What the other papers say this morning January 15, 2013 FINANCIAL TIMES Spain asks Germany to boost growth Mariano Rajoy has called on Germany and other creditor countries in the Eurozone to do more to stimulate growth, arguing that a switch to a more expansionary policy would boost economic recovery across the single currency area. “I think that in this moment, when there is a [...]
Goldman Sachs in U-turn over delay to bonus January 15, 2013 GOLDMAN Sachs will pay its bankers’ bonuses before the 50p tax rate is cut to 45p, it emerged yesterday, after an outcry from politicians and regulators angry at plans to delay the payments into the new tax year. The bank’s compensation board considered shifting the payments to April, a source familiar with the discussions told [...]
Morgan Stanley plans to defer payouts to high-earning execs January 15, 2013 INVESTMENT bank Morgan Stanley is planning to stop its highest earners claiming any bonus this year, it emerged yesterday, instead making them take the payout in instalments over the next three years. Regulators have long called for banks to spread the bonuses out over several years both to stop bankers taking extreme risks for short-term [...]
RBS braced for Libor fines of up to £500m January 15, 2013 RBS is now expected to pay almost double the fine for Libor fiddling that its UK rival Barclays faced, as the bank and regulators close in on a final settlement deal. The state-backed institution is in last-minute talks to bash out a settlement, as it seeks to put the scandal behind it before its full [...]
HMV boss vows brand has high street future January 15, 2013 THE BOSS OF HMV said yesterday he was “convinced” the crisis-hit music chain still has a future on the high street, as a number of firms emerged as potential bidders for the company. Deloitte was officially appointed as administrator to HMV yesterday morning, putting 4,123 jobs at its headquarters and 223 stores at risk. But [...]
Failure to adapt meant rivals left HMV behind January 15, 2013 Almost exactly a year ago we looked at HMV on YouGov’s BrandIndex and saw that it did not fit the traditional pattern of a retailer facing difficulties – struggling with consumer perception compounded by a poor economic situation. HMV was by no means a high scorer on BrandIndex but it was in a perfectly respectable [...]
Banks told to come clean on capital levels January 15, 2013 BANKS make it almost impossible for investors and analysts to properly understand their real health because they pump out reams of unclear and disorganised data, top finance regulator Andrew Bailey said yesterday. The head of the Prudential Regulation Authority told a committee of MPs that dodgy accounting rules combined with the reliance on banks’ own [...]
Sticky inflation remains above two per cent target in December January 15, 2013 CONSUMER price inflation remained stuck above the Bank of England’s target in December, data revealed yesterday. Headline inflation came in at 2.7 per cent for the third time in the row in December, the Office for National Statistics (ONS) said, marking the 37th straight month of above-target price growth. The index kept its steady rate [...]
RBC decides to trim back costs after expansion January 15, 2013 RBC, the Canadian bank that has been investing heavily in building up an investment banking franchise in Europe, yesterday announced job cuts in London. Nick Fothergill, head of European equities, has left the bank, along with three sales traders, two market-makers and two other salesmen. Fothergill joined RBC Capital Markets from Nomura with over 17 [...]
Russian freight train firm looks for London IPO January 15, 2013 FREIGHT train operator NefteTransService (NTS) is set to become the first Russian firm to join the London stock market this year. NTS Holding announced its intention to float on the main market yesterday, and a source said the firm expects to raise up to $500m (£311m) for 25 per cent of its global depository receipts. [...]
