FSA GIVEN RIGHT TO VETO BONUS DEALS November 15, 2009 THEFinancial Services Authority will have the power to tear up pay and bonus contracts that violate its guidelines under planned legislation to be unveiled as part of the Queen’s Speech onWednesday. Lord Myners, the City Minister, claimed yesterday that allowing the regulator to render void some contracts would prevent excessive risk-taking from threatening the stability [...]
Lord Mayor urges City to reach out November 15, 2009 NICK Anstee, the newly-elected Lord Mayor, will tonight embark upon the unenviable task of attempting to repair relations between the City and the wider public, in a speech at his inauguration banquet at the Guildhall. Anstee, a senior director at law firm SJ Berwin, will reiterate that the Lord Mayor’s job is to speak for [...]
Half of firms to freeze pay November 15, 2009 HALF OF employers in the UK are planning to freeze pay completely in 2010, a survey will reveal today. The latest employment trends research from the industry body CBI and recruitment firm Harvey Nash will show that firms remain “ultra-cautious” about increasing pay, with only four per cent planning rises above the level of inflation. [...]
New bonus rules won’t achieve anything November 15, 2009 SPIN is an effective device to con the public but only in the short-term – eventually, the truth tends to prevail. Take the flagship economic component of Wednesday’s Queen’s Speech, which Her Majesty will have to read out to Parliament. As we report on page 1, the government will introduce its much-trailed law to formalise [...]
Q & A : THEBONUS CLAMPDOWN November 15, 2009 Q.HOWWILLTHENEWRULESAFFECTBANKERS’ PAYA.A code of conduct on bonuses published by the Financial Services Authority (FSA)in February this year said firms needed to ensure that remuneration policies did not expose them to excessive risk. It set out the proportion of bonuses that needed to be deferred and how long deferrals should be, how much should be awarded [...]
WHAT THE OTHER PAPER SAY THIS MORNING November 15, 2009 THE SUNDAYSThe Sunday TelegraphUK FACES MAJOR OBSTACLES IN BID TO BE A LOW-CARBON LEADERThe UK risks missing out on its slice of the £4.5 trillion low-carbon industry, the manufacturers’ trade body has warned. The EEF said the country faces major obstacles to becoming a leading centre for so-called “cleantech” products and services, “most notably question [...]
Obama officials defend the Fed November 15, 2009 Obama’s administration yesterday argued against plans proposed by Chris Dodd, the Senate banking committee chairman, to merge banking regulators into one, under which the Federal Reserve would lose some of its power. Ahead of today’s hearings on the bill, Austan Goolsbee, a White House economic adviser, defended the Fed’s ability to do its job.
UBS to unveil turnaround plans November 15, 2009 UBS chief executive Oswald Grübel will tomorrow outline his plans to turn the troubled Swiss banking giant’s fortunes around. Grübel will lead a full-day presentation, which analysts hope will involve a strategy to cut costs.
Japan economy beats estimates November 15, 2009 Japan’s gross domestic product (GDP) grew a larger-than-expected 1.2 per cent from July to September as the previous Liberal Democratic administration’s stimulus boosted consumer spending, government data showed today.
BApensions boss faces critical week November 15, 2009 ROGER Maynard, chairman of the British Airways pension scheme and director of Spanish airline Iberia, has ducked out of key Iberia board meetings to avoid a conflict of interests. Maynard has steered clear of corporate discussions of Iberia’s planned £4.4bn merger with BA. However he is understood to have been closely involved in other aspects [...]
