Labour slams Cable’s u-turn on executive pay vote for investors June 10, 2012 SHADOW business secretary Chuka Umunna yesterday blasted the coalition for being “out of step with the tide of investor opinion”, after reports that business secretary Vince Cable is set to climb down on proposals to hold an annual binding shareholder vote on executive pay. The about face comes despite a spate of rebellions over business [...]
UBS losses on Facebook set to soar to $350m June 10, 2012 UBS is thought to have lost up to $350m (£226m) on the botched Facebook float last month. The Swiss investment bank racked up the losses, far higher than those initially estimated, after placing an order for one million shares in the social networking giant. When it did not receive confirmation of the trade it repeated [...]
Shareholders threaten to derail ICAP takeover of Plus Markets June 10, 2012 REBEL investors in troubled exchange owner Plus Markets yesterday called on ICAP to sweeten its bid for the company’s junior stock exchange or face a possible rejection. A group of shareholders owning 30 per cent of the firm said they are committed to voting against ICAP’s £1 takeover bid for Plus SX, arguing that there [...]
Diageo looks at new listing in Hong Kong June 10, 2012 DRINKS giant Diageo is looking at a potential listing of its shares on the Hong Kong stock exchange to help boost its expansion plans in Asia, part of its overall drive into fast growing emerging markets. The world’s biggest spirits group already has its shares listed on the London and New York stock exchanges and [...]
UK received no corporation tax from Vodafone June 10, 2012 VODAFONE, one of the FTSE 100’s biggest companies, did not pay a penny of corporation tax in the UK last year. But the telecoms giant said it makes it main contribution to the UK economy via investment rather than taxes. “Last year, Vodafone’s UK capital expenditure went up from £516m to £575m – which means [...]
May targets families in latest attempt to cut migration to UK June 10, 2012 IMMIGRANTS who plan to bring relatives to the UK will face much tougher rules including a test of their income, under plans set out by home secretary Theresa May. And judges will be encouraged to deport more foreign criminals by making it tougher for them to claim a right to family life under the European [...]
UAE back into $11bn fiscal surplus for 2011 June 10, 2012 THE United Arab Emirates’ public finances swung into a surplus of 2.9 per cent of economic output in 2011 after two years of deficits as robust oil income offset an increase in government spending, a report by the International Monetary Fund showed yesterday. The world’s third biggest oil exporter booked a consolidated fiscal surplus of [...]
Float looms for growing Metro June 10, 2012 UPSTART lender Metro Bank wants to open seven new branches by the end of this year after completing a £126m capital raising. The high street bank also said it aims to float within two years as its investors consider a lucrative exit. Hedge fund Moore Capital and billionaire investor Steve Cohen are believed to have [...]
Two UK banks join the ranks June 10, 2012 THE British commercial banking scene gained two new parties yesterday as the Silicon Valley Bank and Cambridge & Countries Bank joined the UK market. Silicon Valley Bank – the first US bank to open a commercial banking branch in the UK in several years – claims to be the only global bank dedicated to the [...]
Oasis hires DC Advisory to look at ways to fund expansion plan June 10, 2012 OASIS, the private equity-backed dentist chain, has hired DC Advisory to look at its long-term expansion options. The firm hopes to buy existing branches and open new ones to double its number of outlets to 400, and has asked DC to size up fresh investment, further private equity involvement or a trade sale to fund [...]
