Executive pay continues to rise September 21, 2009 Executive pay is still rising, despite the country being hit by the worst recession in 50 years, according to a study to be published today by shareholder body Pirc. The group will call on shareholders to wield more power in voting against director remuneration packages, as cash payments to FTSE 100 company executive have risen [...]
Building groups set for OFT fine September 21, 2009 The Office of Fair Trading (OFT) is set to levy large fines on building firms at the close of its five-year probe into bid-rigging for contracts. The fines are expected to be between one and two per cent of group turnover, which is greater than the operating profit margins of most construction companies. The inquiry [...]
OECD warns on eurozone ahead of G20 September 21, 2009 European countries need to do more to rid their banking systems of bad debts, a leading economic body warned yesterday, ahead of the G20 summit later this week. The Organisation for Economic Co-operation and Development (OECD) said in its annual survey of the European Union that the economies of many nations would continue to suffer [...]
Three EU regulators to police financials September 21, 2009 THE EUROPEAN Commission will announce tomorrow that three new pan-European supervisory agencies are to compile and help to enforce a central set of rules for the financial services industry. One body, the European Systemic Risk Board, will be made up of representatives of central banks and financial watchdogs from within the EU, and will be [...]
China IPOs surge ahead September 21, 2009 Chinese companies conducting initial public offerings on the mainland and in Hong Kong have raised four times more than European and US firms combined so far this year, emphasising the strength of share sales in the region. Chinese issuers have raised $21.9bn this year compared to $5.4bn raised by European and US issuers, according to [...]
100 per cent mortgages return September 21, 2009 Mansfield Building Society has begun offering a 100 per cent mortgage to first-time buyers who want to buy a home with a housing association.
Pirc attacks Ball’s ITV demand September 21, 2009 Shareholder body Pirc yesterday launched an attack on the £30m pay package ex-BSkyB boss Tony Ball is said to be demanding to take up the role of chief executive of ITV. The body is concerned over potential risks to the long-term stability of the struggling broadcaster. It is expected that ITV will make an announcement [...]
Banks aided byCDO unwinding September 21, 2009 Billions of dollars’ of collateralised debt obligations (CDOs) – securities backed by payments on mortgages, corporate loans and other debt – are being unwound, enabling financial institutions to clear toxic assets from their books. Many of these CDOs have defaulted but they can only be liquidated if the underlying collateral can be sold. Investors have [...]
MPC worried energy could fuel inflation September 21, 2009 THERE are big upside risks to energy prices when the global economy recovers, Bank of England (BoE)Monetary Policy Committee member Andrew Sentance said yesterday. In a speech in London that made little reference to the monetary policy outlook beyond saying Britain and other nations appeared to be emerging from recession, Sentance said he expected energy [...]
Sterling hit as Bank warns of long-term falls September 21, 2009 STERLING fell sharply against the dollar and euro yesterday after the Bank of England warned of a long-term decline in the pound’s value.In its Quarterly Bulletin, the central bank yesterday said that foreign investors may be rethinking their long-term affinity with pumping money into sterling-denominated investments. The UK has run current account deficits since the [...]
