BT denies its new executive pay plan is in response to investor pressure July 5, 2009 TROUBLED telephone operator BT has denied its programme of cutting base salaries for its executives to below the industry standard is designed to head off a shareholder revolt at a shareholder meeting this month. The group said its remuneration committee began the changes as early as 2007, and they are designed to motivate staff to [...]
Tax code may become law if banks resist July 5, 2009 THE GOVERNMENT’S code of practice for banks on tax could become law if financial institutions do not behave in a manner consistent with the voluntary scheme, Treasury sources said yesterday. The code, unveiled by financial secretary to the Treasury Stephen Timms last week, asks banks to act in a manner consistent with “both the letter [...]
Qinetiq: 1.3bn shortfall plugged July 5, 2009 A group of defence firms led by Qinetiq has said there is no longer a £1.3bn gap in a military training programme. The group, known as Metrix, has said the issue over the project, a £12bn plan to centralise technical training in Wales, has been resolved. The shortfall came to light after a Ministry of [...]
Wall Street to trade state IOUs July 5, 2009 IOUs being issued by the US state of California are set to be traded on Wall Street, with interest already mounting from bodies like hedge funds and government bond traders. Teams are being set up to broker the IOUs, which Bank of America and Wells Fargo have agreed to accept as deposits after the government [...]
CBI calls for stay-at-home pay July 5, 2009 Industry leaders have suggested new legislation allowing firms to pay staff small amounts to stay at home for a fixed period, instead of making them redundant. The “Alternative to Redundancy” proposals by the CBI of a low-paid “limbo” for staff would allow firms to retain employees rather than losing them altogether when times get tough. [...]
CIRCLING FRIENDS July 5, 2009 Internet entrepreneur Peter Dubens is on the shortlist to buy Friends Reunited from ITV. The broadcaster, which paid £175m for Friends, may sell it for as little as £20m. Dubens runs a private equity arm called Oakley Capital.
BoA overtakes UBS in wealth manager league July 5, 2009 BANK OF AMERICA (BoA) has officially overtaken Swiss rival UBS as the number one wealth manager for rich investors thanks to its merger with rival Merrill Lynch, a survey has said. The group now oversees a giant $1.5 trillion (£921bn) in assets, slightly more than UBS that has suffered heavily from client withdrawals of funds [...]
Hedge funds enlist Boris in fight against EU plans July 5, 2009 LONDON’S role as a financial centre will be damaged unless the UK can secure changes to the European Commission’s proposals on the regulation of hedge funds, alternative investment managers will tell London mayor Boris Johnson this week. Paul Marshall of the Alternative Investment Managers’ Association (Aima) will join forces with Simon Walker, chief executive of [...]
Darling ready for battle on bonuses July 5, 2009 CHANCELLOR Alistair Darling will put himself on a collision course with City bankers this week, with the release of a white paper on regulation that will seek aggressive curbs on remuneration. The chancellor’s vision of a new regulatory system, which could be unveiled as soon as Wednesday, will not include changes to the tripartite structure [...]
Sir John Bond weighs in to Kleinwort bid July 5, 2009 KLEINWORT Benson, one of the oldest and most august banking names in the City, appears to have a future. Germany’s Commerzbank is on the very brink of sealing a deal to sell off the 150-year-old private bank to a tripartite consortium of management and City and private equity backers, it has emerged. City sources said [...]
