Foreign firms boost cash to buy UK peers March 2, 2010 THE amount of money spent by overseas firms on acquiring UK companies surged in the fourth quarter of last year to £13.8bn from £4bn in the previous three months, official data showed yesterday. Figures from the Office for National Statistics showed however that the number of transactions had remained broadly unchanged, Significant acquisitions of UK?firms [...]
BEST OF THE BROKERS March 2, 2010 HAYS Numis Securities reiterates its “sell” rating on Hays citing another set of earnings downgrades post its half year results. Following a tough period of trading, the business faces additional UK public sector pressures which could lead it to lag a wider staffing recovery. While the dividend yield remains attractive it prefers Hays’ rivals. HSBC [...]
Gains in banking shares lead the FTSE to a six-week high March 2, 2010 BRITAIN’S top share index hit a six-week closing high yesterday and rose for a third straight session, led by banks with HSBC firmer after the previous session’s post results sell-off. The FTSE 100 closed up 78.12 points, or 1.45 per cent, at 5,484.06, its highest closing level since January 19, after climbing 1 per cent [...]
HSBC director set for £10m pay windfall March 1, 2010 HSBC’s investment banking chief Stuart Gulliver is set to pocket a bumper payout of over £10m, after profits at the global banking and markets arm jumped threefold to $10.48bn (£7bn) during the 2009 financial year. Gulliver, 50, who joined HSBC from university 30 years ago, will receive a bonus of £9m in deferred stock, as [...]
London rises as miners and energy companies set pace March 1, 2010 LONDON’S top share index rose one per cent yesterday as big gains from miners and energy stocks, boosted by firmer commodity prices, outpaced faltering banks following disappointing results from HSBC. The FTSE 100 closed 51.42 points higher at 5,405.94 points, having hit a five-week high earlier in the session of 5,420.83. The index has rebounded [...]
M&S boss in new pressure to cut salary February 28, 2010 MARKS & Spencer’s (M&S’s) joint chief executive and chairman Sir Stuart Rose has seen renewed investor demands to reduce his pay in the latest shareholder salvo against executive pay deals. Rose, who assumed the joint title of chairman and chief executive last year, could see his £1.13m salary reduced by investors after an ongoing and [...]
HSBC’s chief gives up £4m February 28, 2010 HSBC boss Michael Geoghegan will announce plans today to hand over his multi-million pound bonus to charity as the banking giant reveals annual results. Geoghegan, who was is understood to have been in line to receive a £4m payout, will donate his bonus to charity after the bank’s strong 2009 performance. HSBC’s annual profits are [...]
The law firm boss who says his US merger is set to take on the world February 28, 2010 For a man weeks away from the biggest deal of his life, Lovells’ managing partner David Harris has a remarkably light air about him. On 1 May the City institution – it can trace its history back to 1899 – will merge with US rival Hogan Hartson to create one of the world’s largest law [...]
Just £1.3bn bonus pot … but more than 100 will get £1m February 25, 2010 More than 100 Royal Bank of Scotland bankers will receive bonuses of more than £1m. The news comes as RBS announced it will pay out just £1.3bn in bonuses this year – the lowest compensation ratio in the industry. The ratio is set at just 27 per cent, far below the 38 per cent revealed [...]
CIBC and National Bank of Canada deliver stronger than expected growth February 25, 2010 TWO of Canada’s big banks kicked off earnings season with stronger-than-expected growth in profits yesterday, setting the stage for a rise in bank shares and upping the ante for rivals’ profits next week. Canadian Imperial Bank of Commerce said profit more than quadrupled in the first quarter, helped by volume growth in its retail markets [...]