Eni still owed $1bn worth of oil by Iran March 23, 2012 Eni, Italy’s biggest energy company, is demanding more than $1bn (£632m) worth of crude oil by Iran, despite the EU banning oil imports from the country. EU governments with existing contracts to import crude from Iran can continue until July 1. However Eni was excused because it does not buy oil from Iran but receives [...]
Jim Yong Kim announced as US nominee for World Bank head March 23, 2012 The United States has picked Jim Yong Kim, a public health expert who is currently President of Ivy League Dartmouth College, to be its candidate for the World Bank presidency. President Barack Obama announced the decision to the back Kim, who was born in South Korea but raised in Iowa, in a speech at the [...]
BoE calls on banks to raise more capital March 23, 2012 British banks need to raise fresh capital “as early as feasible” as the stability of the global financial system remains fragile, the Bank of England’s new risk watchdog. The Bank’s Financial Policy Committee said that banks had gone as far as they could to raise capital by keeping down pay, dividends and share buybacks. “But [...]
John Lewis sales rise March 23, 2012 John Lewis sales boosted by sun, mum, and iPads Kendal Gapinski John Lewis reported that last week’s volume of trade was a March record due to sunny weather, Mother’s Day, and the launch of the new iPad. Its sales jumped 20.9 per cent year-on-year to £63.1m. Britain’s biggest department store chain said that a sales [...]
FTSE edges up despite retail fears March 23, 2012 The FTSE 100 bounced back in early trading after falls mainly triggered by miners who are fearful of a slowdown of growth in China. However, gains were minimal with the tough climate for UK retailers being laid bare by data from Nationwide today showing that consumer morale is weakening. Blue chip retailer Kingfisher, which owns [...]
Japan’s AIJ loses $1.3bn with bad bets March 23, 2012 Tokyo-based AIJ Investment Advisors lost $1.3bn (£819.2m) in bad bets on equity and bond derivatives, losing the bulk of the pension funds it was managing, Japan’s financial regulator said on Friday after stripping the firm of its registration. The Financial Services Agency (FSA) said AIJ, whose offices were earlier raided by the Securities and Exchange [...]
Credit Suisse boss’s pay halved to £4m March 23, 2012 The pay of Credit Suisse chief executive Brady Dougan (pictured) fell by more than half last year to 5.8m Swiss francs (£4m) in salary and share-based bonuses as the bank’s profit shrank 62 percent and its stock dropped 41 per cent. “This level of compensation reflects the lower financial performance compared to the prior year [...]
BT to pay off pension deficit faster than expected March 23, 2012 British telecoms group BT said it would pay down its £4.1bn pension deficit more quickly than previously planned, removing uncertainty over the scheme and raising hopes it will pay a higher dividend in future. Shares in the former telecoms monopoly leapt to a four-year high on Friday after it announced a lump sum payment into [...]
Budget fuels crisis on the high street March 22, 2012 SOME of the UK’s most senior retailers yesterday slammed the chancellor’s supposedly pro-business Budget, saying his failure to address a planned hike in business rates will deal a blow to Britain’s ailing high streets. George Osborne has said he will cut corporation tax faster than planned to 24 per cent this year. But retailers were left [...]
Branch sale in danger as Lloyds delays signing deal with Co-op March 22, 2012 LLOYDS was forced to push back the deadline for signing its sale agreement with the Co-operative Group yesterday, in the clearest sign yet that its divestment of 632 branches, known as Project Verde, is in danger. The bank said it is now aiming to clinch the deal with the Co-op in the second quarter of [...]