Shareholders say no to Cairn executive pay May 17, 2012 OIL explorer Cairn yesterday became the latest firm to suffer a defeat on executive pay as 67 per cent of investors voted against the firm’s remuneration report But because the poll is non-binding it seems that the board are set to push ahead with the payouts – despite being hit by one of the largest [...]
Markets strive to price in cost of Greek exit May 17, 2012 IMF chief Christine Lagarde has warned that a Greek exit from the euro would be “extremely expensive” as analysts step up their war-gaming of a disaster scenario that would see Athens crash out of the single currency. Bank of America Merrill Lynch analysts have estimated that Greece will have just €1.3bn left by the end [...]
Fitch says top 29 banks need $556bn in equity May 17, 2012 RATINGS agency Fitch yesterday said the world’s top banks may need to raise a total of $556bn (£351bn) to meet tougher new capital rules, cutting returns by a fifth and forcing them to curb investor payouts and raise customer charges. The credit rating agency studied 29 banks named by G20 world leaders as being globally [...]
JPMorgan’s Dimon will testify before Congress May 17, 2012 JPMorgan chief executive Jamie Dimon has agreed to testify before the US Congress over his bank’s recent trading losses, which have ignited a political debate over whether large US banks need to be reined in by regulators or new laws. US Senate Banking Committee chairman Tim Johnson said in a statement yesterday that his panel will [...]
Gold moves off four-month low as investors eye low prices May 17, 2012 GOLD rose slightly yesterday, as buyers were enticed to the market because of its relatively low price. However, the 2.51 per cent rise to $1575.20 still leaves gold well below its recent $1795 peak in March as investors steer clear of the traditional safe haven despite renewed Eurozone worries hitting other assets like stocks and [...]
Facebook must prove itself on ads and growth May 17, 2012 FACEBOOK will celebrate its flotation with an all-night “hackathon” at its Californian headquarters, a company tradition in which programmers work on side projects that sometimes turn into mainstream offerings. But after the party the firm will have to focus on proving to investors that it really is worth more than $100bn (£63bn). Despite being the [...]
Social Networkers: the instant billionaires set to benefit from Facebook May 17, 2012 MARK ZUCKERBERG Facebook founder and chief executive Stake: 27.9% The Harvard dropout, who created Facebook in his college dorm room in 2004, will control 55.8 per cent of the voting power after Facebook’s IPO. JIM BREYER Angel investor Stake: 11.2% Jim Breyer, a partner at Accel, was one of Facebook’s earliest investors. He is selling [...]
Defeat will ruin Chelsea, says Ribery May 17, 2012 BAYERN Munich star Franck Ribery has heaped pressure on Chelsea ahead of tomorrow’s Champions League final, claiming the Blues would struggle to recover from another near miss in the competition Roman Abramovich prizes highest. The success or failure of Chelsea’s season – and perhaps manager Roberto di Matteo’s position – rests on whether they can [...]
Pienaar kicks Ulster’s import critics to touch May 17, 2012 ULSTER scrum-half Ruan Pienaar insists the Heineken Cup final underdogs are not reliant on him and his fellow South African imports as they prepare to collide with Leinster in tomorrow’s historic all-Irish European showdown. World Cup winner Pienaar’s lethal kicking has propelled Ulster to the frontier of a monumental triumph, not least in last month’s [...]
Broad’s six of the best give England edge May 17, 2012 ALL-ROUNDER Stuart Broad admitted his pride after a six-wicket haul on an encouraging opening day of the first Test against West Indies elevated him to a select group of England greats. The Nottinghamshire man took 6-72 as England reduced the tourists to 243-9 at Lord’s, with evergreen batsman Shivnarine Chanderpaul offering by far the sternest [...]
