Clegg warns over bankers’ bonuses January 5, 2012 The government plans tough action to rein in what it regards as excessive bank bonuses, Deputy Prime Minister Nick Clegg said on Thursday, firing a warning shot ahead of the annual round of payments. “It’s the Liberal Democrats who have led the debate on clamping down on bankers’ bonuses and we must be just as [...]
RBS hires Lazard for investment bank shake-up January 5, 2012 Royal Bank of Scotland has hired investment bank Lazard to advise it on a scale-back of its investment banking arm, including options to sell parts of the business, a source with knowledge of the matter said. “It is part of the ongoing review that was launched in November, and it includes options to sell parts [...]
Oil explorer Cove puts itself up for sale January 5, 2012 British oil and gas explorer Cove Energy said on it had put itself up for sale and would conduct a formal sale process through its advisor Standard Bank. The company said in December it had offered data to parties who had expressed an interest in acquiring its 8.5 per cent stake in the Rovuma Area [...]
JJB sales up 5pc January 5, 2012 JJB Sports has said like-for-like sales rose five per cent in the four weeks to 26 November. Like-for-like sales for the 21 weeks to 26 December were down 7.8 per cent. But that was an improvement on the 17.7 per cent fall reported for the previous six months. JJB said the consumer environment was still [...]
Clinton Cards hit by “tough” Christmas trading January 5, 2012 Clinton Cards has said it found trading “tough over the Christmas period. Like-for-like sales rose 0.4 per cent in the five weeks to 1 January. In the 22 weeks to 1 January like-for-like sales fell 1.4%. chief executive Darcy Willson-Rymer, who took over in October, is in the middle of a review aimed at getting [...]
Swissie scandal engulfs governor January 4, 2012 SWISS National Bank governor Philipp Hildebrand will today break his silence on controversial currency trades made by his wife. Hildebrand has come under increasing pressure to clarify events, after details of foreign exchange transactions made from his personal accounts at Swiss private bank Sarasin were leaked by one of its employees to lawyers for the [...]
Threat to prized risk-free status of sovereign bonds January 4, 2012 THERE is growing support among international regulators for ditching the prized “risk-free” status of sovereign bonds, a senior UK regulator has told banks in a private briefing. The FSA’s Paul Sharma, head of its prudential policy division, updated banks last month on talks over the details of the Basel III capital regime. He said many [...]
EU sanctions on Iran prompt oil price spike January 4, 2012 EUROPEAN diplomats unveiled an agreement to block imports of Iranian crude yesterday, sending oil prices soaring to a seven week high. Brent crude futures touched $113.97 per barrel, up 2.4 per cent on the day, before settling at around $113. Benchmark US crude edged over $103 after climbing more than $4 in the previous session. [...]
Firms fear red tape and euro January 4, 2012 THE EUROZONE crisis is the most important issue facing the UK economy, but the government should do more to support the financial services industry and slash the red tape damaging any hopes of recovery, top London businesses told Ipsos Mori’s Captains of Industry survey. The level of regulation on UK businesses is harming the economy [...]
European banks face next big hurdle January 4, 2012 THIS is the deal of all deals, one of the many bankers working on the £6.2bn cash call at Italy’s largest bank UniCredit said to me yesterday. As far as those in the capital markets are concerned, the new year festivities are well and truly over. The forthcoming blockbuster fund-raising exercise for UniCredit provides the [...]
