London to lose out in £30bn mega-float December 16, 2010 THE Hong Kong Stock Exchange is mounting an aggressive bid to lure away part of a float that looked set to be the biggest in London’s history. Glencore International, the world’s biggest commodities trader and a mining giant valued at £30bn, is planning an initial public offering (IPO) that could generate fees of up to [...]
Bank: City needs to cut dividends and bonuses December 16, 2010 DIVIDEND payments to shareholders should be restricted, the Bank of England announced today. And bonuses and pay rises must be resisted in the City, the Bank argued in its financial stability report. “Bank’s boards should apply restraint in distribution of profits to equity holders and staff,” it said. Alternative payments to staff, such as “contingent [...]
Dallaglio: Sarries and ERC both at fault for Venter farce December 16, 2010 ENGLAND great Lawrence Dallaglio says European chiefs and Saracens are both to blame for Brendan Venter’s farcical post-match interview. Deadpan Sarries director of rugby Venter’s bizarre exchange after last weekend’s Heineken Cup defeat to Racing Metro 92 has become an internet sensation and earned the South African a warning from European Rugby Cup (ERC) officials. [...]
Basel requires more capital December 16, 2010 THE Basel Committee has unveiled the full text of the Basel III rules for banking, revealing that banks would have been €577bn (£489.2bn) short of capital had the rules applied in 2009. In addition, banks are lacking €1,730bn in liquid assets that they will have four years to build up to comply with the new [...]
Era of cheap credit coming to an end December 16, 2010 FEW people realise it yet but the era of cheap credit is about to come to an end. I’m not talking about central banks hiking rates or bond yields going up a few notches; rather, my contention is that over the next few years, powerful economic forces will permanently and drastically push up the cost [...]
Confidence: England’s magic ingredient working wonders December 16, 2010 OUR cricket columnist, former England batsman and Warwickshire chairman Andy Lloyd, has been poring over all the Ashes action. Here he dissects what he’s learned from the play so far. CONFIDENCE Jose Mourinho, Sir Alex Ferguson, Harry Redknapp: all the best sports coaches instil confidence in their teams because it makes all the difference. In [...]
BlackBerry sales rocket December 16, 2010 BLACKBERRY owner Research In Motion has beaten off concerns over the smartphone market to deliver record third-quarter results. Revenue rose 40 per cent on the previous year and 18 per cent over the quarter to $5.49bn (£3.52bn), above forecasts of $5.4bn, as customers flocked to its new touch-screen Torch model. Net income rose 45 per [...]
WHAT THE OTHER PAPERS SAY THIS MORNING December 16, 2010 FINANCIAL TIMES CLEGG WARNING TO BANKS ON BONUSES Nick Clegg has warned Britain’s banks that the government would not stand on the sidelines if they paid out lavish bonuses and failed to increase lending, increasing pressure on David Cameron to toughen his stance on the City. “They don’t operate in a social vacuum,” he told [...]
Euro cheer for Wasps and Quins but Sarries and Exiles face tricky trips December 16, 2010 The England great mulls over another few days of London clubs in European action and sees wins for former side Wasps, and Harlequins, but not such glad tidings for Saracens and out-of-form London Irish. RACING METRO 92 v SARACENS (HEINEKEN CUP, TONIGHT) Amlin Opta analysis: Sebastien Chabal is Racing’s leading player in Europe this season, accruing [...]
Sherborne launches bid to oust F&C chair December 16, 2010 BELEAGURED F&C Asset Management is facing down a bid by activist investor Sherborne Investors to remove its chairman Nick MacAndrew from the board. Guernsey-based Sherborne also wants to remove director Brian Larcombe, installing in their place its founder Edward Bramson, chairman Ian Brindle and an independent director, Derham O’Neill. The move is the latest salvo [...]
