Lloyds pumps up CEO’s bonus March 28, 2010 LLOYDS Banking Group has rewritten chief executive Eric Daniels’ bonus contract, meaning he will receive up to £2.8m in shares this year. Daniels will be entitled to as much as 275 per cent of his £1m salary as a long-term bonus, up from 200 per cent last year. Added to his fixed annual reward of [...]
We’re being too gloomy on outlook for retail March 28, 2010 SO the clocks have changed, there’s now more daylight than darkness and spring is here. It’s time for some optimism, unless you happen to be a retailer. In the last week some of the biggest names in the high street have been queuing up to tell us how fearful they are about the consumer. Of [...]
Bank sell-off will take time March 28, 2010 IN the darkest depths of the banking crisis, many thought the government wouldn’t see a return on its investment in Lloyds or RBS. But with shares in Lloyds closing at 64.1p on Friday, it is now sitting on paper profits; accounting for all the fees Lloyds has paid for government support, it bought in at [...]
Desire gloomy on Falklands oil March 28, 2010 Oil explorer Desire Petroleum will report that oil discovered in test drilling off the Falkland Islands is not commercially viable. Desire is expected to say that while it has found oil, there is not enough to justify developing the field.
Iceland hopeful over IMF aid March 28, 2010 Iceland’s economics minister said he was hopeful that a review by the International Monetary Fund (IMF) could be completed within weeks, potentially releasing crucial aid for the crisis-hit nation. Steingrimur Sigfusson met IMF Managing Director Dominique Strauss-Kahn last week in Washington to discuss delays to the aid programme as a result of a row over [...]
DFS is not for sale, says founder March 28, 2010 Lord Kirkham has said DFS, the sofa chain he founded in 1969, is not for sale, even though three private equity groups submitted bids or reaffirmed interest in the chain last week. “I am categorically not interested in selling the business,” Kirkham said. “I don’t need the money. I’m loaded.” Kirkham denied his comments were [...]
Accountants hit by sharp rise in claims March 28, 2010 PROFESSIONAL negligence claims taken out against accountants in the High Court significantly jumped last year as a result of the global recession. The High Court heard 13 professional negligence claims taken against accountants in 2009, according to data published by law firm Reynolds Porter Chamberlain (RPC). The number marks a sharp increase from the previous [...]
Be wary of London becoming uncompetitive March 28, 2010 As a representative of the UK financial and professional services industries, overseas visits are a key part of my job, not only to encourage foreign firms to invest in UK plc but also to help our global partners create environments in which UK-based firms are willing and able to invest and prosper. Last week I [...]
Bovey’s failed business now up for sale March 28, 2010 IMAGINE Homes, the property business owned by Anthea Turner’s husband Grant Bovey is to be put up for sale by administrators Deloitte. It is Bovey’s ninth failed business and adds to the long list of embarrassments for the celebrity couple. Imagine Homes bought properties from developers and sold them on to investors with supposed guaranteed [...]
CITY MOVES | WHO’S SWITCHING JOBS March 28, 2010 Principal Global Investors The asset management firm has appointed Andrea Muller as chief executive of its east Asian operations and managing director for the Asia ex-Japan region, effective from tomorrow. Muller has over 23 years of experience with large multinational firms and was most recently the head of the Fitch ratings agency in the Asia [...]
