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 [...]
Lloyds warns of ‘long and difficult’ path to recovery May 1, 2012 Lloyds said it would set aside another £375m to cover compensation for people mis-sold insurance, while it faced a “long and difficult” path to recovery. Lloyds, 40-per cent owned by the government after a bailout during the financial crisis, said the increased provision reflected a rise in the volume of complaints received in February and [...]
Executives beware the winds of shareholder activism April 30, 2012 BARELY a day goes by without another incidence of shareholder activism. Investors in blue chip firms ranging from hedge funds to pharmaceuticals have been flexing their muscles with remarkable frequency recently, expressing their displeasure on executive pay and strategic direction. It is debatable how much of this is to do with policy changes. In the [...]
SHAREHOLDERS STEP UP THE PRESSURE April 30, 2012 Today – Man Group Man Group chief executive Peter Clarke will face pressure from investors at the hedge fund’s AGM to improve performance or step down. The firm’s share price has fallen by almost 60 per cent since September last year. Yesterday – Aviva Chief executive Andrew Moss waived a £46,000 pay rise after criticism [...]
Qatar hands Barclays $250m to promote Doha as financial hub April 30, 2012 A TOP Barclays shareholder has handed one of the bank’s private equity units $250m (£154m) to set up a new joint venture. Qatar’s biggest sovereign wealth fund, the Qatar Investment Authority, and the Qatar Financial Centre (QFC) Authority, a government agency aimed at boosting the country’s financial services, are hoping the investment will help to [...]
Barclays won’t let pay row deflect it from broader goal April 30, 2012 BARCLAYS Bank’s objective to have an investment banking operation as successful in equities and advisory as Deutsche Bank or any of the other bulge bracket firms is constantly being questioned, both by rivals and by analysts and shareholders. Some say the bank will bottle it as costs get out of control; others say that franchises [...]
Hands promises not to rock the boat at £825m Four Seasons April 30, 2012 GUY Hands’ private equity house has sealed a long-awaited deal to buy Four Seasons Health Care in a deal worth £825m. Terra Firma will take a large majority stake in the market leading care home operator, which has around 24,000 beds. Four Seasons had been trading profitably but needed to refinance its £780m of debt [...]
Red-faced KPMG says sorry for internal payments error April 30, 2012 ACCOUNTANT KPMG has been forced into an embarrassing apology to staff after the company failed to pay its staff on time. In an ironic twist, KPMG – which is accustomed to dishing out advice to firms on how to manage their own accounting systems – has been caught out itself after an administrative blunder left [...]