Commerzbank execs next to get bonus curb November 15, 2009 COMMERZBANK intends to adopt a new bonus structure for its executives that will further limit management remuneration at Germany’s second-largest bank. The bank has already announced a new bonus model for its employees that included pooling bonuses and not paying these out if the bank does not meet certain growth criteria. In an interview with [...]
MPs call for more time on EC regulation November 15, 2009 MEMBERS of Parliament have issued an urgent warning to the European Commission over plans to tighten Europe-wide financial regulation, branding them “a serious cause for concern”. In a major report today the Treasury Select Committee said rushing in proposals to set up a macro-economic risk monitoring board and several industry-specific watchdogs would be “a recipe [...]
New Look eyes a double expansion November 15, 2009 FASHION retailer New Look has said that it plans to double its presence on the UK high street and is considering a share listing next year. New Look chief executive Carl McPhail has said that the firm will double its domestic floor space to 7m sq ft and potentially add 670 more stores outside of [...]
Virgin Media halts disposals November 15, 2009 Virgin Media is believed to have put plans to sell a basket of television channels on hold, as it looks at ways to secure the best price. The pay-TV broadcaster is thought to have been mulling a sale of the £160m-worth of assets, including Living, Bravo and Trouble, and to have narrowed potential buyers down [...]
Busy week for US offerings November 15, 2009 UP to six companies will try to go public this week, in what could be the US’s busiest week of the year for initial public offerings. The IPOs include a $520m (£310m) offering on the New York Stock Exchange from coal mining company Cloud Peak Energy and a $69m deal from national security specialist Global [...]
Director pay in focus at AI November 15, 2009 ADMINISTRATORS to Aero Inventory (AI), the AIM-listed aero parts group that collapsed last week, are looking at ways to claw back money from the company’s directors amid concern over the level of pay and bonuses taken by key executives. KPMG, which last week took control of AI on behalf of banks, owed more than £300m, [...]
Merlin eyes 2bn float November 15, 2009 Merlin, the private equity-owned theme park operator, has appointed a host of bulge bracket banks to advise it on a listing early in 2010. Citigroup, Goldman Sachs, Deutsche Bank, UBS and Nomura have all been asked to assist the group, which owns attraction such as Madame Tussauds and the London Eye. Merlin will be trying [...]
US Companies profit from cuts November 15, 2009 A record number of US companies beat earnings expectations in the third quarter, but a big portion of their profits came from cost-cutting, disappointing investors. Nearly all of the companies in the Standard & Poor’s 500-stock index reported their numbers and 80 per cent did better than anticipated, according to Thomson Reuters.
M&S offers penny delivery November 15, 2009 Marks & Spencer kick-started its Christmas online sales campaign today by offering shoppers delivery for a penny. The penny delivery deal, which only lasts until Saturday, is part of the retailer’s 125th birthday celebrations but is also likely to boost online sales. M&S usually charges £3.50 for UK standard delivery.
Caz set to cede power to JPMorgan November 15, 2009 BLUE-blooded stockbroker Cazenove is set to sell the remaining 50 per cent of its business to joint owner JP Morgan, in a bumper deal that will spark multi-million pound windfalls for its veteran former partners and star-performing current staff. Under the terms of a joint venture struck by the pair in 2004, JP Morgan has [...]
