Rio Tinto pay sparks anger May 22, 2011 RIO TINTO has failed to settle investor anger over its pay packages for directors, with one top-five shareholder pledging to fight on to overhaul remuneration at the mining giant. Around 22 per cent of UK shareholders refused to back Rio’s remuneration package at its annual meeting in April, though the figures were not made public [...]
Chinese expansion healthy for City of London May 22, 2011 UNLESS witnessed first-hand, it is difficult to grasp the sheer scale of economic growth in China or the level of international investment that has continued unabated despite the recent financial crisis. As a member of the Shanghai International Advisory Council – whose annual meeting I attended last week – I have been left in no [...]
Spanish in mass protest at high unemployment and austerity drive May 22, 2011 TENS of thousands of people filled Madrid’s Puerta del Sol during the weekend to protest against high unemployment and austerity measures, defying a ban on demonstrations on the eve of local elections. Protesters of all ages including families with small children and pensioners joined hundreds of young Spaniards, who have been camping out in Madrid [...]
Virgin Money seeks £2bn to buy branches May 22, 2011 FLEDGLING bank Virgin Money has kicked off a £2bn fundraising exercise to stockpile the war chest it requires to buy the branches being put up for sale by Lloyds and Northern Rock. Sir Richard Branson’s financial services firm is in talks with potential investors over the provision of finance for a bid. Both Lloyds and [...]
Rival bidder for TMX says LSE bid bad for shareholders May 22, 2011 THE banker leading a rival bid for Toronto Stock Exchange owner TMX Group has claimed the London Stock Exchange offer does not offer shareholders value. In an interview with the Times Luc Bertrand, vice-chairman of Quebec-based National Bank of Canada, said: “As a shareholder, I would say it’s not a very good premium they are [...]
Sarkozy could be controversial figure at the e-G8 event in Paris May 22, 2011 THE internet world’s titans will alight in Paris next week for a two-day forum hosted by French President Nicolas Sarkozy. While the event is aimed at promoting the European digital economy, it could also see fierce debate over the perceived draconian laws in the EU. The US, with its flourishing internet hub in Silicon Valley, [...]
UBS awaits fate of new headquarters May 22, 2011 THE DEVELOPERS of the new UBS headquarters on the Broadgate estate are set to find out as soon as this week whether the existing office blocks will be recommended for listed status, stalling progress on the £340m project. English Heritage’s advisory board will meet on Wednesday to discuss the group’s recommendations, which will inform the [...]
M&S set to outline plans for growth alongside profit rise May 22, 2011 HIGH STREET stalwart Marks & Spencer is expected to post a 12 per cent rise in full-year profit tomorrow, as the retailer outlines plans for growth overseas and online. M&S is likely to post a £710m pre-tax profit, according to consensus estimates, which is set to lead to a rise in its dividend to 16.5p, [...]
Property guru is back in business May 22, 2011 THE FOUNDER of property website Rightmove has come out of retirement, setting up a conveyancing firm to try and cash in on the complexities of the UK real estate market. Harry Hill has launched In-Deed, an online conveyancing service that lets house-buyers track progress of their purchase through mobile phones and a website. Hill, who [...]
Firms set up housebuilder loans May 22, 2011 Specialist property financiers Pluto Capital and Mountgrande Investment Management have set up a £50m fund to finance housing projects in London and the south-east, the firms said yesterday. Pluto Finance, the fund manager, expects to provide mezzanine loans over the next three years in a bid to bridge the funding gap in residential projects left [...]
