WHAT THE OTHER PAPERS SAY THIS MORNING April 4, 2011 FINANCIAL TIMES UNITED ANGER AT EU CARBON RULE The European Union’s plan to pull almost every leading airline into its scheme to limited carbon emissions is so “beyond the pale”, that a foreign government is certain to challenge it, according to the head of the world’s largest airline by passenger traffic, the newly merged United [...]
Blankfein’s bonus doubles April 4, 2011 GOLDMAN Sachs doubled its chief executive Lloyd Blankfein’s annual bonus for 2010, awarding him $18m (£11.2m) in cash and shares. Blankfein received the pay-out, which included $5.4m in cash and restricted shares valued at $12.6m, after a rollercoaster year for the bank. He steered Goldman through the twin challenges of weaker trading and a $550m [...]
Ronson in petrol station bid April 3, 2011 Veteran property developer Gerald Ronson is one of a consortium of investors in exclusive talks to buy around 800 UK petrol stations from Total. The consortium includes Snax 24, the retail chain founded by Ronson, Investec and investment group Grovepoint Capital. The petrol stations comprise about 10 per cent of the market. The deal comes [...]
Interpublic has Facebook stake April 3, 2011 Advertising group Interpublic has emerged as a shareholder in Facebook. The company’s stake in the social network is valued at between $200m (£124m) and $300m. Interpublic is said to own slightly less than half a per cent in Facebook and paid less than $5m for it in 2006. Interpublic won the right to invest in [...]
Oil firms may move rigs out of UK waters April 3, 2011 MAJOR UK oil and gas firms are drawing up plans to move their drilling rigs out of the North Sea’s British waters to avoid punitive changes to the tax regime, City A.M. has learned. British gas owner Centrica and others are considering plans to move rigs out of UK waters to Norwegian and Dutch areas [...]
BP returns to Gulf of Mexico well drilling April 3, 2011 BP PLANS to return to deepwater oil production in the Gulf of Mexico this summer – just over a year after the Transocean oil spill disaster, sources told City A.M. yesterday. It reached a deal with US regulators to enable the oil major to resume drilling work on ten wells halted since the explosion and [...]
Commission mulls higher capital ratios April 3, 2011 BRITISH banks are braced for a week of share price volatility as the Independent Commission on Banking (ICB) readies its interim report for publication next Monday. The best outcome for banks could be a deal that allows them to avoid splitting up their operations if they hold more capital, with sources close to the commission [...]
Banks reject claims over competition April 3, 2011 SANTANDER UK has rejected a suggestion by MPs that its purchase of 318 RBS branches last year was a “missed opportunity” to improve the competitiveness of high street banking in Britain. “’The deal to buy the RBS branches was approved by the EU. Santander is a challenger bank in the UK, not an incumbent,” a [...]
SMEs able to appeal refused loan requests April 3, 2011 BANKS who turn down loan requests from small businesses (SMEs) will have their decision reviewed by a rival lender, as part of a new appeals process designed to boost credit to SMEs. The banking sector hopes the new regime will help repair its image, which has suffered the face of repeated attacks from politicians who [...]
Deutsche set to fight HMRC April 3, 2011 DEUTSCHE Bank has officially confirmed its intention to appeal a tribunal decision which ruled against a scheme it established to avoid taxes on bonuses. The January decision against the bank by Judge David Williams affects a £92m pay pot Deutsche set up in the Cayman Islands before rule changes made the arrangement illegal. A spokesman for [...]
