bernie Ecclestone said last month that he had [...]
ANALYST VIEWS WILL THE REFINANCING REINSTATE CONFIDENCE IN THOMAS COOK? April 10, 2012 NICK BATRAM PEEL HUNT Anything that gives the group more time to address the issues is to be welcomed… But the fact that the group is looking to extend the maturity profile of its bank facilities is likely to be a reflection of challenging trading and a turnaround plan that is likely to take longer [...]
Thomas Cook lifted by talk of £1.2bn deal April 10, 2012 SHARES in Thomas Cook closed 13 per cent higher yesterday after the debt-laden tour operator confirmed it is close to securing a £1.2bn refinancing deal with its lenders. The world’s oldest travel firm, which came close to collapse at the end of last year, said it is in “advanced discussions” with its banks over extending [...]
JP Morgan and Merrill hang on to top spots April 10, 2012 BANK of America Merrill Lynch has held on to its second place spot in a global league table of investment banks, Thomson Reuters data showed yesterday. Despite management troubles in its European business this year that have seen star banker Andrea Orcel decamp to UBS, BAML is still at the top end of the table, [...]
Investment bank fees fall by 14pc in first quarter of 2012 April 10, 2012 INVESTMENT banks earned $17.6bn in fees during first quarter of 2012 – a 14 per cent decline on the same period last year, according to research by data provider Thomson Reuters. Fees fell sharpest in the EMEA and Asia Pacific regions, with both areas registering a decline of more than 20 per cent. There was [...]