City must beware tit-for-tat finance regulations July 5, 2009 It has often been said that the UK should aspire to be a “bridge” between the US and the European Union. Well, the reform of financial regulation and supervision is a case in point. During my recent visit to Washington I met senior administration officials in the White House and Treasury, regulators at the SEC [...]
Traders warn of confusion on clearing of credit derivatives under EC plans July 5, 2009 DERIVATIVES traders yesterday gave a broad welcome to the European Commission’s (EC) proposals on measures to improve transparency, but warned against the creation of a central European clearing house. The EC’s proposals include standardisation of derivatives products and a central data repository for the £363 trillion industry. But European regulators are also considering expanding a [...]
PAYOUT CUTS SPARK LEGAL THREAT July 5, 2009 WEST BROMWICH Building Society may face legal action as a number of investors in its “permanent interest bearing shares” (PIBS) are angry at cuts in the payouts they receive. Chief executive Robert Sharpe said the cuts are within the mutual’s “legal rights”. Some 800 investors hold PIBS worth £75m and many had been relying on [...]
Music group Spotify in talks to raise new funds July 5, 2009 SPOTIFY, the Swedish peer-to-peer legal music streaming site, is seeking new investment in the region of £30m as it seeks to capitalise on its strong position within the market. Any deal would value the group at around £200m. Spotify hopes to become profitable for the first time later this year. The site has grown rapidly [...]
Biden: Obama misread crisis July 5, 2009 JOSEPH Biden, the US Vice President, has admitted President Barack Obama’s administration underestimated the scale of the recession and failed to foresee unemployment levels nearing double digits. He said the Obama team “misread how bad the economy was”, and admitted the unemployment figure of 9.5 per cent released last week was “much too high”. “There [...]
JJB Sports set to raise extra funds July 5, 2009 Struggling sportswear retailer JJB Sports has confirmed it is considering selling shares to raise extra funds. The group, which has been undergoing a rescue turn-around led by retail veteran Sir David Jones, confirmed it was “reviewing a range of possible options to provide additional capital.” It is understood that JJB Sports is looking to raise [...]
Vasanta closes in on rescue bid as PwC hovers July 5, 2009 OFFICE supply group Vasanta has said it is at an “advanced stage” of discussions over a restructure of its debts, and dismissed “alarmist and misleading” speculation it is on the brink of bankruptcy. Chief executive at the firm, which is struggling after having its credit insurance to key suppliers withdrawn, Richard Martin said it still [...]
O’Toole: we’ll keep hold of UK franchises July 5, 2009 NATIONAL EXPRESS, the troubled transport group, will not give up its hold on its remaining franchises, defying transport secretary Lord Adonis. In the latest twist in a saga which has seen National Express’ chief executive Richard Bowker stand down and the government announce a nationalisation of the company’s east coast rail line, the group’s acting [...]
BT denies its new executive pay plan is in response to investor pressure July 5, 2009 TROUBLED telephone operator BT has denied its programme of cutting base salaries for its executives to below the industry standard is designed to head off a shareholder revolt at a shareholder meeting this month. The group said its remuneration committee began the changes as early as 2007, and they are designed to motivate staff to [...]
Tax code may become law if banks resist July 5, 2009 THE GOVERNMENT’S code of practice for banks on tax could become law if financial institutions do not behave in a manner consistent with the voluntary scheme, Treasury sources said yesterday. The code, unveiled by financial secretary to the Treasury Stephen Timms last week, asks banks to act in a manner consistent with “both the letter [...]
