Concern over Dubai’s debts takes toll on Britain’s shares November 26, 2009 Britain’s top shares ended at a three-week closing low yesterday, pressured by hefty falls in the banking sector as concerns over Dubai’s ability to pay its debts took a toll on confidence. The FTSE 100 ended down 3.2 per cent, or 170.68 points, at 5,194.13, its lowest close since November 6, and losses on the [...]
Tribalism replaced values May 10, 2010 THE story of why Gordon Brown entered politics is well-known, not least because he often tells it himself. Son of a Church of Scotland minister, he was brought up with a protestant work ethic guided by a “moral compass”. An extremely bright pupil, he was fast-tracked through school and went to the University of Edinburgh [...]
Myners angry at banks as bonus row escalates October 18, 2009 CITY minister Lord Myners yesterday expressed his anger at large banking bonuses, as speculation around future compensation at UK banks threatened to cause the government further embarrassment. Speaking on the BBC’s Andrew Marr show, Myners said: “We are simply not going to tolerate high levels of remuneration which are not justified and earned. The nation [...]
Banks agree new FSA code for reporting October 26, 2009 THE MAJOR UK-based banks have agreed to implement a new code for financial reporting which aims to address investor concerns over the disclosure of complex, risky products. The Financial Services Authority (FSA) yesterday confirmed that the institutions – including bailed-out banks Lloyds Banking Group and Royal Bank of Scotland – have agreed to apply the [...]
LLOYDS POISED TO PAY £100M IN BONUS TAX December 14, 2009 LLOYDS Banking Group, which yesterday successfully completed a record-breaking £13.5bn rights issue, is preparing to pay out its bonus pool in full. The move, which follows mounting anger in the City over the government’s super-tax, will see the firm having to hand over an estimated £100m in payments to the Treasury as part of the [...]
LLOYDS POISED TO PAY £100M IN BONUS TAX December 14, 2009 LLOYDS Banking Group, which yesterday successfully completed a record-breaking £13.5bn rights issue, is preparing to pay out its bonus pool in full. The move, which follows mounting anger in the City over the government’s super-tax, will see the firm having to hand over an estimated £100m in payments to the Treasury as part of the [...]
RBS TO SLASH 4,000 JOBS AS IT DOWNSIZES November 2, 2009 ROYAL Bank of Scotland (RBS) yesterday dropped a bombshell on workers by announcing it will axe 3,700 jobs across its retail branch network, as the Treasury and the European Commission today prepare to list a raft of assets the bank will be forced to sell off as part of a restructuring agreement. The beleaguered bank [...]
RBS TO SLASH 4,000 JOBS AS IT DOWNSIZES November 2, 2009 ROYAL Bank of Scotland (RBS) yesterday dropped a bombshell on workers by announcing it will axe 3,700 jobs across its retail branch network, as the Treasury and the European Commission today prepare to list a raft of assets the bank will be forced to sell off as part of a restructuring agreement. The beleaguered bank [...]
Pru refuses to commit board to rights issue May 20, 2010 PRUDENTIAL was last night unable to confirm that any of its directors will fully participate in its $21bn (£14bn) cash call, even as they campaign for shareholders to back the move. Members of the insurer’s board, including chief executive Tidjane Thiam and chairman Harvey McGrath, are exempt from taking up all their rights in what [...]
Pru refuses to commit board to rights issue May 20, 2010 PRUDENTIAL was last night unable to confirm that any of its directors will fully participate in its $21bn (£14bn) cash call, even as they campaign for shareholders to back the move. Members of the insurer’s board, including chief executive Tidjane Thiam and chairman Harvey McGrath, are exempt from taking up all their rights in what [...]