UK vow to fight EU crackdown on bonus pay November 12, 2012 BRITAIN is set for another row with the EU over financial services, as the government plans to reject plans for a cap on bankers’ bonuses at a key meeting today. European leaders want bonuses – including cash and shares – to be capped at three times basic salary, with the cash component limited to the [...]
What the other papers say this morning November 12, 2012 FINANCIAL TIMES KKR launches funds for individuals KKR – the private equity group immortalised as the Barbarian at the Gate – is launching two investment funds to be distributed to individuals by Charles Schwab, the US brokerage. It is the latest sign of the pressure on private equity firms to become more like traditional asset [...]
Megafon gets nod for UK float November 12, 2012 Russia’s second biggest mobile phone company, MegaFon, is likely to go ahead with its planned stock market float in London this year after receiving an unofficial green light from the UK regulator, sources familiar with the matter said. MegaFon has cleared and resolved any material issues with the UK Listing Authority, a source familiar with [...]
US confident of fiscal cliff deal November 12, 2012 Senior Republican senator Bob Corker yesterday voiced confidence that US lawmakers would forge a deal on the year-end “fiscal cliff”, while a top aide to President Barack Obama, David Alexrod, signalled a willingness to compromise over raising tax rates on the rich. Axelrod asked if it was possible to raise enough revenue to curb the [...]
Banco Popular discounts issue November 12, 2012 Spain’s Banco Popular Espanol has said it will issue new shares to investors at a steep discount to its price in an effort to avoid having to take state aid. Shareholders approved a €2.5bn rights issue at the weekend, with Popular offering the new shares at €0.401 per share, representing a 64 per cent discount [...]
BBC search for successor is on after boss quits November 12, 2012 THE SEARCH for a new head at the BBC started yesterday after George Entwistle’s dramatic Saturday night resignation left the broadcaster’s radio boss Tim Davie at the head of the organisation. Although he had not known about the Newsnight report that falsely implicated a former leading Tory as being involved in a child abuse scandal, [...]
Newsnight failings could lead to further departures at Beeb November 12, 2012 GEORGE Entwistle’s resignation as director-general of the BBC was seen as him taking responsibility for the broadcaster’s failures, but the 50-year-old’s may not be the only head to roll. Peter Rippon, the editor of Newsnight since 2008, has stepped aside from the role while the BBC conducts an investigation into why a Newsnight report revealing [...]
Osborne set to delay planned fuel price hike November 12, 2012 GEORGE Osborne is ready to scrap a planned increase to fuel duty, a leading backbencher suggested yesterday. Robert Halfon, Conservative MP for Harlow, told City A.M. that he will not back today’s Commons motion calling for January’s 3p per litre rise to be delayed – because the government is already considering such action. This is [...]
Greece votes to approve new austerity plans and unlock aid November 12, 2012 GREECE’S ruling coalition secured enough parliamentary votes last night to approve a 2013 budget of fresh cuts required to secure more aid from international lenders and stave off bankruptcy. The budget was backed by 167 votes to 128 – a more comfortable margin than a separate package of deficit-cutting measures voted through on Wednesday on [...]
Claims that EC has started probe into storage at LME warehouses November 12, 2012 THE EUROPEAN Commission is starting a preliminary investigation into steep surcharges and lengthy wait times to get metal from warehouses monitored by the London Metal Exchange, two sources with knowledge of the matter said yesterday. The regulations of the LME, which is being acquired by Hong Kong Exchanges and Clearing, allow companies operating warehouses in [...]
