Shareholder revolts don’t get much worse than this May 3, 2012 IT DOESN’T get much bigger than this. Fifty-nine per cent of shareholders refused to back Aviva’s remuneration report yesterday, either by voting against it (50 per cent) or abstaining (nine per cent). Of those who cast a ballot, 54 per cent voted against. To illustrate how bad this is for Aviva, we need to put [...]
WHO’S SWITCHING JOBS May 3, 2012 KPMG David Ellis has been appointed as a partner and head of KPMG’s UK reward practice, which specialises in advising companies on how to most effectively pay their executives. He joins from BDO, where he was head of human capital and a partner since 2004. Ellis has also previously worked for Ernst & Young and [...]
FTSE rise fuelled by solid earnings May 3, 2012 The FTSE 100 pushed higher in early deals, recovering some of the previous session’s falls as investors turned their attention to a European Central Bank (ECB) meeting and tomorrow’s key US jobs report. ECB chiefs meet today after a week in which a string of bleak economic data, including manufacturing figures, has cast a shadow. [...]
Strong building output raises growth hopes May 2, 2012 INCREASING orders and rising optimism pushed up activity in the construction sector in April, survey data showed yesterday, countering fears that the sector is dragging down the economy as a whole. Markit’s purchasing managers’ index came in at 55.8, slightly down on March’s 21-month high of 56.7, but still indicating solid growth above the “no [...]
WHO’S SWITCHING JOBS May 2, 2012 Deloitte Kit Dickson has been appointed partner in Deloitte’s information reporting and withholding taxes group, part of its financial services practice. He joins from KPMG’s investment management practice, where he worked with institutional investor clients. He also previously led KPMG’s EU law group. Reyl Overseas The new subsidiary of Reyl & Cie, the Swiss bank, [...]
Oil and banks weigh on FTSE May 2, 2012 BRITAIN’S blue-chip index dipped yesterday, surrendering much of the previous session’s gains as weaker banking and oil stocks outweighed stronger performances from Next and BSkyB, supported by better sales figures. The FTSE 100 closed 54.12 points lower at 5,758.11, or 0.9 per cent lower. Bearish investor sentiment from Europe dragged on the banking sector, with [...]
FTSE shored up by strong blue chip results May 2, 2012 The FTSE 100 was flat in early trading as better than expected US manufacturing figures were offset by the bleak picture in the Eurozone. US manufacturing expanded at its fastest pace for 10 months fuelling confidence in the recovery of the world’s largest economy. However, the Eurozone’s manufacturing sector slipped further into decline last month, [...]
Standard Chartered in single digit income growth May 2, 2012 Standard Chartered said its first-quarter income grew by less than its previous 10 percent target, as the strength of the US dollar against Asian currencies impacted income growth. London-based Standard Chartered, which gets about four-fifths of its income in Asia, earns much of that income in local currencies, which translates to fewer dollars when the [...]
Man boss Clarke defiant in face of investor anger May 1, 2012 ANGRY investors staged a revolt over pay at beleaguered hedge fund Man Group after chief executive Peter Clarke was awarded a $7m package despite the sinking share price. Around one in seven shareholders voted against the remuneration report while nearly a third came out against Alison Carnwath, just days after Barclays investors criticised her role [...]
FTSE edges up as Lloyds gains May 1, 2012 The FTSE 100 clawed back some lost ground in early trading with Lloyds among the top gainers after quarterly results that matched forecasts. London’s blue-chip index ended April in negative territory yesterday – its second consecutive monthly loss – as concerns rose over Spain’s economy and political tensions in Europe took their toll. Meanwhile UK [...]