Downgrade threat to UK debt rating December 13, 2012 CHANCELLOR George Osborne attempted to play down the importance of the UK government’s credit rating yesterday, just hours before Standard & Poor’s became the third and final major agency to put the country on a negative outlook. S&P’s verdict came at the end of a day that had seen Osborne tell MPs he is open [...]
Crispin Odey boosts Ashley’s hopes of a £39m bonus pot December 13, 2012 CRISPIN ODEY, the influential hedge fund tycoon and Sports Direct investor, said yesterday he was fully in favour of the retailer reintroducing a bonus scheme that could hand its founder Mike Ashley a £39m windfall. Odey Asset Management is Sports Direct’s second largest shareholder after Ashley and holds a 6.58 per cent stake in the [...]
Euro leaders reach late night bank union deal December 13, 2012 THE EUROPEAN Central Bank (ECB) will monitor the largest Eurozone banks, the EU’s leaders announced yesterday, in a compromise which represents a major step towards a new banking union for the currency area. And after late-night meetings, Britain secured voting rights which it hopes will safeguard its position as a major centre for Eurozone finance. [...]
Ashley’s naked ambition could help him win Sports Direct vote December 13, 2012 A man prepared to offend thousands of hardened Geordie football fans by renaming their place of worship the Sport Direct Arena (now plain old St James’s Park again) won’t be too bothered about entering into a renewed battle with City institutions over executive pay. But more than a handful of other executives will be interested [...]
What the other papers say this Morning December 13, 2012 FINANCIAL TIMES Fed begins bank stress tests The US Federal Reserve is carrying out its first ever system-wide stress test of bank liquidity in a move that could force banks to change their funding sources. Known internally as “C-Lar” – the liquidity version of the Fed’s annual “comprehensive capital analysis and review” – the examination [...]
Bank bonus cap rule edges closer December 13, 2012 MEPs yesterday issued a draft proposal to cap bankers’ bonuses. They want to ban banks from paying bonuses of more than an employee’s basic salary and if a supermajority of shareholders disagree, that cap can be raised to two-times the salary. The measure will be voted on in the New Year, before passing to the [...]
Deutsche charges to hit profits December 13, 2012 Deutsche Bank said yesterday that its radical restructuring plan would hit fourth-quarter profits “significantly” as the bank gets on with cleaning up its balance sheet, but there was no cause for investors to be alarmed. “This is not seen as a profit warning, this is a guidance … to make you aware that we have [...]
Nasdaq cancels some trades December 13, 2012 Stock exchange operator Nasdaq OMX is cancelling a series of premarket trades that resulted in wild price swings in a number of stocks yesterday, including Citigroup and Hewlett-Packard, the exchange said. Nasdaq said in a statement it is cancelling trades in nine stocks in which trades occurred at prices that marked a swing of 10 [...]
Fracking ban is lifted amid price confusion December 13, 2012 THE GOVERNMENT yesterday gave energy firms the green light to resume exploring offshore shale gas reserves in the UK – despite splits over its potential impact on consumer energy prices. Exploration using hydraulic fracturing or “fracking” – which smashes rocks deep underground to get gas out of them – had been banned in the UK [...]
UBS set for $1bn fine next week over Libor fiddling accusations December 13, 2012 SWISS bank UBS is set to be fined early next week for its role in fiddling Libor submissions. It is expected to be hit by a $1bn (£621m) fine, divided between four regulators across the UK, US and Switzerland. That is more than double the £290m charge Barclays attracted earlier this year, and represents a [...]
