Bottom Line: Pay must match performance if firms want to attract the best February 19, 2013 WITH so much focus on the latest bonus controls that EU politicians want to slap on Europe’s banks, it’s sometimes easy to forget just how severely economic uncertainty has already slashed pay. It’s also often forgotten that banks aren’t just populated by the deal-makers that attract the public’s attention – behind every rainmaker there’s a [...]
Steel maker eyes £50m rights issue February 19, 2013 STRUCTURAL steelwork maker Severfield-Rowen yesterday said it was looking at a £50m rights issue, as it said it would take a £20.1m hit thanks to spiralling costs on a number of contracts. In a review of 70 of the company’s contracts, Severfield-Rowen said it would take close to a £10m charge in relation to the [...]
4G off to a slow start as EE fails to woo users February 19, 2013 THE LAUNCH of the UK’s first 4G mobile network has so far failed to convince Vodafone and O2 customers to switch to EE, company results suggested yesterday. EE, which owns Orange and T- Mobile as well as its new self-branded network, signed 201,000 new customers to contracts during the final quarter of last year. The [...]
Amplats halts production as strikes erupt February 19, 2013 WILDCAT strikes halted production at South African mining giant Anglo American Platinum yesterday, following violence which erupted earlier this week. Employees in the Rustenberg and Pilanesburg areas went on strike, effectively suspending mining operations at all of Amplats’ mines in South Africa yesterday. A spokeswoman for the beleaguered platinum miner confirmed that the employees would [...]
Rent prompts office moves February 19, 2013 LONDON’S escalating rents are forcing two-thirds of businesses to consider moving offices, a new study seen by City A.M. has found. A OnePoll survey commissioned by outsourcing specialist Capital Capture found that 63 per cent of firms in the finance, IT, legal and insurance industries have considered moving, with over half blaming property-relating costs. Nearly [...]
Treasury in tax evasion deal with the Manx February 19, 2013 HUNDREDS of millions of pounds in unpaid back taxes will be recouped next year under a new agreement with the Isle of Man, the Treasury announced yesterday. A disclosure facility aims to claim taxes on undeclared incomes back to 1999, while an automatic tax information exchange agreement should prevent similar tax evasion occurring in the [...]
Bank of America pays its boss Moynihan $12.1m as shares rise February 19, 2013 BANK of America boss Brian Moynihan’s pay increased 73 per cent to $12.1m (£7.8m) in 2012 from the previous year, as the bank gave him a bigger package of stock awards. The second-largest US bank gave Moynihan 926,238 shares of stock in three types of grants, including restricted shares and performance-based shares, according to a [...]
City Moves for 20 February 2013 | Who’s switching jobs February 19, 2013 Broadwalk Asset Management Mark Shepperd will join the asset management firm as a senior analyst. He was most recently a senior adviser in the investment banking division at UBS, and previously spent 20 years running its support services team Scipion The African commodities investment firm has appointed Georgina Fleming to oversee product management and development. [...]
Bottom Line: LinkedIn shows the power of harnessing social media February 19, 2013 LINKEDIN, the social network for professionals, this week ran a fantastically successful social marketing campaign, showing how one social network can harness the power of another to get its message out. To celebrate reaching 200m profiles, LinkedIn sent emails to many of its users congratulating them on being in the top 10 per cent, five [...]
Bancolombia snaps up HSBC Panama assets February 19, 2013 BANCOLOMBIA, Colombia’s largest lender by assets, agreed to purchase HSBC Bank SA Panama for $2.1bn (£1.36bn), the most ever paid by a local bank and the latest in an expansion wave by financial entities into Latin America. The acquisition includes HSBC Panama’s brokerage, fiduciary services unit, banking business and its insurance company, Bancolombia said in [...]
