Inside Track: The EU’s rules to cap bankers’ bonuses aren’t working January 15, 2014 CREATE a loophole and bankers will leap through it quicker than you can say “deferred compensation”: that seems to be one of the axioms of the aftermath of the financial crisis. Examine the consequences of the European Commission’s cap on the multiple of salaries that banks can dish out in variable pay, though, and the [...]
Assembly hits out at Davies for keeping Heathrow on the table January 15, 2014 THE LONDON Assembly hit out at the possible expansion of Heathrow Airport yesterday, saying a new runway would inflict unnecessary noise on nearby residents. The Assembly voted 13 to 7 in favour of a motion opposing a larger Heathrow, calling instead for airlines to use spare capacity at other airports in the south east. This [...]
Samsung sells stake in UK chipmaker CSR January 15, 2014 SAMSUNG yesterday confirmed it has sold its stake in UK chipmaker CSR, causing the London-listed firm’s share price to tumble nearly three per cent during trading. The sale comes after CSR’s announcement in December that it would discontinue its camera-on-a-chip technology used in point and shoot digital cameras, a move welcomed by investors. Samsung’s stake [...]
Thinktank: Cut National Insurance January 15, 2014 A LEADING thinktank is calling on politicians to cut National Insurance in order to lift low and middle-income workers out of financial hardship. Liberal research group CentreForum warned all three major political parties that tinkering around the edges with a 10p tax rate and increases in the personal allowance will cost more and help fewer [...]
Punch Taverns risks defaulting if debt plan fails January 15, 2014 STRUGGLING pub chain Punch Taverns yesterday unveiled a plan to restructure its £2.3bn debt pile with lenders, with executives warning the plan was the only alternative to defaulting. The Association of British Insurers (ABI) hit out at the company’s actions, claiming that they had not seen the restructuring plans and only had limited interaction with [...]
Bottom Line: The pub group’s grim warnings failed to land a knockout blow January 15, 2014 THAT’S not the way to do it. Punch Taverns was well aware of the problem some of its lenders had with its restructuring plan as set out in December last year. Yesterday, it tried to bludgeon the opposition, announcing proposals it called final, the result of 14 months of engagement. Setting out certain concessions, it [...]
Shares jump on bullish forecast by World Bank January 15, 2014 A BULLISH economic forecast from the World Bank helped the FTSE 100 share index climb to an eight-month high yesterday. The World Bank, an international body that provides loans in a bid to combat poverty, said that the global economy “is at a turning point”, with growth expected to hit 3.2 per cent this year, [...]
Fund price war looms as Hargreaves cuts fees January 15, 2014 FUNDS group Hargreaves Lansdown yesterday unveiled a tariff for customers using its investment platform – the opening salvo in an looming price battle between fund supermarkets. The FTSE 100 group, based in Bristol, said customers will pay 0.45 per cent a year on the first £250,000 they invest and 0.25 per cent on investments of [...]
Eurozone GDP hopes boosted by trade data January 15, 2014 WEAK demand across the Eurozone saw the currency bloc’s trade surplus grow towards the end of last year, figures from Brussels have revealed. Exports of goods from the 17 countries that made up the euro area in November totalled €160.8bn (£133bn), Eurostat said yesterday, down two per cent compared to the same month a year [...]
Jupiter inflows up as investor confidence rises January 15, 2014 JUPITER Fund Management said clients added £510m of net inflows at the end of 2013 as more investors bought into its fixed income and equity funds. In a trading statement yesterday, the fund management firm said assets under management in the last three months of 2013 had increased to £31.7bn, with the strongest performance coming [...]
