Citi’s Klein walks away with £21.4m July 28, 2008 Michael Klein, the chairman of Citigroup’s institutional clients group, will walk away with a non-competition pay-out of £21.4m ($42.6m) when he leaves the New-York based bank later this year. The staggered scheme will see Klein receive £2.8m on 1 August, followed by £10.7m in March 2009 and £3.8m in October 2009, providing he does not [...]
Inflation could hit 6 per cent on fuel bill price hike July 16, 2008 Inflation could reach 6 per cent by the end of the year if an anticipated 30 per cent hike in energy bills hits consumers later this year, according to BNP Paribas economist Alan Clarke. His prediction comes after the official consumer price index inflation rate jumped to a record 3.8 per cent in the year [...]
The perfect storm July 16, 2008 Higher than expected inflation figures and growing concerns about the banking sector knocked London’s FTSE 100 index of leading stocks down 2.4 per cent yesterday to under 5,200. The benchmark index has now fallen 23 per cent since a June 2007 high and is in clear bear market territory. Bank stocks, unsettled by fears that [...]
US in bear territory July 3, 2008 Another torrid day of trading on Wall Street plunged America into an official bear market last night for the first time as oil prices hit a fresh high. A technical bear market occurs when shares are seen to have fallen by a fifth from their previous highs. Oil moved above $144 in New York, while [...]
Four top UBS directors quit July 2, 2008 Swiss banking giant UBS yesterday started the process of rebuilding its reputation and placating shareholders by announcing major board changes. UBS, which has written down more than $37bn during the credit crunch, said four of its senior boards members – Stephan Haeringer, Rolf Meyer, Peter Spuhler and Lawrence Weinbach – would step down on 2 [...]
Hopes for rate cut dashed as house prices begin recovery November 2, 2005 The odds on the Bank of England cutting interest rates for the second time in four months lengthened yesterday after the release of a raft of better than expected economic data. The latest snapshot of the housing market by leading lender Nationwide showed prices jumped 1.3 per cent, the fastest rate in 15 months, bringing [...]
Sales slide at Matalan November 2, 2005 Value retailer Matalan yesterday insisted that it was holding market share despite reporting deteriorating trading conditions. Group like-for-like sales tumbled 10.6 per cent in the nine weeks to 29 October. The retailer said clothing like-for-like sales were down 7.6 per cent implying homewares sales had fallen by as much as 20 per cent. Chief executive [...]
Crash Course? October 24, 2005 On the anniversary of the 1929 stock market collapse, Laurie Laird asks if we are in danger of repeating that disaster. What year is it? It’s October, and the autumn fashion shows have featured falling hemlines and rising waistbands — the wasp waist is back. On the economics front, the world’s biggest economy has been [...]
Advisers in all night Refco talks October 17, 2005 Refco held a second day of weekend meetings yesterday as a group of about 50 advisers gathered in New York in an effort to salvage the disgraced group’s regulated futures brokerage arm and determine the fate of its ailing operations. The advisers had begun emergency meetings on Saturday that stretched late into the night to [...]