WHAT THE OTHER PAPERS SAY THIS MORNING May 9, 2012 FINANCIAL TIMES CRH to build on stake in China CRH blamed bad weather in Europe in the first quarter and volatility caused by the Eurozone debt crisis for reduced earnings in the first four months of the year in spite of a stronger recovery in the US market than expected. The Irish building materials group said [...]
What’s in the queen’s speech May 9, 2012 ■ Enterprise and Regulatory Reform: Bill aimed at streamlining business by merging competition regulators, reforming employment tribunals and granting investors a binding vote on executive pay. ■ Banking Reform: Banks must ring-fence retail and investment arms. ■ Groceries Adjudicator: Major retailers must treat suppliers fairly. ■ Energy: More restrictions on coal power emissions, incentives to [...]
PwC shuffles top UK staff May 9, 2012 PwC has picked Kevin Ellis as its new UK managing partner, replacing Richard Collier-Keywood as he moves to oversee the firm’s global strategy. Ellis, head of the advisory business for the last four years, joined the firm in 1984 and became a partner in 1996. Global deals leader John Dwyer and head of consulting Ashley [...]
Fannie Mae back in profit May 9, 2012 Fannie Mae, the largest backer of loans in the US housing market, yesterday posted a profit and said it would not need more taxpayer aid for the first time since the height of the financial crisis in late 2008, when it was rescued by the government. In a new sign that the US housing market [...]
City bonuses to crash to lowest level since 1998 May 9, 2012 CITY bonuses for the current financial year are set to collapse to the lowest level in fourteen years according to new analysis. For 2012/2013 performance-based bonuses are expected to total £2.3bn – a near 50 per cent crash from this year’s £4.4bn total and less than a fifth of the £11.6bn peak in 2007/08, according [...]
Prudential continues to eye up Asian relocation as profits rise May 9, 2012 PRUDENTIAL yesterday repeated its threat to relocate outside the European Union if the insurer fails in its campaign to rewrite capital rules that could bankrupt its American unit. Britain’s biggest insurer, which made 88 per cent of its profit outside Europe last year, warned in February that it might redomicile if the EU did not [...]
FED COULD RAISE INTEREST RATES THIS YEAR May 9, 2012 RECENT improvements in the US economy should mean the Federal Reserve’s next policy move will be to raise interest rates, possibly by the end of the year, Minneapolis Fed president Narayana Kocherlakota said yesterday. “I would say in six to nine months we should begin to be thinking about initiating our exit strategy,” he explained.
US Export-Import Bank lives on May 9, 2012 The House of Representatives yesterday voted to renew the US Export-Import Bank’s charter until September 2014 and gradually raise its lending cap to $140bn, disappointing conservative groups who want the nearly 80-year-old bank to die. The bill now goes to the Senate, which is under pressure to approve the legislation before the Ex-Im Bank’s temporary [...]
Facebook yet to monetise on ads May 9, 2012 Facebook, currently in the middle of its IPO roadshow ahead of a mega flotation next week, yesterday issued yet another amendment to its S1 filing. The social network warned that the growing number of Facebook users on mobile devices could harm revenues, as the website shows fewer ads in mobile format. The company reminded potential [...]
Aviva ex-boss loses share bonus May 9, 2012 Aviva’s former chief executive Andrew Moss waved goodbye to a £2.4m bonus after quitting the insurance firm earlier this week. Moss was considered by the remuneration committee not to be a “good leaver” and will not be paid two bonus schemes’ worth of deferred shares. Nonetheless, Moss will still pocket a £1.75m golden goodbye. MORE [...]
