FSA will flex its muscles over bonuses October 5, 2010 MISHCON DE REYA CITY bonus rounds are always an interesting time, but this year’s promises to be more fascinating than most. This is because it is the first time we will see the impact of the new version of the Financial Services Authority (FSA) Remuneration Code. The first version of the code, which was introduced [...]
Class action hopes quashed by ruling October 5, 2010 FAEGRE & BENSON Since the financial crisis of 2008, shareholders in several companies including RBS, Northern Rock, Lloyds, BP and Porsche have pursued the possibility of suing for fraud in the American courts, where class actions are far easier. But a recent Supreme Court decision could scupper these plans. The verdict in Morrison v National [...]
School of speed October 5, 2010 WE’VE done rather well in this column, test driving Aston Martin sports cars for CityA.M. The City of course is a key market for these cars, which is why I’ve been fortunate enough to get them. But the thing is, the more familiar I became with them the more I realised that UK speed restrictions [...]
CAR TALK October 5, 2010 JAZZ GOES HYBRID The best seller in the B-segment – the Honda Jazz – is now the first to go hybrid. The hybrid version of the Jazz has the same 1.3 litre i-VTEC engine as the Insight hybrid and is able to run on the electric motor alone. This will mean the cars emits only [...]
Service sector growth rises – but outlook poor October 5, 2010 Services activity growth rose unexpectedly in September from a 16-month low, but the outlook is poor with the weakest inflow of new business in over a year, a survey showed. The figures are unlikely to alter expectations that the Bank of England will keep its ultra-loose policy stance unchanged later this week and probably well [...]
Kerviel jailed over trading scandal October 5, 2010 Former Societe Generale trader Jerome Kerviel was sentenced to five years in prison by a Paris court for his role in a trading scandal and ordered to reimburse the French bank 4.9 billion euros (£4.2bn). The 33-year-old, sitting in a dark suit and tie and staring at the floor with his arms folded, was ordered [...]
Bank bonus pot drops to £7bn October 5, 2010 The City financial sector was expected to get £7bn for 2010, down four per cent from last year, the Centre for Economics & Business Research (CEBR) said. The CEBR consultancy said the drop reflected fewer people working in the City in the aftermath of the credit crisis. The new 50 per cent top rate of [...]
Cameron defends child benefit cut for high earners October 5, 2010 THE prime minister has defended controversial plans to withdraw child benefit form high earners. David Cameron said chancellor George Osborne “got it right” when he announced child benefit would be stripped from households with a parent who earns over around £44,000 from 2013. He told Sky News: “As we pay down the deficit we have [...]
AIA warns that failed Prudential deal could hit business October 5, 2010 AIA Group Ltd, which aims to raise about $15bn (£9.5bn) through a Hong Kong listing, flagged a series of business risks including the collapsed bid from Prudential as it launched the share offering. AIA, the Asian life insurance business of American International Group, also said in the preliminary prospectus filed to the Hong Kong Stock [...]
Tesco in £1.8bn profit October 5, 2010 Tesco has made a £1.8bn profit in first half profits – a 14 per cent jump from the same period the year before. The world’s third biggest retailer said the rise in underlying pre-tax profits came despite “modest” UK sales growth in the 26 weeks to 28 August. Sales across the group jumped by more [...]
