Half of firms to freeze pay November 15, 2009 HALF OF employers in the UK are planning to freeze pay completely in 2010, a survey will reveal today. The latest employment trends research from the industry body CBI and recruitment firm Harvey Nash will show that firms remain “ultra-cautious” about increasing pay, with only four per cent planning rises above the level of inflation. [...]
Lord Mayor urges City to reach out November 15, 2009 NICK Anstee, the newly-elected Lord Mayor, will tonight embark upon the unenviable task of attempting to repair relations between the City and the wider public, in a speech at his inauguration banquet at the Guildhall. Anstee, a senior director at law firm SJ Berwin, will reiterate that the Lord Mayor’s job is to speak for [...]
FSA GIVEN RIGHT TO VETO BONUS DEALS November 15, 2009 THEFinancial Services Authority will have the power to tear up pay and bonus contracts that violate its guidelines under planned legislation to be unveiled as part of the Queen’s Speech onWednesday. Lord Myners, the City Minister, claimed yesterday that allowing the regulator to render void some contracts would prevent excessive risk-taking from threatening the stability [...]
CITY VIEWS: DOES SIR PHILIP HAMPTON’S ROLE AT ANGLO AMERICAN HINDER RBS? November 12, 2009 DANIEL FOSTER WILLIS“In theory, Hampton’s acceptance of a role at Anglo American shouldn’t have any effect on his ability to serve RBS. The bank needs to hire people who can help in the crisis, so I trust he can still do that despite taking on a second role.”HARRY MCINDOE BPL GLOBAL“RBS is faced with such [...]
More pain for restaurants as firms cut back on Christmas November 12, 2009 THE number of restaurants falling into insolvency is set to rise again next year after one of the quietest corporate Christmases on record. The industry’s woes over the financial crisis have been well publicised by the difficulties experienced by the UK’s celebrity chefs. Gordon Ramsay revealed earlier this year that his restaurant empire had teetered [...]
Kroes: I’m no bank slayer November 12, 2009 EU COMPETITION chief Neelie Kroes yesterday hit back at critics who have slammed her decision to enforce punishing break-up rules on Europe’s bailed-out institutions, insisting she is not a “bank destroyer”. Speaking in Amsterdam, Kroes – nicknamed “Steely Neelie” for her ruthless approach – said: “Our goal is not to break up banks. I am [...]
MAGICAL KINGDOM November 12, 2009 WALT Disney posted a larger-than-expected rise in quarterly profit and revenue, boosted by strong performance at its theme parks, an improving ad climate and the media giant’s cable operations. Operating income at Disney’s cable networks grew 19 per cent, fuelled by growth at the worldwide Disney Channels. Net income in the fourth quarter rose to [...]
EU delays new asset valuation rule changes November 12, 2009 BRUSSELS has delayed the introduction in the European Union of radical new accounting rules for banks and insurers. The rules came into force across most of the rest of the world, except the US, yesterday. But the European Commission said it would not accept the changes until it had looked into them further and would [...]
Tesco looks East for growth and plans new Chinese stores November 12, 2009 TESCO yesterday announced a £100m tie-up with Asian investors to build three shopping centres in China as the first stage of a larger building programme. Britain’s biggest supermarket has signed an agreement for a 50-50 venture with investors including HSBC Nan Fung China Real Estate Fund, Singapore’s Metro Holdings and Hong Kong’s Nan Fung Group. [...]
Watchdog tells US banks to pay $45bn into insurance pot November 12, 2009 US banks are to pay $45bn (£27bn) to the Federal Deposit Insurance Corp (FDIC) to cover the rising cost of banking failures. In an unprecedented move, the FDIC board approved the prepayment of three years of premiums at a meeting yesterday. The prepayment has been described as an alternative to imposing another hefty emergency fee [...]
