Barclays brings Goldman man onto its board July 16, 2009 BARCLAYS named Goldman Sachs veteran Reuben Jeffery as a non-executive director yesterday, on the same day the Walker report called for more banking expertise on bank’s boards. The bank said Jeffery, who served in the US government as under secretary of state for economic, energy and agricultural affairs from 2007 until earlier this year, joins [...]
Henderson profits to fall 50 per cent July 16, 2009 HENDERSON, the fund manager that acquired failed rival New Star, yesterday warned that its first half profits are likely to be 50 per cent lower than last year as its assets under management continued to plummet. In a trading update the group warned it will report its first-half pre-tax profits were between £25m and £28m, [...]
CITY VIEWS: HAVE WE SEEN THE END OF THE FINAL SALARY PENSION SCHEME? July 16, 2009 RON BRADLEY DBM CONSULTANTS“Those who still have a final salary pension scheme are very lucky. It will be everybody for themselves in the future, and up to individuals to look after themselves in retirement. There has been a corporate retreat on pensions and financial responsibility. I use SIPP – a Self Invested Personal Pension.”DAVID SIMKINS [...]
Teletext to be switched off for good July 16, 2009 ASSOCIATED Newspapers said yesterday that it will shut down its loss-making Teletext analogue television service in January 2010, two years ahead of schedule, because the economic downturn has accelerated a fall in audiences and revenue. The company, owned by the Daily Mail and General Trust (DMGT), added it will also pull the plug on a [...]
China’s GDP grows by 8pc on stimulus efforts July 16, 2009 CHINA looks set to hit its full-year growth target of eight per cent after a surprisingly strong second quarter notable for a surge in investment driven by powerful fiscal and monetary stimulus. Annual gross domestic product growth accelerated in the second quarter to 7.9 per cent from 6.1 per cent in the first quarter, making [...]
Nokia cuts its profit forecast July 16, 2009 THE world’s top mobile phone maker Nokia yesterday cut its forecast for second half profit and 2009 market share, sending its shares sharply lower. Nokia, which is facing tough competition from the likes of Apple, Samsung and RIM, scaled back its second-half underlying operating profit margin forecast for its key phone unit to the first-half [...]
Huge 300bn hole in FTSE 100 pensions July 16, 2009 THE total pension deficit at FTSE 100 companies has more than doubled since January, rising to a staggering £300bn, Deloitte said yesterday. Fallout from the global financial crisis has decimated the value of pension funds’ investments, the accountancy giant said, adding that the shortfall could take 50 years to clear if firms continue to contribute [...]
HOW WOULD WALKER’S PROPOSALS AFFECT YOUR SECTOR? July 16, 2009 ANGELA KNIGHT BRITISH BANKERS’ ASSOCIATIONThese recommendations stem from the actions that a number of banks and other financial institutions have already put in place. These proposals would effectively bring all firms’ governance up to the standards of the best and are therefore to be welcomed.PETER MONTAGNON ABI (INSURANCE)This is a valuable contribution to the debate [...]
Walker plans bonus delays July 16, 2009 BANKERS would have half of their bonuses withheld by employers for up to five years, under proposals designed to end City “short-termism.” The new plans came from former Morgan Stanley chairman Sir David Walker yesterday in a review of banking in the wake of the global downturn. Walker’s review of banks’ pay comes after some [...]
Isle of Man to pay out 193m July 16, 2009 THREE-quarters of savers who lost out through the collapse of the Isle of Man arm of Icelandic bank Kaupthing Singer & Friedlander will get all of their money back by September, it emerged yesterday. The Manx parliament approved a £193m government funding package which will accelerate compensation payments to savers of KSF Isle of Man [...]
