How to reform pay in the boardroom June 13, 2011 SOME CEOs are paid too much compared with the value they add; others, however, are worth every penny. Rather than waiting to be lectured by the likes of Ed Miliband, as happened yesterday, the City must tackle the issue head on. The issue is technical, not ideological: how does one design the best remuneration system [...]
Southern Cross in respite June 13, 2011 A STAY of execution has been granted to embattled care home operator Southern Cross, after its landlords agreed to make “significant financial concessions” last night. Southern Cross now has until October to come to an agreement over its future with its creditors and landlords, meaning its 751 care homes no longer face imminent closure. The [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 13, 2011 FINANCIAL TIMES PARCOM CAPITAL TO SELL SEE TICKETS FOR £120M See Tickets, one of the largest ticketing companies in Europe, is in the advanced stages of being sold by Dutch investment firm Parcom Capital for between £100m and £120m. The sale, which has reached second round bidding, has attracted interest from a handful of private [...]
Helios raises $900m Africa fund June 13, 2011 Private equity house Helios Investment Partners has raised $900m (£550m) to invest in Africa, the largest ever vehicle of its kind raised for investments in the continent. The fund, which will invest between $25m and $250m of equity per deal, will focus on technology, media and telecommunications, energy utilities, distribution and financial services. It is [...]
RBS in talks over car unit sale June 13, 2011 RBS is in advanced talks to sell its car and van leasing business Lombard Vehicle Management to GE Capital, a source familiar with the situation said last night. A sale would be the latest asset disposal by RBS, which is 83 per cent owned by the government after a receiving bailout during the financial crisis. RBS [...]
Inflation hits the poor and pensioners June 13, 2011 INFLATION is harming the UK’s poor and pensioners more severely than people on higher incomes, research from the Institute for Fiscal Studies (IFS) revealed today. The figures compound worries about further hikes in household energy prices, which will see those on lower incomes holding back on heating their homes, the report warned. Domestic fuel costs [...]
Unison plans ballot over pension strike June 13, 2011 UNISON is preparing to ballot its members over what could be a massive wave of strike action. The UK’s biggest public sector union is ready to press ahead with the plan if the government does not cave on its planned three per cent increase in employee pension contributions. Unison, which represents 1.3m workers, says it [...]
Three more found guilty of fraud in Galleon insider trading probe June 13, 2011 BROTHERS Zvi and Emanuel Goffer and a third trader, Michael Kimelman, have been found guilty of fraud, in another victory for prosecutors in the Galleon Group insider trading probe. Zvi Goffer, 34, a former Galleon Group trader, nicknamed Octopussy, was charged with two counts of conspiracy and 12 counts of securities fraud for activities between [...]
Barclays goes it alone on PPI compensation June 13, 2011 BARCLAYS surprised its rivals yesterday by promising to settle customer complaints about its mis-selling of insurance with “no questions asked”. The decision means that the bank is likely to pay out the £1.1bn it has earmarked for the costs of wrongly selling payment protection insurance (PPI) far quicker than other banks will spend their provisions. [...]
HSBC could wind down US cards business June 13, 2011 HSBC will run off its US cards business, valued at some $6-10bn by analysts on deposits of $33bn (£20bn), if it can not find a buyer for the assets, said chief executive Stuart Gulliver. “If we can’t find a buyer we will put it into rundown,” he said, in his first definitive statement that the bank [...]
