Five lessons to be learnt from the accelerating Eurogeddon June 6, 2012 HERE are a few observations on the latest developments in the Eurozone crisis. 1) The markets are desperate, short-termist bailout junkies. Their bounce yesterday was all to do with the hope of more QE or taxpayers’ cash to bail out Spanish banks. The fact that this would mean well-managed countries picking up bills incurred by [...]
FTSE pension fund black hole soars to £120bn June 6, 2012 THE collective pension fund deficit of FTSE 350 companies has risen threefold to £120bn in just a year as historic final salary schemes continue to take their toll. The research, from Barnett Waddingham, showed that more than 220 companies in the index sponsor a defined benefit scheme. The sharp rise in the deficit at the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 6, 2012 FINANCIAL TIMES Mittal reduces China steel ambitions Lakshmi Mittal has signalled a dramatic scaling back of ArcelorMittal’s ambitions to expand in China’s steel industry through an agreement to cut the company’s stake in one of the country’s top metals producers. The chairman, chief executive and main owner of the world’s biggest steelmaker had hoped to [...]
France cuts retirement age to 60 June 6, 2012 French President Francois Hollande fulfilled a key election promise to cut the state retirement age for some workers from 62 to 60 yesterday, despite warnings that the indebted government cannot afford extra spending on benefits. The change affects those who have spent at least 41 years in labour-intensive jobs. The government believes it will cost [...]
Clegg keen to cut pension perks June 6, 2012 The coalition is set for further division after reports Liberal Democrat leader Nick Clegg is backing calls for cuts in pension benefits such as winter fuel payments and free bus passes. David Cameron is said to be adamant that the Tories should keep to a pledge made before the general election that the payments remain. [...]
Babcock rises to FTSE 100 as Man demoted June 6, 2012 HEDGE fund manager Man Group discovered last night that it will lose its coveted spot in the FTSE 100, following the index’s quarterly review. It will be replaced by services firm Babcock, which owns a variety of defence interests, including Plymouth’s Devonport Shipyard and a contract from the Ministry of Defence to support the development of [...]
Nasdaq offers a $40m apology after Facebook’s botched float June 6, 2012 NASDAQ yesterday apologised for botching Facebook’s first day of trading as its $40m (£25.8m) compensation offering was approved by regulators. Chief executive Robert Greifeld said the stock exchange “owes the industry an apology” for the technical problems that plagued Facebook’s Nasdaq debut on 18 May. The tech-favourite bourse said it will offer $13.7m in cash [...]
Aeroflot set to list in London June 6, 2012 AEROFLOT, the state-controlled Russian airline, is planning a secondary listing on the London Stock Exchange followed by a placement of around 13 per cent of its stock in 2012-2013, reports claimed yesterday. The company, in which the Independent newspaper owner Alexander Lebedev has a 15 per cent stake, is on the list of companies the [...]
Key BP papers may come out June 6, 2012 A CONFIDENTIAL document at the heart of BP’s disputes with its partners in Russian oil company TNK-BP may become public under legal amendments agreed by Russia’s competition watchdog, its deputy director said yesterday. BP and the AAR consortium of four Soviet-born tycoons, who share control of the Russian oil producer, have traded accusations of breaching [...]
WPP takes on critics over Sir Martin’s pay June 6, 2012 ADVERTISING giant WPP yesterday closed ranks around its chief executive Sir Martin Sorrell, who is fending off a shareholder rebellion over his 30 per cent rise in basic pay and £12.9m overall payout for last year. Writing in today’s City A.M. Jeffrey Rosen, chairman of WPP’s compensation committee, said the firm “believes in rewarding performance” and [...]
