City of London faces pay vote September 19, 2012 CITY of London Investment could face a shareholder rebellion over pay at its general meeting next month after proxy voting agency Pirc yesterday told shareholders to vote down its remuneration report. Pirc says bonus awards to the chief executive amounting to 333 per cent is “excessive”. City of London said its policy was “well understood”.
Who’s switching jobs September 19, 2012 Canaccord Genuity The broker has appointed Peter O’Malley as chief executive of Canaccord Genuity Asia. He joins from Kenosis Capital Partners, where he was chief executive and founder. O’Malley has previously worked at Deutsche Bank as a managing director, and has also held senior roles at HSBC. Mizuho International The London-based securities and investment banking [...]
Best of the Brokers September 19, 2012 ASHMORE Morgan Stanley has started covering the bank with an “overweight” rating and a target price of 390p. The analysts think concerns over fund performance and margin pressure are already priced in. KINGFISHER Nomura has cut its rating on the retail group from “buy” to “neutral” and lowered its target price from 328p to 287p. [...]
Surge in banking shares helps FTSE to maintain its near 6-month high September 19, 2012 STRENGTH in banks and energy stocks hauled Britain’s leading share index higher yesterday as fresh central bank stimulus moves, this time from the Bank of Japan, whetted investors’ appetite for riskier-perceived assets. The BoJ joined in recent action from the US and Europe with bond purchases designed to kick-start its economy as central banks aim [...]
Surprise lift in housing sales boosts Wall St September 19, 2012 US stocks rose yesterday as investors dipped back into the market after the recent pullback from a rally that lifted the S&P 500 to just shy of five-year highs. Housing stocks were among the day’s leaders following stronger-than-expected data on home sales. The PHLX housing sector index jumped 2.2 per cent, led by a 4.3 [...]
How I plan to apply the lessons of business to running government September 19, 2012 DESPITE the progress made in cutting the deficit, this country is facing one of its most difficult economic situations. But my experience tells me that it is at these moments that you can generate the best results. It would be a wasted opportunity if we didn’t use it to make fundamental changes to the way [...]
Romney’s absurd 47 per cent gaffe risks alienating his own core voters September 19, 2012 MONDAY was touted by Mitt Romney’s campaign as a “re-launch” day, an opportunity for the candidate and his proxies to engage voters with specifics about what his presidency would entail. By Tuesday morning, however, rather than resembling a fresh start, it looked like more of a relapse. The decision by the website Mother Jones to [...]
Ten golden rules of investing September 19, 2012 The worst reason in the world to buy something is because somebody else did. This is essentially what you would be doing if you allowed your portfolio to mimic the benchmark index. A company’s weighting in the index tells you only what has happened in the past, not what will happen in the future. Furthermore, [...]
Should the Bank of England be able to adjust bank capital ratios to match economic health? September 19, 2012 YES David B Smith There are two main reasons why granting the Bank of England the power to impose capital ratios may prove helpful – macroeconomic and prudential. The essential macroeconomic aim of monetary policy should be to maintain a smooth and steady growth of broad money. It’s difficult to do this with the traditional [...]
Rapid Responses September 19, 2012 National defence [Re: Could a BAE-EADS merger prove a danger to national interests?, yesterday] This merger raises questions that have yet to receive adequate answers. There are obvious implications to losing the strategic totem that has been BAE: its work is closely related to UK national defence, and we should not risk it without careful [...]
