BP profit falls as Gulf spill takes toll May 1, 2012 Oil najor BP reported a bigger-than-expected drop in profits despite an increase in crude prices, as production fell after it was forced to sell fields to pay for the Gulf of Mexico oil spill. London-based BP added it would continue its disposal programme, putting some smaller fields in the Gulf of Mexico on the block. [...]
FTSE losses limited by Aberdeen April 30, 2012 The FTSE 100 was solid this morning as Aberdeen Asset Management reported a bounce back in client funds, making it the top riser. Investors have been spooked by the Eurozone crisis, which has re-emerged with the debt woes of the likes of Italy and Spain again laid bare. London’s blue chip index has also been [...]
Qatar in investment with Barclays’ resource unit April 30, 2012 Qatar has signed a deal to co-invest $250m (£153m) with Barclays’ natural resources private equity investment unit, underlining the gas-rich Gulf state’s desire to plough some of its commodity wealth back into the sector. The investments in Barclays Natural Resources Investments’ portfolio companies will be done through Qatar Asset Management Company, a joint venture between [...]
NAB to cut 1,400 UK jobs April 30, 2012 National Australia Bank will cut 1,400 jobs in the UK and take charges of $740m(£454.4m) after deciding it was too hard to sell or expand its UK banking business in a depressed market, it said as it flagged a record first-half cash profit. After a review of its UK unit, which comprises over 335 Clydesdale [...]
Aviva boss waives pay rise April 30, 2012 The chief executive of insurer Aviva, Andrew Moss, has waived his 2012 salary increase as part of a review of its executive pay policy launched in response to pressure from shareholders. The review will look at whether senior executives’ pay is justified by shareholder returns, and will also examine how much Aviva compensates executives who [...]
RBS M&A team to be spun off into boutique advisory unit April 30, 2012 Royal Bank of Scotland’s mergers and acquisitions (M&A) business will be spun off into a boutique advisory firm run by some of its current staff, the bank’s chief executive for the Middle East and Africa said. “The M&A bankers plan to form a boutique business,” Simon Penney said in Dubai. “It’s not clear as to [...]
Aberdeen profit rises April 30, 2012 Aberdeen Asset Management saw its underlying pre-tax profit rise 14 percent in its first half year after a recovery in client risk appetite boosted assets under management and the funds house improved its fee margins. The UK fund manager said in a statement on Monday its pre-tax profit rose to £162.2m in the six months [...]
Barclays shareholders revolt with a quarter voting against executive pay deals April 27, 2012 Barclays chairman Marcus Agius (pictured) has apologised to shareholders for badly communicating its pay policy to them, and promised higher dividends in future in an attempt to take the sting out of a row over the bank’s remuneration policy. More than a quarter of shareholders voted against remuneration packages including a multi-million pound deal for [...]
Lloyds ends exclusive branch sale talks with Co-op April 27, 2012 Lloyds has ended its exclusive talks with The Co-op to sell 632 branches, allowing it to discuss a possible deal with rival suitor NBNK. Lloyds said the exclusivity period with Co-op ended on Friday, and it will have detailed talks with NBNK if it is satisfied the start-up can get regulatory clearance for a deal. [...]
Credit Suisse hit by shareholder anger over pay April 27, 2012 Almost a third of Credit Suisse shareholders rejected the bank’s pay plan on Friday and UK rival Barclays was braced for a similar revolt as investors vented their fury at executive pay deals and called for a bigger slice of profits. Credit Suisse said 31.6 pct of investors who voted opposed the bank’s remuneration plan, [...]
