Global businesses cutting ties to avoid anti-corruption liability March 31, 2011 MORE than half of companies are reconsidering ties to third-parties and joint ventures over concerns about anti-corruption liability, says research. A survey by Dow Jones of more than 300 global firms found that companies were more aware of the need to review business relationships, with government sanctions and negative media ranked as the events most [...]
US revises up number of jobless claims March 31, 2011 CLAIMS for unemployment benefit in the US have been revised upwards, and came in above the expectations of economists for the latest week of data available. New jobless claims were reported at 382,000 last week, yet the figure should have been 394,000, government sources said yesterday. For the week ending 26 March, 388,000 new benefit [...]
Berkshire’s Sokol denies Lubrizol wrongdoing March 31, 2011 FORMER Berkshire Hathaway executive David Sokol said yesterday he has invested in companies that he then recommended for acquisition in the past, a day after Berkshire disclosed Sokol pushed Lubrizol to Warren Buffett after investing in it. But Sokol said if he had it all to do again, he would have invested in Lubrizol for [...]
Corn futures in the US soar as inventories fall March 31, 2011 AGRICULTURAL futures jumped yesterday after two US government reports said that inventories were lower than previously thought. Farmers will struggle to replenish rapidly shrinking US grain stocks this year, despite plans to give the most land to corn since the second World War, and near-record acreage to soyabeans, the reports said. Corn futures upticked to [...]
Pru chief to defer £1.6m 2010 bonus March 31, 2011 PRUDENTIAL chief executive Tidjane Thiam has been awarded a pay and benefits package worth £4.86m for his leadership of the insurance giant in 2010. The sum includes a £900,000 salary and a £1.57m bonus, equivalent to 97 per cent of his maximum possible bonus of £1.62m, with 50 per cent in shares deferred for three [...]
LSE eyes derivative platform this year March 31, 2011 THE London Stock Exchange has reported growth in its core equities business, underlining its plan to move into derivatives trading and clearing more aggressively. New listings for the 11 months to the end of February were up 90 per cent on the previous year to 167, while UK daily trading activity was up two per [...]
National Express investors blast activist Elliott’s calls March 31, 2011 SHAREHOLDERS in transport group National Express hit back at activist hedge fund Elliott Advisors yesterday for attempting to destabilise the company’s recovery. Elliott, National Express’ second-largest shareholder with a 17 per cent stake, has proposed three independent directors to join the board. But shareholders, who declined to be named, said they supported chairman John Devaney [...]
Government launches ISA for under-18s March 31, 2011 THE government has confirmed that it will launch a junior version of the Individual Savings Account (Isa), making the tax-free scheme available from 1 November this year. The new investment fund replaces the Child Trust Fund (CTF), which had a limit of £1,200. The junior Isa will have a £3,000 limit. Children will be able [...]
Global market turbulence is good for Icap March 31, 2011 INTERDEALER broker Icap yesterday said market volatility due to unrest in the Middle East and the crisis in Japan over the past three months had helped its business. Fourth-quarter trading has been solid and it has grown its market share over the year to the end of March, it said. Its new euro interest rate [...]
Rusal trebles profits after bumper year March 31, 2011 RUSAL, the world’s top aluminium maker, said its 2010 net profit more than tripled, beating forecasts, and expects strong global demand for the light metal to continue this year. RUSAL shares rose more than four per cent to their highest level in more than a month, outperforming a 0.4 per cent rise in the broader [...]
