WHAT THE OTHER PAPERS SAY THIS MORNING September 6, 2009 THE SUNDAYSThe Sunday TelegraphG20 WILL CURB BANK BONUSESBonuses for bankers throughout the Western world will for the first time be subject to limits and checks as soon as next year after the G20 pledged to embark on an international crackdown on financiers’ pay. Banks will have caps imposed on the size of the bonus pot [...]
Munich Re to unify its brands September 6, 2009 The world’s largest reinsurer Munich Re is to bring together its reinsurance operations under one brand. “Munich Re will position itself as a comprehensive provider of all types of reinsurance and capital market solutions under the worldwide brand of Munich Re,” the company said in a statement. The group intends to take advantage of new [...]
Executive bonuses hold up September 6, 2009 Executive directors in FTSE 350 companies have not seen reduced bonus payouts, even though 70 per cent will not get a pay rise this year, according to a Deloitte report. More companies are now paying non-cash bonuses and are deferring portions of the bonus or placing clawback provisions. Deloitte said the typical bonus payout is [...]
Lehman fee gives boost to PwC revenue September 6, 2009 THE worldwide accountancy giant PricewaterhouseCoopers saw its revenues creep up by less than half a per cent over the past year, thanks to a strong performance from its advisory business in turbulent economic conditions. Its results were boosted by £100m in revenues from the administration of Lehman Brothers’ European arm, after the bank failed last [...]
Mobile phone operators eye T-Mobile UK September 6, 2009 VODAFONE and Spain’s Telefonica, the owner of O2, are understood to have tabled conditional offers of around £3.5bn to buy T-Mobile UK. The sale of the Deutsche Telekom unit to either party would create the UK’s largest mobile operator – once its 16.6m customers were added to theirs – and both offers are believed to [...]
BROWN SEEKSAFGHANISTAN SUPPORT September 6, 2009 PRIMEminister Gordon Brown and German chancellor Angela Merkel last night called for an international political conference on Afghanistan. The summit aims to tackle the growing public concerns in a number of Nato countries about the cost and effectiveness of the eight year long fight against the Taliban and al-Qaeda in Afghanistan. It is hoped the [...]
Bischoff plots clearout of Lloyds board September 6, 2009 SIRWIN Bischoff, the new chairman of Lloyds Banking Group, is poised to make his mark with a boardroom reshuffle that will spell the end for non-executives associated with the ill-fated takeover of HBOS. Former Citigroup chair Bischoff, who officially succeeds the architect of the HBOS deal Sir Victor Blank on 15 September, is expected to [...]
Jargon’s unstoppable march into our language September 6, 2009 WHAT started as a light-hearted discussion of business buzzwords on CNBC television recently aroused such an outpouring of bile from our viewers I feel duty-bound to “on-pass the learnings.” Grammatical rules apply at all times, even to important businessmen. “Leverage” and “interface” are bad enough as nouns, but make intolerable verbs. Similarly, anyone paying attention [...]
Japan’s Nomura extends hiring spree to include expansion in fixed income September 6, 2009 JAPANESE bank Nomura is to ramp up its efforts to expand internationally with a new push into the fixed income arena. The bank is this week set to unveil the appointment of eight new managing directors in London, to add to the 90 or so hires that the company has already made in Europe during [...]
KDB to withhold Lehman details from liquidators September 6, 2009 KOREA Development Bank (KDB) has told the liquidators of Lehman Brothers that it will not disclose all information surrounding a potential rescue by the South Korean business, mooted prior to the US investment bank’s collapse. KDB was in negotiations with Lehman over a $6bn (£3.7bn) investment in the bank last year, but backed away from [...]
