UBS SCRAPS BONUSES FOR SENIOR STAFF February 10, 2010 UBS has scrapped a bumper bonus for senior executives because it did not make a profit last year. The bank had intended to honour part of a three year incentive scheme that would have paid top bankers £180m, but Oswald Grübel (pictured), the chief executive officer, said: “The critical condition, a net profit for 2009, [...]
Infineon faces battle over chair February 10, 2010 Infineon could see its chairman-designate blocked today by shareholders in what would be a milestone for corporate governance in Germany. Shareholders in the German chipmaker – led by Hermes, the UK fund manager owned by the BT pension scheme – have led a month-long campaign to bar Klaus Wucherer, a long-time Infineon non-executive director, as [...]
De Beers set to reap £1bn cash February 10, 2010 De Beers is set to announce a $1bn (£641m) cash injection today to recapitalise the diamond miner. Mining company Anglo American, which owns 45 per cent of De Beers, will contribute $450m, South Africa’s Oppenheimer family will add $400m and the government of Botswana will contribute $150m. The cash injection is similar to a rights [...]
NY Times beats profit forecasts February 10, 2010 The New York Times warned yesterday that print newspaper advertising will continue to decline, sending shares down nearly nine per cent, even as the company slashed costs to reach a higher-than-expected fourth-quarter profit. Total fourth quarter revenue fell 11.5 per cent to $681.2m (£436m), compared with the average analyst estimate of $653.2m. Income from continuing [...]
Goldmans Sachs keeps bonuses February 10, 2010 Goldman Sachs last night refused to commit to slashing future bonuses. David Viniar, chief financial officer said: “People ask me if this is the new normal … There is no formula. We tried to strike the balance right and we’ll try to strike the balance right this year.”
Bernanke will tighten fiscal screws on US February 10, 2010 Federal Reserve chairman Ben Bernanke indicated the central bank will soon begin tightening the screws on the US money supply. He said the central bank will reduce the stimulus package by removing some cash from the financial system and then raising interest rates. The cuts will not be implemented for some time but the statement [...]
Possible solution to Eurozone debt woes boosts FTSE 100 February 10, 2010 BRITAIN’S leading shares added 0.4 per cent yesterday as financial issues drew strength from a possible solution to Eurozone debt worries, offsetting a retreat by heavyweight commodity shares. The FTSE 100 ended 20.15 points higher at 5,131.99, recovering from a session low of 5,105.30 in the afternoon but still well below the morning peak of [...]
China trade jump reveals solid exit from downturn February 10, 2010 Imports to China surged by a massive 85 per cent in January, and the trade surplus fell to $14.17bn (£9.4bn), down from $18.43bn in December. Exports continued to grow by 20 per cent, exceeding analyst expectations. A favourable comparison to last year helped to boost imports in January, but overall, the trade data released yesterday [...]
Pantheon is sold to US rival AMG in £500m deal February 10, 2010 Affiliated Managers Group yesterday said it plans to buy British private equity group Pantheon Ventures, in the US money manager holding company’s fifth acquisition in seven months. AMG, which has been pushing hard into alternative assets like hedge funds and into foreign markets in the last years, also said it has millions on hand to [...]
US stocks dip after Bernanke strategy February 10, 2010 US stocks dipped yesterday as worries over Federal Reserve Chairman Ben Bernanke’s strategy after the economy recovers offset optimism about a possible rescue for debt-burdened Greece. Trading volume was light, with many participants leaving early because of an East Coast snowstorm. The French daily Le Monde wrote that France and Germany were set to present [...]
