Report: Directors setting each others’ pay harms businesses April 2, 2012 BUSINESSES welcomed calls for more diversity in large firms’ remuneration committees yesterday, supporting claims that executive pay is too often decided by cliques of former bosses. The High Pay Centre think-tank’s report showed 46 per cent of pay committee members are current or former lead executives. Directors on the committees may find it hard to [...]
Councils bring court case over HS2 plans April 2, 2012 FIFTEEN local councils yesterday launched a judicial appeal against the government’s £33bn High Speed Two rail expansion plans. A group of councils under the name 51m have lodged the legal challenge because they claim residents from London Euston to the Midlands have not been consulted over the scheme. The rail link, which in its current [...]
Illumina rejects new Roche bid April 2, 2012 ILLUMINA said yesterday its board has unanimously rejected Roche’s increased offer to buy the genetic sequencing company for $51 per share, or $6.7bn (£4.2bn), saying it dramatically undervalued the company. Swiss drugmaker Roche last week raised its offer to buy Illumina from an initial overture of $44.50 per share in an effort to curry support [...]
Entwistle aims to raise £75m for new bank April 2, 2012 THE former chairman of Adam & Co hopes to raise £75m to set up his new private bank. Ray Entwistle said he plans to issue a prospectus for Scoban this week in an attempt to win more funds from potential investors. “We need £50m for the core bank and £25m to buy asset managers,” Entwistle [...]
BoA Merrill’s Meissner has a huge mountain to climb April 2, 2012 lNVESTMENT bankers rarely have a good word to say about any of their rivals, so it is quite striking when one of their number elicits mainly positive responses. That is quite noticeably true of Christian Meissner, who earlier this year was named as head of Bank of America Merrill Lynch’s investment banking operations. Meissner’s immediate [...]
Losses widens at Irish lender April 2, 2012 IRISH Life & Permanent’s banking arm has reported a wider full-year loss due to soaring impairment charges ahead of a split from the group’s life division and a government decision on whether it can remain as a standalone lender. Its loss after tax, including a gain of €1bn (£831m) on imposing losses on junior bondholders, [...]
GS picks new lead director April 2, 2012 GOLDMAN Sachs named James Schiro as its new lead director yesterday, following the retirement of non-executives John Bryan and Lois Juliber. Former leader director Bryan, aged 75, will not stand for re-election in accordance with Goldman’s retirement policy, the firm said, while Juliber is leaving to spend more time on other work. Schiro will take [...]
Firms fight to clinch Whitgift mall overhaul April 2, 2012 PLANS to turn Croydon’s Whitgift shopping centre into one of London’s biggest malls reached a stalemate yesterday when its owners sided with two different developers, Westfield Group and Hammerson. The centre’s leaseholders Royal London Asset Management and Irish Bank Resolution, who together own a 75 per cent stake in the mall, said they had signed [...]
Livingstone brothers plan lift for Waterloo April 2, 2012 THE property tycoon brothers behind London & Regional, Ian and Richard Livingstone, are this week submitting plans for the £600m redevelopment of Elizabeth House, next to London’s Waterloo station. The scheme – a joint venture with Sir Stuart Lipton’s property firm Chelsfield – will see the 1960s office block on York Road knocked down and [...]
Luxury hotel in the City given the go-ahead April 2, 2012 SINGAPORE’S KOP Group yesterday won approval to convert 10 Trinity Square, a listed landmark overlooking London’s Tower Hill, into a luxury boutique hotel. KOP said in a statement yesterday that City of London had approved plans to turn the building – which was originally home to the Port of London Authority’s headquarters – into a [...]
