FSA hits JPMorgan Securities with record fine June 3, 2010 THE Financial Services Authority has hit on JPMorgan Securities with a record £33.32m for mishandling client money. Under the FSA’s client money rules, firms are required to keep client funds separate from their own – in different accounts with trust status. The aim is to protect client money in the event of the firm’s insolvency. [...]
Network Rail profit plunges as debt rises June 3, 2010 NETWORK Rail profits plunged by almost 75 per cent over the past year – while the company’s costs and debts rose. The UK rail infrastructure company made pre-tax profits of £395m – down from more than £1.52bn last year. Regulator, the Office of Rail Regulation (ORR) has warned it that any bonus payments this year [...]
Kingfisher profit up after cost savings June 3, 2010 B&Q owner Kingfisher – Europe’s biggest home improvements retailer – posted a 15 per cent rise in first-quarter profit as cost savings and reduced losses in China offset a fall in underlying sales due to poor spring weather. The group, which runs Castorama and Brico Depot in France, made a retail profit of £146m in [...]
House prices up in May – but pace slows June 3, 2010 HOUSE prices rose by 0.5 per cent in last month, according to a survey by Nationwide. The lender said the increase meant prices had risen 12.2 per cent since February 2009. House prices have risen in 12 of the past 13 months on the Nationwide index, although the pace of growth appears to be slowing. [...]
BP in fresh bid to stem spill June 2, 2010 BP overcame a potentially devastating hitch last night in its efforts to plug the leak currently pumping thousands of barrels of oil into the Gulf of Mexico. The “diamond saw” used to sever a pipe connected to the damaged blown out preventer had become lodged but BP was successful in removing it. The news is [...]
M&G chief tipped for the Pru June 2, 2010 MICHAEL MCLINTOCK was touted as a successor to Tidjane Thiam at the helm of Prudential yesterday, even as the embattled executive indicated he would not resign. Thiam and his chairman, Harvey McGrath, are at the mercy of their main shareholders after their $35.5bn (£25bn) takeover of AIA was formally abandoned yesterday morning. Views among the [...]
Ferrous pulls London float June 2, 2010 BRAZILIAN iron ore firm Ferrous Resources yesterday postponed a planned listing in London that would have raised up to $400m (£273m) in one of the biggest flotations this year. “We have taken the difficult decision to postpone the initial public offering (IPO) as a result of the considerable volatility in the equity markets,” executive chairman [...]
Slow growth: the UK’s fate for 2010 June 2, 2010 THERE are many problems facing the UK economy – inflation is far too high, the crisis at BP, which accounts for one pound out of every seven paid out in dividends in the FTSE 100, is trashing the stock market, while the belt-tightening about to be announced at the emergency budget will include destructive measures [...]
Tesco’s Leahy nets £5.2m June 2, 2010 TESCO’s Sir Terry Leahy received £5.2m last year in a mixture of salary and performance-related cash and shares. The remuneration of the retailer’s chief executive compares with £5.1m the year before and is part of a boardroom pay package worth £25m compared with £22.2m last year. Leahy’s basic salary was £1.4m. The pay bonanza comes [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 2, 2010 FINANCIAL TIMES ROLLS-ROYCE SPIRITS BUOYED BY GHOST Rolls-Royce says it will at least double its sales this year, thanks to the launch of its new Ghost model and a resurgance in demand for its high-priced cars around the world. Sales of the BMW-owned brand’s cars in China, where Rolls-Royce has seven dealerships, will for the [...]
