Daniels’ bonus could be slashed December 4, 2011 Lloyds Banking Group could withhold up to half the 2010 bonus awarded to former chief executive Eric Daniels. Lawyers for Lloyds’ remuneration committee have told Daniels and other senior executives that the bank plans to withhold some of the bonuses announced in February. The “claw back” comes after Lloyds made a £3.2bn provision against complaints [...]
SFO boss calls for prosecutions December 4, 2011 Financial institutions and individuals should be subject to criminal prosecution for the kind of “reckless” behaviour that contributed to the financial crisis, the outgoing director of the Serious Fraud Office told the Sunday Telegraph. Richard Alderman said: “What I am thinking of is some kind of offence of being involved with recklessly running or being [...]
SAP snaps up cloud expert in £2bn deal December 4, 2011 SAP, the largest business-management software provider, on Saturday announced a $3.4bn (£2.18bn) deal to buy SuccessFactors in a move to extend its reach in the cloud computing market. The cash deal will see the US web-based software company, which has more than 15m subscribers across 168 countries, sold for $40 per share – a premium [...]
Zodiak circles Twilight vendor December 4, 2011 Entertainment One, the distributor of the Twilight films (pictured, right) in the UK and Canada, has been approached by Zodiak Media Group about a £400m reverse takeover approach, according to reports. Discussions are understood to be at an early stage between the two television production and distribution businesses, whose merger would create a media group [...]
David Lloyd Leisure prepares to hire investment bank to assess its options December 4, 2011 GYM chain David Lloyd Leisure is preparing to appoint an investment bank to advise on its strategy, according to reports. The company, which is owned jointly by Caird Capital, the private equity firm whose investors include Lloyds Banking Group, and London & Regional, the property firm owned by the billionaire Livingstone brothers, held a board [...]
DEVELOPERS GIVE UP BATTERSEA FIGHT December 4, 2011 REAL Estate Opportunities, the Irish developer behind the regeneration of Battersea Power Station, is resigned to the fact that the landmark site will enter administration this week. Malaysia’s SP Setia will now wait for the lenders – Lloyds and Ireland’s National Asset Management Agency – to seize control before making another bid for the debt [...]
MTR eyes two UK rail routes December 4, 2011 MTR CORPORATION, the company that operates Hong Kong’s metro system, is believed to be working on plans to bid for two more British rail franchises. The Hong Kong group is keen to operate the c2c (Essex Thameside) and Thameslink franchises, according to weekend reports. The Department for Transport is understood to be inviting bids for [...]
Russia miners to add weight to bluechips December 4, 2011 RUSSIA’s presence on the UK’s top share index will go up this Wednesday if two of its newly London-listed metals and mining groups are admitted in the quarterly changeover of its constituents. Evraz, the steelmaking group part-owned by Chelsea owner Roman Abramovitch, and Polymetal, Russia’s biggest silver producer, have each swapped their global depositary receipt [...]
Short sellers eye Weir Group and retailers in the FTSE 100 December 4, 2011 HEDGE funds substantially increased their short positions on engineering company Weir Group in November after the company disappointed investors with its trading update mid-month, new data from Data Explorers shows. Short interest in Weir Group, measured by the percentage of its shares borrowed by investors, has doubled in the past two months to 7.14 per [...]
Russian IPOs have provoked serious debate, but they make great returns December 4, 2011 HACKLES may be raised at some City institutions after this quarter’s FTSE reshuffle as the UK’s top blue-chip index is filled with yet more emerging markets miners. Adding two Russian metals players to the FTSE 100 has started a serious debate over how much share capital a firm must float to give minority investors a [...]
