Tobin tax could cost EU billions January 8, 2012 A EUROPEAN Tobin Tax would knock GDP and end up costing governments billions of euros in lost revenue, accounting firm Ernst &Young will argue today – yet France looks set to press ahead with the tax without waiting for pan-European agreement. The European Commission’s estimation that a financial transactions tax (known as a Tobin Tax) [...]
Cameron right to back shareholders January 8, 2012 SO David Cameron believes in capitalism after all. His proposal to give shareholders a binding vote on the pay of their CEOs is sound. Companies are owned by shareholders, not directors, government, workers or busybodies; it is shareholders’ job to be involved in key decisions and not become absentee landlords. Rewards for failure in business [...]
Lloyds boss back at work January 8, 2012 LLOYDS boss António Horta-Osório will return to Gresham Street today for his first day of work since going on sick leave in November due to insomnia. It is understood he will spend the first week meeting with executives in order to talk over their roles and revamp his management style to share more of the [...]
Keeping tabs on directors’ pay January 8, 2012 Current system ● REMUNERATION COMMITTEES Each FTSE-listed company has a remuneration committee, which is made up of non-executive directors. These people are often City veterans who have held director-level positions at other public firms and are hired to provide advice to the board. ● PAY PACKAGES The committee decides on a salary, bonus and pension [...]
WHAT THE OTHER PAPERS SAY THIS MORNING January 8, 2012 FINANCIAL TIMES CAMERON RISKS FURY OVER EXTRA IMF CASH David Cameron has left open the door to Britain giving billions of pounds of new support to the International Monetary Fund – and indirectly to ailing members of the Eurozone – in a move likely to infuriate eurosceptic MPs in his own conservative party. Extra British [...]
US threatens Iran over Strait January 8, 2012 The US made an overt threat to take military action if Iran carries through with its threat to blockade the Strait of Hormuz, a major thoroughfare for transport of global oil supplies. Defence secretary Leon Panetta said: “We made very clear that the United States will not tolerate the blocking of the Strait of Hormuz… [...]
Scottish independence decision January 8, 2012 The government will announce soon whether a Scottish vote for independence from Britain would be legally binding, Prime Minister David Cameron said yesterday. Cameron told the BBC uncertainty over the timing, result and legal implications of the referendum planned by the party in power in Scotland were damaging the Scottish economy. The pro-independence Scottish National [...]
High speed railway plans split nation January 8, 2012 TRANSPORT secretary Justine Greening could make a decision as soon as tomorrow regarding HS2, the proposed high speed railway linking London with the north which has been dividing the UK. The £32bn project would see a 100-mile connection created by 2026 between London and Birmingham, cutting the journey time down to 49 minutes, with extensions [...]
Basel III to loosen its liquidity rules January 8, 2012 BANKS will be allowed to run down their reserves of liquid assets below the minimum “during a period of stress”, the committee in charge of setting the Basel III rules has decided. In an update last night, the Basel Committee said that it would provide specific criteria for when and how banks would be allowed [...]
City success of 2011 fades on euro crisis January 8, 2012 FINANCIAL services firms experienced an unexpected acceleration in business volumes in the final three months of 2011, but remain pessimistic about future conditions, according to the Confederation of British Industry’s (CBI) survey of the sector, published today. Business activity rose for the seventh consecutive quarter, while incomes rose for the whole year. However employment levels [...]
