Treasury outlines carbon plan March 7, 2011 The Treasury will set a legal framework next month to create a floor price for carbon emissions, while announcing a wider plan for encouraging low-carbon investments. The government’s Carbon Plan will award £1bn to Britain’s first carbon-capture and storage project by the end of 2011.
Equities outpace hedge funds March 7, 2011 Hedge funds gained 1.4 per cent in value over February, despite heightened volatility driven by unrest in the Middle East. The Hennessee Hedge Fund Index rose 1.39 per cent last month, it said yesterday, while the S&P 500 advanced 3.2 per cent.
Xstrata board change clears Glencore path March 7, 2011 MINING group Xstrata has sought to put clear water between its board and commodity trader Glencore’s by choosing banking veteran Sir John Bond as its next chairman, though the miner has hinted that its long-term future is in a merger between the two firms. Sir John will take the job in May when sitting chairman [...]
Mattel shuts Barbie store in Shanghai March 7, 2011 RETAILER Mattel yesterday shut its flagship Barbie concept store in Shanghai after just two years of trying to crack the Chinese toy market. Mattel said in a statement it remained committed to expanding the brand in China, and that the six-storey outlet had raised Barbie’s profile in the country. The shop opened in March 2009 [...]
Sir John prolongs his stay in the City with mining role March 7, 2011 SIR John Bond, one-time chairman of HSBC and outgoing chairman of Vodafone, hopes to extend his stay in the FTSE 100 after agreeing to chair mining group Xstrata. Sir John, aged 70, has wasted no time, joining Xstrata’s board as a consultant with immediate effect ahead of his departure from Vodafone in July. Sir John [...]
Ignorance is bliss for bank bonus critics March 7, 2011 THE Treasury might be wishing it could close the barn door today after Barclays’ revealed that the bank’s top executives are in line for pay-outs of up to £14m each, provided they meet performance targets. Jerry del Missier and Rich Ricci, the executives in question, run Barclays Capital, the bank’s investment banking division, and have [...]
Government set to unveil £140 flat-rate pension March 7, 2011 IN a radical shake-up of the basic state pension system, pensioners are set to receive a flat-rate of £140 a week, the government is set to reveal today. The pension reforms, to be unveiled by work and pensions secretary Iain Duncan Smith, are aimed at simplying the current complex system made up of a basic [...]
Moody’s sees rising risk of Greek default March 7, 2011 MOODY’S delivered a jolt to Eurozone bond markets yesterday by downgrading Greece three notches to B1 – a lower rating than Egypt – and assigning the sovereign a “negative” outlook. The yield on Greece’s three-year debt reached highs not seen since the government had to be bailed out last May, spiking to 16.8 per cent, [...]
Rate hike could stop ECB buying bonds March 7, 2011 THE European Central Bank could be forced to slam the brakes on its sovereign bond-buying programme due to its intention to put up interest rates, according to economists. ING’s Peter Vanden Houte says tightening monetary policy is “at odds” with bond purchases because higher rates will push investors into other asset classes, raising yields on [...]
Ireland’s debt rating will not be cut, says ratings agency March 7, 2011 RATINGS agency Moody’s is not about to cut Ireland’s debt rating, a senior credit officer said yesterday, though the ratings agency is monitoring the new Irish government’s attempts to win easier terms for its loans under an EU/IMF rescue deal. Moody’s cut Ireland’s rating by five notches to Baa1 in December and put the country [...]
