Rangers buyout finally agreed May 13, 2012 Former Sheffield United chief executive Charles Green has agreed a deal to buy Rangers. “This is a great club with a tremendous history,” said Green, whose £8.5m bid is being backed by a global consortium.
Shareholder Spring claims new casualties May 10, 2012 THE SHAREHOLDER Spring continued to blossom yesterday as investors rejected another executive pay settlement. Pendragon, Britain’s leading car dealer, was forced to back down on plans to increase its directors’ pay packets after 67 per cent of shareholders voted against its remuneration report. Meanwhile almost half of Trinity Mirror investors voted against the proposed pay [...]
JPMorgan admits $2bn loss from failed hedge May 10, 2012 JPMORGAN CHASE, America’s largest bank, admitted late last night that it had taken an unexpected $2bn (£1.2bn) loss after a hedging strategy failed. In a hastily arranged conference call chief executive Jamie Dimon told analysts that the mistakes were “egregious” and that it was a “bad strategy, badly executed and poorly monitored”. “It could get [...]
Creditors could face huge losses in Greek euro exit May 10, 2012 THE first polls since Greeks headed to the election on Sunday showed a dramatic rise in support for anti-bailout party Syriza yesterday, indicating the far left party would now be the biggest party if the new elections were held. The findings saw the party’s support grow to 27.7 per cent, up from 16.78 per cent [...]
US shareholders have slashed CEO pay by 38pc since 2000 May 10, 2012 IT is often said that the problem with the pay of UK CEOs is that they are becoming too much like their American counterparts. The argument is that – supposedly – US bosses have seen their pay spiral out of control, especially in recent years, and that their British counterparts are now following suit. But [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 10, 2012 FINANCIAL TIMES Qatar targets 10 per cent of Xstrata Qatar’s sovereign wealth fund plans to buy at least 10 per cent of Xstrata as part of a long-held strategy to invest in Glencore, suggesting the Gulf state could provide crucial support to the pair’s $90bn merger deal. Several of Xstrata’s shareholders said they would oppose [...]
Markets expect more pain to come in Spain May 10, 2012 ANALYSTS do not think that the measures announced by Spain’s government today to shore up its banking system will be enough. Madrid is expected to unveil a plan to improve the strength of its banks, which the Bank of Spain has estimated are saddled with €184bn (£148bn) of dodgy property loans made during the bubble. [...]
Firms head for a $46 trillion credit crisis May 10, 2012 FIRMS worldwide are heading for a “perfect storm” as they desperately try to raise up to $46 trillion (£25 trillion) to refinance their debts and fund fresh spending just as banks seek to scale down their balance sheets further to reduce risk, according to an influential report. Non-financial companies in the Eurozone, UK, US, China [...]
US and UK plan to end too big to fail this year May 10, 2012 THE UK and US now expect large banks to have resolution plans or “living wills” in place by the end of this year – despite a delay caused by the EU – which they hope will prevent taxpayers from having to bail out a failing bank ever again. The FSA said yesterday that its publication [...]
Warren Buffett gives backing to improved bid for Avon cosmetics May 10, 2012 WARREN Buffett yesterday gave his financial backing to a sweetened $10.7bn (£6.6bn) takeover bid from cosmetics firm Coty for its far larger rival Avon. In April Coty made an offer to buy Avon, which is three times its size in revenue, for $23.25 per share. It has since raised its offer 6.5 per cent to [...]
