Bonus ban for French banks October 25, 2011 FRENCH banks could face a ban on paying bonuses and dividends as part of a European recapitalisation programme, finance minister Francois Baroin said yesterday. “The recapitalisation… will be done with the ban on dividends and bonuses under the supervision of the insurance and banking regulator,” said Baroin. “We have reached an agreement for the Eurozone [...]
Radical thinking on tax from the US October 25, 2011 WHILE the Eurozone moves ever closer to the brink, the US presidential elections have suddenly become more interesting. Two of the Republican candidates – former Godfather’s Pizza CEO Herman Cain and Texas governor Rick Perry – have kick-started a major debate on tax reform and economic growth. It all started with Cain’s fascinating 9-9-9 plan: [...]
Mrs Clegg takes EU law job October 25, 2011 MIRIAM Gonzalez, the lawyer wife of deputy Prime Minister Nick Clegg, is jumping ship from DLA Piper to join the London office of US law firm Dechert, where she will head up the firm’s EU trade and EU government affairs practice. Gonzalez, who worked at the EU for seven years before joining DLA Piper in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 25, 2011 FINANCIAL TIMES SHAREHOLDERS IN EVOLUTION BACK BID BY INVESTEC Investec’s £202m takeover of Evolution Group will go ahead despite last-minute resistance from Evolution’s biggest shareholder after the broker’s other big investor backed the bid. Aberforth Partners, which owns 10.8 per cent of Evolution, said last week it had withdrawn its support for the all-share offer [...]
Morale falls in United States October 25, 2011 AMERICAN consumer confidence plummeted to a two and a half year low this month, in a worrying sign for the US economy. “What’s more, at 39.8, confidence is far below the long-term average of 92.8,” added Paul Ashworth of Capital Economics. “Aside from a few months during the height of the recession between November 2008 [...]
Ailing hedge funds forced to slash pay October 25, 2011 SALARIES and bonuses in the hedge fund industry are set to slump by an average of 10 per cent this year as global market turmoil bites. Some top hedge fund managers will suffer a cut of up to 30 per cent in their total compensation packages, according to research. The study also showed the typical [...]
Amazon tumbles as Fire burns through its profits October 25, 2011 ONLINE retailer Amazon shocked investors last night with a far weaker-than-expected outlook for the crucial holiday season quarter as it spent heavily on its new Kindle Fire tablet computer. The stock tumbled 12 per cent in extended trading as the news raised concern that Amazon was losing some of the revenue momentum that had helped [...]
Government to clamp down on regulation visits October 25, 2011 THE GOVERNMENT plans to scrap numerous regulatory bodies and limit their powers of inspection to twice a year as part of a deregulation drive, deputy Prime Minister Nick Clegg said yesterday. Employers could also be given a new legal protection to have “frank conversations” with underperforming staff without fear of the content being eligible as [...]
Investment bank loss hits UBS profits October 25, 2011 PROFITS at troubled Swiss bank UBS tumbled in the third quarter but came in above analysts’ worst fears. UBS said net profit fell 39 per cent to SwFr1.018bn (£723m) after one-off items, including a SwFr1.765bn gain on its own debt. In the investment banking division, however, where trader Kweku Adoboli is accused of carrying out [...]
Effect of rogue trading scandal on wealth management still not clear October 25, 2011 THE IMPACT of the rogue trading scandal on UBS’s investment bank was laid bare in its third quarter results. The unit fell to a loss of SwFr2.4bn once you strip out the gains it made on the declining value of its own credit, in large part due to the SwFr1.8bn lost through unauthorised trades. The [...]
