Santander chief in line for £75m retirement scheme March 21, 2010 THE boss of Spanish banking juggernaut Santander has clocked up a £75m pension pot, dwarfing the amount handed to Sir Fred Goodwin on leaving Royal Bank of Scotland. Alfredo Saenz, a 68-year-old with a reputation for turning around failing lenders, is to be awarded an annual sum of around £5m plus one third of his [...]
Sports Direct given deadline for Blacks bid March 21, 2010 CLOTHING retailer Sports Direct must bid for Blacks Leisure by 1 April or walk away, the takeover watchdog has ruled, setting a timetable for the conclusion of a long-running and bitter takeover battle. Blacks said it had rejected a £39m approach from the group controlled by Newcastle United soccer club boss Mike Ashley. The Takeover [...]
Court to rule on pre-nups March 21, 2010 THE SUPREME Court is expected to make a landmark ruling this week on the enforceability of pre-nuptial agreements in the UK, with lawmakers hoping English law will be brought into line with Continental Europe and the Americas. The ruling, which is expected to give more clarity to soon-to-be newly-weds on whether to take out a [...]
Law firm profits to be hit by bartering March 21, 2010 FINANCIAL directors at the UK’s top law firms have said their profitability is under threat by clients which are increasingly applying pressure to reduce fees, according to recent research. Legal publisher Sweet & Maxwell found that 60 per cent of financial directors at the UK’s top 100 firms said that downward pressure from major clients, [...]
Young lawyers stung by overspecialised market March 21, 2010 OVERSPECIALISATION in the legal profession should be dismantled as young solicitors trying to find work have been hit the hardest by recent cutbacks at commercial law firms, said The Law Society. Young lawyers specialising in banking, property and commercial law are having a harder time finding employment as a result of the global recession, said [...]
New group to give wealthy people advice March 21, 2010 A COLLECTION of bankers and lawyers have formed a new steering committee aimed at giving advice to wealthy individuals looking to make large donations to charities. Coutts & Co, JP Morgan and legal outfit Withers have come together, along with chair Dame Stephanie Shirley, to launch and develop a philanthropy advice service for high-net worth [...]
UK investors live in fear of tax increases March 21, 2010 TAX increases are the biggest threat to UK investors’ finances in 2010, according to research by the Association of Investment Companies (AIC). A survey by the body has revealed that 45 per cent of investors and 21 per cent of the general public view changes in the tax rates as their major worry. In order [...]
Reforms required to make India world class March 21, 2010 CITYA.M. readers struggling with the end of the UK winter won’t want to hear I am in India. My business on your behalf is strengthening ties with India’s financial services community, but the hot topic with locals on the street is the Indian Premier League. The remarkable success of this cricket tournament, which only got [...]
Axa wants public sector pensions cut March 21, 2010 AXA, the French insurance group, has called on the UK’s three main political parties to spell out how they plan to tackle the increasing cost of generous public sector pensions. The insurer wants public sector workers to start contributing to their pensions during their careers rather than receiving a set income in retirement. It added [...]
CITY MOVES | WHO’S SWITCHING JOBS March 21, 2010 Prupim Asia The real estate investment company, a joint venture between Prupim UK and Prudential’s Asian fund management business, has appointed Scott Girard as its new chief executive. Girard, currently chief investment officer at the firm, started his career at ANZ Funds Management in Australia before working at a consultancy. He takes over from Alex [...]
