Blackstone and Wellcome tie up for RBS branch bid April 11, 2010 BUYOUT firm Blackstone and charity the Wellcome Trust have launched a joint bid for bank branches being sold by Royal Bank of Scotland. The bid from Blackstone and the Wellcome Trust, a charitable foundation which manages a £13bn investment portfolio, brings the total number of offers for the RBS branches to five. RBS declined to [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 14, 2010 FINANCIAL TIMES MINISTERS URGED TO EXTEND WIND SUBSIDIES One of the biggest investors in UK wind power will warn the government on Tuesday that it must extend subsidies for the industry or risk losing investment as European countries vie to build up wind capacity. ARAB NATIONS URGED TO MEET AID PROMISES Arab countries have been urged to use more of their [...]
CITY MOVES | WHO’S SWITCHING JOBS October 17, 2010 ICAP The inter-dealer broker has appointed Iain Torrens as group finance director, after incumbent Matthew Lester, pictured, said he would leave to take up a role as the next chief financial officer of Royal Mail. Torrens joined ICAP in 2006 and has been group financial controller since July 2008. Lester, who also formerly held senior [...]
Prudential makes Devey Asia chief April 14, 2010 PRUDENTIAL has as appointed Rob Devey to lead the integration with American International Group’s Asian life insurance arm. The company is on verge of securing a deal for American International Assurance (AIA) for $35.5 billion. But it still needs to complete a $21bn rights issue to fund the bid. Devey, currently Prudential’s head of European [...]
UKFI votes for RBS bonuses April 28, 2010 THE governing body responsible for overseeing the taxpayer’s stake in Royal Bank of Scotland has voted overwhelmingly in favour of the banks’s new remuneration structure. The bank agreed to toughen up its bonus criteria after it came in for fierce criticism for setting the bar too low for lucrative performance-related incentive packages to come into [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 9, 2010 FINANCIAL TIMES BACKLASH OVER INDIAN FLOAT RULES India is facing a growing private sector backlash against a rule change that will lead to a flood of more than $50bn of new shares being listed over three years. There are concerns that the move could damage the country’s stock market and hamper economic growth. The Finance [...]
RBS will cave in to investor pay demands April 25, 2010 ROYAL Bank of Scotland (RBS) will toughen up its criteria for remunerating its top executives this week after a backlash from shareholders. The state-run bank has come in for fierce criticism for setting the bar too low for lucrative performance-related incentive packages to come into play. Now the bank will capitulate by putting the structure [...]
FTSE boosted by strong results from UK companies and Greek debt rescue April 29, 2010 BRITAIN’S top share index rose yesterday, buoyed by consensus beating results from UK corporates and as anxiety over the Eurozone’s debt crisis eased, though BP sank as a major oil spill worsens. The FTSE 100 closed up 31.23 points, or 0.6 per cent, at 5,617.84, but the index remains down 1.9 per cent on the [...]
Don’t be caught unawares by bank volatility May 26, 2010 FEARS of sovereign debt contagion within the Eurozone have quickly turned into concerns about a European banking crisis. As if investors needed any further confirmation about the fragility of European banks, regional Spanish bank CajaSur was seized last weekend by the Bank of Spain after it had been crippled by property loan defaults. Plenty of [...]
Don’t be caught unawares by bank volatility May 26, 2010 FEARS of sovereign debt contagion within the Eurozone have quickly turned into concerns about a European banking crisis. As if investors needed any further confirmation about the fragility of European banks, regional Spanish bank CajaSur was seized last weekend by the Bank of Spain after it had been crippled by property loan defaults. Plenty of [...]