EasyJet wins vote opposed by Sir Stelios February 23, 2012 EASYJET’s board claimed victory yesterday in the airline’s long-running feud with its founder Sir Stelios Haji-Ioannou after shareholders voted in favour of a multi-million pound pay package for its top executives. Just over 44 per cent of shareholders voted against the recommended pay-outs for executives at the annual general meeting, including Sir Stelios and his [...]
New UTV chair after bust-up over investment February 23, 2012 THE BOARD of UTV Media, the group that owns TalkSport Radio, was thrown into disarray yesterday as three directors quit over a row about the chairman’s supposed closeness to a major shareholder. UTV said a majority of the board’s members no longer considered it appropriate for John B McGuckian to continue in his role as [...]
Credit Agricole in record £2.6bn loss February 23, 2012 FRENCH bank Credit Agricole posted a record €3.07bn (£2.6bn) quarterly net loss yesterday, performing worse than expected due to the cost of shrinking its balance sheet and losses on Greek debt. The semi-cooperative bank, which is under new management and trying to return to its low-risk retail lending roots, was hit by more than €2bn [...]
Dexia warns over survival as it falls €11.6bn into red February 23, 2012 STRICKEN Franco-Belgian bank Dexia has warned it could go out of business after posting a net loss of €11.6bn (£9.8bn) for last year. The lender has only received commitments for half the €90bn of state guarantees agreed in October and yesterday it said its survival as a “going concern” depends on the pledges from France, [...]
Commerzbank set to raise €1bn in bond-share swap February 23, 2012 GERMAN lender Commerzbank has finally bowed to the inevitable and announced €1bn (£848m) capital-raising to plug a hole so that it can comply with EU regulations. The capital-raising will be achieved by offering shares in return for chunks of the bank’s junior subordinated debt, which have fallen sharply in value and now trade at a discount. [...]
Citigroup aims for $2.1bn boost as it cashes in on stake in Indian lender February 23, 2012 CITIGROUP is set to join the ranks of financial services companies cashing in on the lucrative Indian market by selling its stake the nation’s top mortgage lender. It wants to raise up to $2.1bn (£1.3bn) to shore up its capital base by selling its 9.9 per cent shareholding in India’s Housing Development Finance Corp. The [...]
HSBC pulls out of Japanese retail banking February 23, 2012 HSBC yesterday said it will pull out of the retail banking business in Japan, including the HSBC Premier service meant for clients who hold more than 10m yen (£79,405) in financial assets. The latest move by Europe’s biggest bank follows its retreat from Japan’s top-tier private banking business, which covers clients who hold more than [...]
BAT boosted by growth in Asian market February 23, 2012 BRITISH American Tobacco (BAT) has defied expectations to boost profits by 12.4 per cent to £4.9bn, buoyed by strong growth in its Asian division. It used the results to announce plans to buy back £1.25bn of its own shares and increase its dividend for the year by 11 per cent. But the world’s second biggest [...]
Manufacturing data boosts US February 23, 2012 MANUFACTURING output expanded strongly in the US Midwest this month, and the number of new unemployment claimants stayed at a four-year low last week, data showed yesterday. The Kansas Fed’s manufacturing index rose to 13, up from seven in January. The survey’s production index stayed strong at 20, while the employment component rose from nine [...]
MP charged with assault February 23, 2012 LABOUR MP for Falkirk, Eric Joyce, has been charged with three counts of common assault following his arrest over an incident at the House of Commons late on Wednesday. Joyce, who was suspended from the Labour party yesterday, was bailed and is due at Westminster Magistrates’ Court on 7 March. Police were called to the [...]
