WHAT THE OTHER PAPERS SAY THIS MORNING March 18, 2010 FINANCIAL TIMES ALARM WAS RAISED ON LEHMAN Securities and Exchange Commission and Federal Reserve officials were warned by a leading Wall Street rival that Lehman Brothers was incorrectly calculating a key measure of its financial health months before its collapse in 2008, people familiar with the matter say. Former Merrill Lynch officials said they contacted [...]
RBS boss may be paid £5m a year bonus March 18, 2010 ROYAL Bank of Scotland boss Stephen Hester will top up his £1.2m salary with up to £4.8m a year in shares, the bank’s annual report revealed yesterday. The new long-term deal with the man who slashed the bank’s annual losses from a record £24bn in 2008 to just £3.6bn last year is worth four times [...]
Crozier to get £620,000 payment to start at ITV March 18, 2010 ADAM Crozier could pocket £2.2m for his first year at the helm of ITV, possibly earning as much as £16m by 2015. The former Royal Mail boss will receive a basic salary of £775,000 and a massive £620,000 “golden hello”. He will also be in line for a bumper performance-related bonus pot of £2.3m over [...]
OFT to probe investment banks on fees March 18, 2010 COMPETITION watchdog, the Office of Fair Trading (OFT) said yesterday it intends to scrutinise investment banks over the fees they charge clients. Chairman Philip Collins told members of the Future of Banking Commission the OFT will launch an investigation into the sector in the coming months. Collins said the OFT was keen to find out [...]
Aegis raises £190m war chest for buys March 18, 2010 AEGIS announced yesterday it has appointed a new chief executive, filling a 16-month void at the head of the company. The marketing and advertising group also unveiled a £190m convertible bond issue, due in 2015, which it says will be used for US acquisitions and to shore up its balance sheet. Jerry Buhlmann, an internal [...]
Volatility in market is a worry March 18, 2010 Aegis’ figures for last year were not as bad as they have been. Profits, 21.8 per cent down, hardly inspire confidence, and at best ad revenues for the industry will remain flat this year. Aegis says 2010 has started well. While this is encouraging, it’s not time to put the champagne on ice just yet. [...]
Basel agrees failed banks plan March 18, 2010 Global bank regulators yesterday agreed a framework to stop “too big to fail” banks from relying on a taxpayer bailout when in trouble, but countries such as the US still want more radical measures. US and European governments have spent trillions of dollars propping up banks to avoid a broader financial system meltdown during the [...]
Gulfsands set to reject an initial takeover approach March 18, 2010 OIL and gas explorer Gulfsands Petroleum is today expected to reject a preliminary approach which yesterday saw its shares soar to an all-time high. The offer said by analysts to have come from a large Indian oil company, is believed to be at around the 350p level. Gulfsands’ board, advised by Royal Bank of Canada, [...]
M&S chairman Sir Stuart Rose sets departure date as he takes a pay cut March 18, 2010 Marks & Spencer chairman Sir Stuart Rose is to give up his executive duties and take a 25 per cent pay cut in July with a view to stepping down by March 2011, the company announced yesterday. Under fire since taking on the dual roles of chief executive and chairman two years ago, Rose had [...]
Lehman in fresh attack on BarCap March 18, 2010 Lehman Brothers fired new allegations at Barclays Capital yesterday, saying the British investment bank got a $13bn (£8.5bn) “windfall” profit from its deal to buy Lehman’s US brokerage in September 2008. In documents filed in US bankruptcy court in Manhattan, Lehman claimed new evidence showed that, while Barclays said it had a “day one” accounting [...]
