Sir Stuart bags £4m from M&S June 10, 2010 OUTGOING Marks & Spencer chairman Sir Stuart Rose earned £4.3m last year, a rise of 47 per cent during a period when the retail giant was forced to cut its dividend by 20 per cent. The executive chairman earned £2.6m, including £1.4m in bonuses and cash allowances. The firm’s annual report said deferred share options [...]
Kerviel seen as risk-taker June 10, 2010 ROGUE trader Jerome Kerviel took “stratospheric” risks that put French bank Societe Generale in danger, an ex-colleague told a Paris court yesterday. Kerviel’s positions, blamed by SocGen for a €4.9bn (£4bn) trading loss in 2008, were described as “disappointing” by witness Salim Nemouchi on the third day of Kerviel’s trial for breach of trust, computer [...]
It’s wrong to criminalise all accidents June 10, 2010 THIS BP story just isn’t going away. Nobody should be underplaying the pain and suffering caused by the environmental catastrophe that has befallen the Golf of Mexico. We must all hope that the spill is halted speedily. But Barack Obama’s nationalistic declaration of war on a firm he insists on calling British Petroleum has spiralled [...]
QCA backs CGT campaign June 10, 2010 THE QUOTED Companies Alliance, the body representing small and mid-cap listed firms in the UK, has thrown its backing behind City A.M.’s campaign against the government’s proposed hikes to capital gains tax (CGT). Tim Ward, the QCA’s chief executive, said alterations to the proposals was the “number one priority” for his organisation, which has argued [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 10, 2010 FINANCIAL TIMES CHINA EXPORT SURGE STIRS US ANGER A surge in Chinese exports and rising anger in the US Congress will put renewed pressure on China to allow its currency to rise against the US dollar. Chinese trade figures showed exports leaping by 48.5 per cent in May over the year before, way ahead of [...]
FSA exec pay jumps along with fee bill June 10, 2010 EXECUTIVES at the Financial Services Authority came under fire from the City yesterday after seeing their pay packets swell despite a rocketing fee bill for regulated firms. Outgoing chief executive Hector Sants was paid £742,011 for 2009/10, up 19 per cent on last year. £500,000 of that was his basic salary and £134,011 came in [...]
SEC approves circuit breaker rules to ease flash crash fears June 10, 2010 US securities regulators approved new so-called “circuit breakers” yesterday in an attempt to prevent a repeat of the still-unexplained 6 May sudden US stock market plunge or “flash crash”. The Securities and Exchange Commission said the exchanges could begin implementing the new rules as soon as today as they aim to restore confidence among investors, [...]
BA warns of a move to Madrid June 10, 2010 British Airways has threatened to expand in Madrid instead of Heathrow once it merges with Spanish flagship carrier Iberia. Willie Walsh told the Financial Times that “growth is not going to go away”. The government confirmed in May it would not allow new runways at several UK airports.
Brit Ins rejects takeover offer June 10, 2010 Brit Insurance said yesterday it had rejected a takeover bid from a private equity group. The Lloyd’s of London insurer, which is the principal sponsor of the England cricket team, said the unsolicited offer significantly undervalues the firm.
O2 changes mobile surfing costs June 10, 2010 Mobile phone operator O2 said yesterday it is putting a stop to unlimited mobile internet browsing. Its “all you can eat” data plan will be replaced by data cap extendable by purchasing a top-up. The company said 97 per cent of smartphone users would not need to buy additional data allowances.
