FSA’s Turner ends insurance regulation fears June 9, 2009 ADAIR Turner, head of City regulator the Financial Services Authority (FSA), reassured the insurance sector yesterday, saying there was no need for a rules “revolution” in the sector equivalent to the one banks are facing. He told the Association of British Insurers’ biennial conference that liquidity risks – which caused the banking collapse – are [...]
Banks are becoming more popular despite crisis June 9, 2009 AS a pollster, it’s not so often that survey results fly in the face of your expectations, but preparing some BrandIndex data for a talk at the Association of British Insurers conference, I had two surprises. Looking at the “buzz” tracking for three baskets of brands – banks, utilities, and separately financial services (providers of [...]
ABI: there is still faith in City bosses June 8, 2009 PUBLIC fury over the financial crisis and “fat cat” bonuses has failed to derail confidence in bosses at the City’s major companies, the Association of British Insurers (ABI) will claim today at its biennial conference. The ABI will unveil the results of a major national survey on economic sentiment suggesting that the majority of people [...]
Rio scraps its Chinalco deal June 4, 2009 FEARS of a massive shareholder revolt prompted mining giant Rio Tinto to dramatically call off a $19.5bn (£13.7bn) tie-up deal with Chinese shareholder Chinalco last night. The decision raises questions about the long-term future of chief executive Tom Albanese, the architect of the controversial Chinese deal. He has been criticised by shareholders for breaching pre-emption [...]
ABI: Don’t punish other sectors June 3, 2009 Regulators and politicians must be careful not to punish other industries for the mistakes of bankers, the Association of British Insurers (ABI) warned yesterday. The ABI argued in a report entitled Restoring Market Confidence that any move to remedy flaws in banking should not affect other sectors
Investors rap Tomkins on pay June 2, 2009 ENGINEERING firm Tomkins was last night left reeling after nearly 40 per cent of investors voted against the firm’s annual remuneration report. Just 61 per cent of shareholders approved the remuneration policy, according to figures released yesterday, with many understood to have been outraged by the company’s rewards system. Chief executive Jim Nicol was handed [...]
WPP facing vote on bonus scheme June 1, 2009 WPP could today be the latest FTSE 100 company to feel shareholder backlash against bonuses, as it asks investors to approve a new scheme that could see chief executive Sir Martin Sorrell bank around £60m. Concerns that such a large sum could be paid to a single executive prompted the Association of British Insurers (ABI) [...]
Lloyds investors ponder law suit over HBOS deal May 31, 2009 A GROUP of small investors is preparing a legal campaign against the directors of Lloyds TSB over their takeover of HBOS, as the bank’s board faces up to a showdown at this Friday’s AGM. The UK Shareholders’ Association (UKSA) is sounding out more than a million small investors in Lloyds about a possible legal action [...]
ADDICTS, INCEST AND ORGIES: HOW THE STOCK EXCHANGE DOES DRAMA May 26, 2009 EXTRA-curricular activities (of the character-building, not reputation-trashing, sort) have become rather popular in the City since improving one’s CV became more of a necessity than an idle pastime. And in that spirit, keen Square Mile theatregoers will be happy to learn that SEDOS – the Stock Exchange Dramatic and Operatic Society – have been hard [...]
ABI chairman extends tenure May 21, 2009 THE Association of British Insurers (ABI), whose members hold investments equivalent to 20 per cent of the London stock market, has extended the tenture of chairman Archie Kane until 2010. The ABI said the move would enable Kane to continue leading the association in shaping its response to the financial crisis and help UK financial [...]