A Barclays sell-off would be a mistake May 14, 2009 IF Barclays does end up selling its Barclays Global Investors division to a rival such as BlackRock, it will be faced with two major problems. The first would be one of credibility: how can Barclays continue to operate as a universal bank if it lacks an asset manager? Selling iShares makes some sense; the business was [...]
Amec board’s pay too much May 14, 2009 THE furore over City pay hit another company last night, as over half of investors at engineering group Amec refused to back the company’s remuneration report. Around 40 per cent of its shareholders opposed the report on directors salaries and bonus plans, while 13 per cent abstained. Amec wanted to give its chief executive Samir Brikho [...]
MP expenses hit a high May 14, 2009 JUSTICE minister Shahid Malik ran up the highest expenses claim among his MP peers, it emerged yesterday. He has claimed the maximum amount allowed for a second home – £66,827, over three years. During 2008, he claimed £443 a week for a London town house, or £23,083 over the whole year. Meanwhile, on his constituency [...]
MP expenses hit a high May 14, 2009 JUSTICE minister Shahid Malik ran up the highest expenses claim among his MP peers, it emerged yesterday. He has claimed the maximum amount allowed for a second home – £66,827, over three years. During 2008, he claimed £443 a week for a London town house, or £23,083 over the whole year. Meanwhile, on his constituency [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 14, 2009 FINANCIAL TIMESQINETIQ TO SELL UK UNDERWATER SYSTEMS ARM Qinetiq, the defence research group, has agreed to sell its UK underwater systems business for £23.5m as it continues to restructure its European division. Atlas Elektronik will take over the business, which makes sonar acoustic counter measures for customers such as the Royal Navy, protecting about 220 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 14, 2009 FINANCIAL TIMESQINETIQ TO SELL UK UNDERWATER SYSTEMS ARM Qinetiq, the defence research group, has agreed to sell its UK underwater systems business for £23.5m as it continues to restructure its European division. Atlas Elektronik will take over the business, which makes sonar acoustic counter measures for customers such as the Royal Navy, protecting about 220 [...]
CARLYLE GROUP TO PAY $20M FINE May 14, 2009 Private equity firm The Carlyle Group yesterday agreed to pay a $20m (£13.3m) fine, and to sign a strict code of conduct to resolve its role in an investigation into alleged corruption involving New York’s largest public pension fund. Carlyle, an $85.5bn private equity firm, will be the first buy-out firm to pay a fine [...]
CARLYLE GROUP TO PAY $20M FINE May 14, 2009 Private equity firm The Carlyle Group yesterday agreed to pay a $20m (£13.3m) fine, and to sign a strict code of conduct to resolve its role in an investigation into alleged corruption involving New York’s largest public pension fund. Carlyle, an $85.5bn private equity firm, will be the first buy-out firm to pay a fine [...]
GERMANY’S LOSSES SET TO DOUBLE May 14, 2009 Germany’s finance minister Peer Steinbrück said yesterday that the federal budget deficit would double to €90bn (£59bn) next year as tax revenues dry up and public spending rockets. He said this year’s federal deficit alone would exceed €50bn, up from a deficit of €11.9bn last year. This would break Germany’s budget deficit record of €40bn, [...]
GERMANY’S LOSSES SET TO DOUBLE May 14, 2009 Germany’s finance minister Peer Steinbrück said yesterday that the federal budget deficit would double to €90bn (£59bn) next year as tax revenues dry up and public spending rockets. He said this year’s federal deficit alone would exceed €50bn, up from a deficit of €11.9bn last year. This would break Germany’s budget deficit record of €40bn, [...]