Bonuses for US bankers soar to $20bn in 2009 February 23, 2010 US banks paid out a total of $20.3bn (£13.1bn) in bonuses for 2009, up 17 per cent from a year earlier, according to figures released yesterday from New York’s tax department. The pool could top $55bn, nearly triple the previous record year, as markets recovered from their worst downturn in decades. According to comptroller, Thomas DiNapoli, [...]
Intended pay rise for HSBC boss blocked February 23, 2010 HSBC chief executive Michael Geoghegan will not see a planned 36 per cent hike in his salary this year after the bank yielded to continued protests by shareholders. The London-based bank had toldshareholders it intended to raise Geoghegan’s salary to £1.4m, it is understood, at the same time it also proposed to hike finance director [...]
SPORT | IN BRIEF February 23, 2010 Goode signing for Worcester RUGBY UNION: Relegation-threatened Worcester have landed a coup by completing the signing of England international fly-half Andy Goode for next season. The Brive star will make the move to Sixways after finishing a five-week deal with South African Super 14 side, Sharks. Warriors director of rugby Mike Ruddock is a long-term [...]
VT investors vent spleen as Babcock’s offer turns into Takeover Panel wrangle February 23, 2010 SHAREHOLDERS in services company VT Group are growing increasingly frustrated at the board’s refusal to engage with shipbuilder Babcock over its £1.25bn indicative offer. Several investors told City A.M. they could not understand the reluctance of chief executive Paul Lester to discuss the raised approach, which values VT at 685p to 715p per share depending [...]
FOOTBALL | IN BRIEF February 23, 2010 Redknapp hopeful on Lennon TOTTENHAM boss Harry Redknapp has eased fears over Aaron Lennon’s latest injury setback, insisting the winger could be back in action in a couple of weeks. The 22-year-old suffered a setback on his return from a groin injury in training on Monday and scans have now revealed a new tear in [...]
Blacks tries to keep £22m deal on track February 23, 2010 LAST MINUTE negotiations were taking place yesterday in an attempt to avoid a bitter clash between shareholders at today’s meeting of outdoor clothing specialist group Blacks. Blacks shareholders are due to vote on a £22m refinancing of the group – but the whole exercise has been thrown into jeopardy because of a surprise purchase from an [...]
Hedge funds do not create a systemic risk, concludes FSA February 23, 2010 FEARS over the systemic risk posed by the UK’s largest hedge funds are overblown, a Financial Services Authority (FSA) report suggested yesterday. Widespread concerns over the borrowing used by fund managers were dampened by figures showing the likes of Brevan Howard Asset Management and GLG Partners use 200 per cent gearing on average, a relatively [...]
Abbey Road future guaranteed after it is granted listed status February 23, 2010 Abbey Road, the recording studios made famous by the Beatles, was designated a historic site by the government yesterday to protect the pop music shrine against any plans to radically alter it. Reports last week that owners EMI were to sell the studios attracted worldwide interest and sparked fears the site might be converted into [...]
Greece nears bond issue February 23, 2010 THE bond markets were full of talk yesterday that Greece was close to issuing a 10-year bond, possibly within the next few days. The issue, which would be the second for Greece this year – and the first since European Union leaders declared their political support for Greece’s borrowing programme – is widely seen as [...]
King: More QE may be necessary February 23, 2010 BANK of England governor Mervyn King warned yesterday that the current troubles in the Eurozone could derail Britain’s economic recovery and an extension of the Bank’s emergency £200bn quantitative easing programme may be needed if the economy deteriorates further. Speaking in front of the Treasury Select Committee, King said that recovery in the Eurozone appeared [...]
