WHAT THE OTHER PAPERS SAY THIS MORNING
FINANCIAL TIMES
US TO PAY BIG FOR WALL ST TIPS
New US whistleblowing incentives within the Dodd-Frank financial reform bill – that could net informants multimillion dollar pay-outs – are likely to generate a surge in allegations against US-listed companies and Wall Street banks, lawyers say. The SEC is expecting a sharp increase in tip-offs from senior employees and third parties.
NON EXECS IN SHORT SUPPLY
British companies are facing an acute shortage of non-executive directors, as new corporate governance rules demand the more frequent replacement of board members, according to research by Norman Broadbent. Aimed at encouraging greater scrutiny of companies by their owners, the new rules are part of the most comprehensive overhaul of corporate governance in almost 20 years.
KORN/FERRY POACHES RIVAL STAFF
Korn/Ferry Whitehead Mann, the world’s largest listed headhunter, has poached key members of the financial services team from rival Heidrick & Struggles, in the latest sign of a recovery in the banking recruitment market. With hiring in the City returning to pre-downturn levels Korn/Ferry Whitehead Mann has mounted an aggressive pitch for talented consultants who can bring in as much as £1m in fees a year.
FSA EXODUS ADDS TO CONCERN OVER CITY REGULATION
Staff resignations doubled at the Financial Services Authority in the second quarter as the government announced plans to split up the embattled regulator and as revived private sector recruitment lured away managers and frontline supervisors. A total of 121 employees resigned from the FSA between the beginning of April and the start of July – up 138 per cent from 53 last year.
THE TIMES
ORGANISED CRIME INFILTRATES EU WIND INDUSTRY
Europe’s booming wind energy industry is being exploited by criminals who see the opportunity to tap into billions of euros’ worth of EU subsidies, according to Kroll, the corporate investigations and security group. Organised groups linked to the Italian mafia are among those to have infiltrated the industry, Jason Wright, senior director of Kroll’s consulting group, told The Times.
NOMURA TO MARRY JAPAN’S HUNGER FOR FISH AND INVESTMENT
Nomura Securities will invite punters today to sign up to a fund that, from the outset, will spend its life underwater. The launch of the world’s first investment trust focused entirely on the global business of seafood and fish comes as fisheries race to perfect the technique of tuna farming.
The Daily Telegraph
CONFIDENCE RETURNS TO ‘MOTORBOATS AND CARAVAN’ MARKET
Consumer confidence is returning across Europe, according to a new index that tracks “discretionary” spending on big ticket items such as motorboats, caravans and snowmobiles. Demand for high value leisure items has been recovering since last September, after collapsing for almost two years, but has only recently started to show a sharp improvement in what may prove to be awkward new data for the Bank of England.
CROSSRAIL GETS DOWN TO DETAIL TO SURVIVE CUTS
Terry Morgan would be forgiven for feeling like the fattest turkey on the farm in the week before Christmas. With the Treasury axe about to fall, many are predicting that his £15.9bn Crossrail project is primed to be one of the first victims.
WALL STREET JOURNAL
ECUADOR RENEGOTIATES WITH FOREIGN OIL FIRMS
Ecuador’s populist president Rafael Correa wants to take a big slice of profits away from foreign oil companies operating in the Andean nation, which is facing protracted economic problems. This week, Mr. Correa and his socialist government will force Spain’s Repsol, Italy’s Eni and other foreign oil companies to redesign existing contracts in a process likely to result in diminished profits for firms that accept the new terms.
CITY RESORTS TO PAC-MAN FOR A REBOOT
In hard times, cities often look for an edge to generate buzz and draw new businesses. Ottumwa — a fading manufacturing town far from the high-tech glitz of Silicon Valley — wants to be the Cooperstown of video games. A four-day festival has been launched.