What the other papers say this morning September 30, 2012 FINANCIAL TIMES News Corp boosts compliance teams News Corp has hired a senior official from the Securities and Exchange Commission and an ex federal prosecutor to lead new compliance units, part of an internal shake-up at the company following the phone-hacking scandal. Gerson Zweifach, the firm’s chief compliance officer, created the framework and will announce [...]
Incentive Plan for Direct Line boss revealed September 30, 2012 Direct Line’s float plans, revealed on Friday, include a lucrative payout for chief executive Paul Geddes. The insurer, which gave a price range of its IPO at a lower-than-expected 160p to 195p per share, said Geddes is in line for a salary of £760,000 plus a bonus of £1.33m and even more in share awards. [...]
FCA head could charge bankers September 30, 2012 Martin Wheatley, the head of the new banking regulator the Financial Conduct Authority, has promised tougher clampdowns on bankers who flout regulations, raising the prospect of criminal prosecutions. “In the future we want individuals held to account,” Wheatley told The Independent newspaper. “If there are failures in the future we want individuals held to account,” [...]
Spanish budget shows no relief on rising debts September 30, 2012 SPAIN’S debt levels are set to increase further next year, putting further pressure on the government to apply for aid as it pours funds in to cash-strapped regions, an ailing banking system and rising refinancing costs, its budget showed over the weekend. In its 2013 budget plan presented to parliament, the government said that Spain’s [...]
EADS and BAE talk up benefits of a merger as deadline looms September 30, 2012 THE BOSSES of defence giants BAE Systems and EADS are this week ramping up their charm offensive as they race to set out detailed merger plans before a 10 October deadline. BAE chief executive Ian King and EADS leader Tom Enders wrote yesterday that the deal is “a combination borne out of opportunity, not necessity” [...]
Sharp drop in new Aim listings blamed on investor sentiment September 30, 2012 LONDON’S junior stock exchange suffered a significant decline in listings over the last year according to new research out today from accountancy group UHY Hacker Young. There were 36 new listings on AIM in 2011-12, a 42 per cent fall from 2010-11, when 62 firms listed. This is a 74 per cent decline from the [...]
Fallon to shame top banks into lending more September 30, 2012 BANKS will be named and shamed if they do not increase lending under the enterprise finance guarantee scheme (EFG), business minister Michael Fallon warned over the weekend in a letter to the UK’s five big banks. The government has offered guarantees of up to £500m on loans to small firms, but the new business and [...]
Hester asks customers to be patient on sector’s culture shift September 30, 2012 IT COULD take a generation to change the damaging culture within the banking sector, RBS’ Stephen Hester has warned, urging customers to be patient with the wide-ranging reforms being implemented across the industry. The chief executive also said he has been saddened by the impact of a few bad bankers on the reputation of the [...]
FSA to tighten listing rules to up standards September 30, 2012 THE FINANCIAL Services Authority (FSA) will tomorrow publish tougher new rules on listing in an effort to clamp down on poorly governed firms seeking to take advantage of Britain’s investor base. Faith in the standards of British-listed companies was undermined last week by the announcement that London-listed Indonesian mining firm Bumi is holding an inquiry [...]
City hiring falls amid financial services cuts September 30, 2012 FINANCIAL sector recruitment seized up again last month, with the number of vacancies plummeting despite earlier hopes of a recovery in the industry, two top recruiters have warned today. But those who did manage to change jobs saw a large rise in pay as employers continue to compete for the top talent. Morgan McKinley’s London [...]
