BoI offers share savings refund June 7, 2009 The Bank of Ireland has refunded up to €20,800 (£18,183) to staff who took part in a share savings scheme that left them out of pocket following the collapse in its share price. The scheme launched in late 2003 and allowed staff to build up a fund that could be used to buy shares at [...]
Starwood in IPO for toxic plays June 7, 2009 A fund affiliated with US private equity firm Starwood Capital Group has filed for an initial public offering of up to $500m (£313m) to invest in toxic assets, according to a regulatory filing. Starwood Properties Trust , created in May, plans to invest in commercial mortgage-backed securities sold under the U.S. government’s public-private investment program, [...]
LSE equity trading jumps in May June 7, 2009 The average daily value traded in equities on the London Stock Exchange increased nine per cent to £8.2bn in May compared with the daily average in April. However, the figure was still 36 per cent lower in comparison to the same month last year. The total equity value traded on the exchange in May was [...]
Tube strike still on despite new pay proposal June 7, 2009 LONDON Underground (LU) this weekend renewed its calls for the union RMT to call off a planned strike that will bring chaos to the capital’s transport network from tomorrow evening. Tube workers are set to walk out on strike for 48 hours. LU made a revised four–year pay offer of 1.5 per cent this year [...]
Treasury to recoup cash via Lloyds share placing June 7, 2009 LLOYDS Banking Group will effectively pay the Treasury back £2.3bn of the state aid it has received today, making it the first government-recapitalised British bank to repay part of its loan. The taxpayer will recoup the money as part of Lloyds £4bn share placing, aimed at repaying the £4bn in preference shares it issued to [...]
Vodafone row with Carphone resolved June 7, 2009 VODAFONE Group is expected to resume a sales agreement with Carphone Warehouse, ending a three-year dispute. It is understood that the deal would result in Vodafone mobile contracts being sold in Carphone’s 800 UK stores for the first time since 2006 when Vodafone switched to an exclusive agreement with Phones4U. Carphone said on Friday that [...]
BA pilots set for pay cut as airlines slump June 7, 2009 BRITISH AIRWAYS’ (BA) pilots will vote this week on whether to take a voluntary pay cut, after the airline’s chief executive Willie Walsh said it was in a “fight for survival”. The carrier, which has reported record losses, said yesterday that union talks would “step up” this week, as pilots are balloted on how BA [...]
DEUTSCHE KEEPS ITS MAN June 7, 2009 DEUTSCHE Bank’s star performer Anshu Jain has pledged his loyalty to the bank, despite rumours of a summer move to either Citigroup or Barclays. Jain, who has also advised the government on the financial crisis, is believed to be Deutsche’s top earner and was recently elevated to the bank’s board. He was thought to have [...]
Government debt raising aided by low interest rates, says BIS June 7, 2009 GOVERNMENTS can continue raising long-term debt in the knowledge that central banks’ monetary policy will keep short-term yields anchored at low levels, according to a Bank for International Settlements (BIS) study. Central banks and treasuries have forged closer working relationships since the financial crisis erupted almost two years ago and will continue to maintain these [...]
Sugar keen to keep TV role June 7, 2009 SIR ALAN Sugar will take his lead from Andrew Lloyd Webber – created a Tory peer in 1997 – when he hosts major BBC show The Apprentice while serving as a Labour peer, aides to the tycoon remarked to City A.M. yesterday following Tory complaints. A spokesman for Sugar, set to be made Lord Sugar [...]
