Time for greater fairness in pensions March 10, 2011 IF you are youngish, work in the private sector, and are not the chief executive of a major firm, your company is unlikely to offer you much of a pension. In most cases, sorting out your retirement will be entirely your responsibility; in a minority of cases, your firm will assist you to fill a [...]
Goodwin wins injunction March 10, 2011 Former RBS chief executive Sir Fred Goodwin has taken out a super-injunction barring the publication of any information about him. An MP revealed under parliamentary privilege the injunction even prohibits media outlets from referring to him as a banker. John Hemming said: “In a secret hearing this week Fred Goodwin has obtained a super-injunction preventing [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 10, 2011 FINANCIAL TIMES LSE TO RING CHANGES WITH OPENING BELL REVIVAL The London Stock Exchange , whose trading pits disappeared 25 years ago, is reviving the buzz of the opening bell by recreating the ritual in its lobby. Construction starts today on a facility at LSE headquarters, next to St Paul’s Cathedral, that will probably feature [...]
AOL to cut over 900 jobs March 10, 2011 AOL will cut more than 900 jobs, or nearly 20 per cent of its global workforce, as it struggles to catch up with Google and Facebook. AOL, which has 5,000 workers, will cut about 400 jobs in India, outsource another 300 there, and eliminate 200 jobs in the United States, a source close to the [...]
Goldman may file Lehman plan March 10, 2011 Goldman Sachs said yesterday it was part of a group of Lehman Brothers creditors looking to file an alternative proposal to divide up what remains of the failed bank’s assets. Lehmans has proposed two separate plans for returning billions of dollars to bondholders, the most recent in January, but creditors are yet to approve them. [...]
Santander chief handed banking ban March 10, 2011 ALFREDO Saenz, chief executive of Spanish bank Santander, was banned from working as a banker for three months by Spain’s Supreme Court yesterday. The ruling, the latest in a 17-year legal battle over a conviction for false accusations against debtors, was an embarrassing blow to both 68-year-old Saenz and the bank, the Eurozone’s biggest lender. [...]
Galleon trial witness testifies March 10, 2011 A DISGRACED former McKinsey partner told jurors at the Galleon Group insider trading trial yesterday that he leaked stock tips about the firm’s clients to hedge founder Raj Rajaratnam. Anil Kumar was the first of several of the hedge fund founder’s former friends to testify for the government at the high-profile trial in New York. [...]
FSA probes hit record high March 10, 2011 FINANCIAL services firms are being forced to investigate a record number of Financial Services Authority probes, according to a report from the regulator yesterday. The FSA ordered 140 firms to undergo investigations called “skilled persons reports” in the past year to shed light on potential problems with internal processes. The number of reports, conducted by [...]
AIG offers to buy back bonds March 10, 2011 BAILED-out US insurer American International Group yesterday offered to buy back billions of dollars of subprime mortgage-backed securities handed over to the New York Federal Reserve as part of its 2008 rescue. AIG offered to pay $15.7bn (£9.7bn) for all assets in Maiden Lane II, set up to hold about 800 subprime bonds taken from [...]
Investec and Spurs in deal renewal talks March 10, 2011 TOTTENHAM’S Champions League run has so delighted Investec that the South African bank has already held informal talks with the club about extending their shirt sponsorship, just seven months into the contract. Investec agreed an innovative two-year deal thought to be worth £2.5m a season in August which sees its branding emblazoned on Spurs shirts [...]
