WHAT THE OTHER PAPERS SAY THIS MORNING May 14, 2012 FINANCIAL TIMES GM unveils Europe restructuring plan The head of General Motors’ Europe arm told anxious German workers on Monday that he would have to restructure production of a key model in order to help return the European operation to profitability. Paul Smith plans fresh move into China British fashion brand Paul Smith plans to [...]
Lloyds poaches top StanChart exec for head of wholesale job May 14, 2012 LLOYDS Banking Group has poached a senior executive from rival Standard Chartered (StanChart) to fill a hole made vacant by the departure of its former head of wholesale, Truett Tate. The appointment of Andrew Bester, who is the chief operating officer of consumer banking at StanChart, will supplant Andrew Géczy, who had been acting head [...]
Investors back StanChart pay May 9, 2012 STANDARD Chartered headed off a shareholder revolt over director pay yesterday despite criticism from advisory group Pirc. Only 7.4 per cent of shareholders voted against the bank’s remuneration report even though Pirc said last week that the award for the head of the investment bank, Mike Rees, was too high. Standard Chartered notched up a [...]
BANK’S CHARITY: YOU CAN PUT YOUR SHIRT ON IT May 7, 2012 THREE days after their appearance in the FA Cup Final, Liverpool are set to make history in a different way. Standard Chartered will replace their logo as main sponsor with that of their charitable initiative set up to tackle avoidable blindness. For the Reds’ last 2011-12 home game, against Chelsea tonight, the shirts will promote [...]
King defies City critics May 2, 2012 MERVYN King hit out at his increasing number of critics in the City and Westminster last night, saying “vested interests” who wanted to defend their bonuses and profits were no match for a central bank with “over three centuries of history”. In an extraordinary attempt to defend his record in power, he said he had [...]
Standard Chartered to up investment plans May 2, 2012 STANDARD Chartered will accelerate its investment plans on the back of what chief executive Peter Sands called a “strong start to 2012”. The bank gave a trading update yesterday, flagging “high single digit growth” in revenues. That was below its usual double digit growth, however, which the bank blamed mainly on “the continued strength of [...]
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, [...]
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 [...]