Detail on LSE chief’s pay plan June 4, 2009 City A.M. yesterday reported that the London Stock Exchange’s (LSE) new chief executive Xavier Rolet could earn £5.2m in his first year in the role. The LSE has subsequently pointed out that Rolet could earn up to £2.3m this year through his base salary, benefits and bonus, if targets are exceeded. Should he choose to [...]
FSA EXTENDS SAVER PROTECTION June 4, 2009 THE FSA, led by Lord Turner, is extending seperate deposit protection for savers whose building societies are bailed out by another one until the end of 2010. The FSA is trying to reassure people whose combined savings in a merged society exceed the current £50,000 limit.
Car sale falls hurt Matthey June 4, 2009 JOHNSON MATTHEY beat expectations with a one per cent rise in full-year pre-tax profit yesterday, but warned sales will fall in the coming months as the global car industry continues to struggle. The world’s biggest distributor of platinum, which is used to make jewellery, car catalysts and as an ingredient for drugs posted an adjusted [...]
CITY VIEWS: DO YOU THINK THE RECESSION IS BEGINNING TO EASE? June 4, 2009 PAUL MCNALLY BRIT INSURANCE“I haven’t really noticed the recession, full stop. The pubs are full, the restaurants are busy. People say the housing and stock markets are down but that isn’t relevant unless you’re buying or selling, so elements of the crisis have been overblown.” ANNA KINGSMILL-VELLACOTT AKV“My gut feeling is that confidence is beginning [...]
Final salary schemes on the way out June 4, 2009 PENSIONS analysts sounded the death knell for final salary pension schemes yesterday, after supermarket chain WM Morrison became the third major company in a week to end its scheme. The retailer’s decision to bring the curtain down on the scheme follows similar moves by Barclays, which transferred 18,000 staff to a hybrid scheme and energy [...]
Debenhams in call June 4, 2009 High street retailer Debenhams yesterday announced plans for a £323m fundraising to fulfill chief executive Rob Templeman’s plan to take its debt “off the agenda.” Debenham’s £900m debt mountain has cast a long shadow over the group’s trading ever since private equity firms Texas Pacific Group and CVC Capital Partners floated the business on the [...]
Cost cutting at Signet makes its profits sparkle June 4, 2009 Top jewellery retailer Signet Jewellers reported a higher quarterly profit yesterday as cost-cutting offset weak jewellery sales. The company, which runs Ernest Jones and H Samuel in Britain, said its initiatives to improve operational efficiency also helped it gain market share in the quarter. Signet reported a net profit of $26.3m (£16.4m) for the first [...]
WHAT IS THE FUTURE OF COMPANY PENSION SCHEMES? June 4, 2009 DUNCAN HOWORTH SOCIETY OF PENSION CONSULTANTS“Just as final salary pension scheme is the past, defined benefit contribution is unquestionably the future. There are many challenges before we see this form of provision deliver anything like adequate benefits. And employees need new tools to plan their retirement savings.” JOANNE SEGARS NAPF“Employers are no less committed to [...]
CITY MOVES WHO’S SWITCHING JOBS June 4, 2009 PricewaterhouseCoopersJonathan Howe, a partner at the accountancy firm, has been appointed market leader of the UK insurance tax practice and a member of the UK insurance leadership team. Howe has 16 years of experience at PwC and will be leading a team of 10 insurance tax specialist partners and directors. He succeeds Anne Hamilton, who [...]
Dragon Oil faces possible buyout June 4, 2009 London-listed oil explorer Dragon Oil said yesterday it may be bought out after receiving a preliminary approach. Last month there was speculation the group would spend some of its $833m (£524m) cash balance to fund its own acquisition. The group declined to name its would-be buyer.