Miners and oils jump on improved commodity prices November 2, 2009 BRITAIN’S top shares closed 1.2 per cent higher yesterday, as miners and oil firms rose, underpinned by firmer commodity prices on the back of bullish economic data, while RBS fell as the lender faces asset sales. The FTSE 100 closed 59.95 points higher at 5,104.50 points, recouping some losses from Friday’s 1.8 per cent fall. [...]
Wells Fargo chief sees his pay double to $21.3m for 2009 March 3, 2010 WELLS Fargo & Co, the fourth-largest US bank by assets, paid chief executive John Stumpf compensation worth $21.3m (£14.1m) for 2009, a package that likely makes him the highest-paid US bank chief executive officer, according to materials filed with US regulators. Stumpf’s compensation included a salary of $5.6m paid in cash and stock and stock [...]
Lloyds braced for tax row September 20, 2009 LLOYD Banking Group is facing an investigation by HM Revenue & Customs (HMRC) over allegations that it helped wealthy clients avoid tax. Footage obtained by BBC’s Panorama shows a banker at the Jersey arm of Lloyds TSB Offshore telling an undercover reporter posing as a customer that he can channel funds through Hong Kong to [...]
WIN RESHUFFLES BOARD September 14, 2009 SIR Win Bischoff takes over from Sir Victor Blank as chairman of Lloyds Banking Group today. The former Citigroup chairman is expected to launch a boardroom reshuffle that will axe non-executive directors left over from the HBOS takeover and see several departures from the executive board. One of Bischoff’s first tasks will be to oversee [...]
Sterling will not suffer further in hung parliament April 20, 2010 CLEGGMANIA appears to have grabbed Britain – or at least its front pages – in the wake of last week’s first televised debate. Polls yesterday put Nick Clegg’s Liberal Democrats just two points behind the Conservatives and four points ahead of Labour. The prospect of a hung parliament is becoming a real possibility, even if [...]
THE LONDON REPORT October 22, 2009 The FTSE 100 closed one per cent, or 50.49 points, lower yesterday at 5,207.36, as weaker crude and metals weighed on energy stocks and miners. The index has rallied more than 50 per cent since hitting a low in early March, and is up 17 per cent this year. Energy stocks suffered with crude slipping [...]
THE LONDON REPORT October 22, 2009 The FTSE 100 closed one per cent, or 50.49 points, lower yesterday at 5,207.36, as weaker crude and metals weighed on energy stocks and miners. The index has rallied more than 50 per cent since hitting a low in early March, and is up 17 per cent this year. Energy stocks suffered with crude slipping [...]
FEES ROW HOLDS UP LLOYDS MOVE October 13, 2009 LLOYDS Banking Group’s chief executive Eric Daniels and the Treasury were last night embroiled in an increasingly bitter dispute over the bank’s bid to escape participation in chancellor Alistair Darling’s Asset Protection Scheme (APS). The government wants Lloyds to pay a break fee of £2bn to extricate itself, which the bank thinks is far too [...]
TOP BANKER HIRED TO SPLIT UP ROCK October 27, 2009 SENIOR UBS banker Robin Budenberg is set to be named today as the new chief executive of UK Financial Investments (UKFI), the Treasury unit that manages the government’s holdings in UK banks. Budenberg’s first job will be to oversee the break up of Northern Rock into a “good” and a “bad” bank – a plan [...]
TOP BANKER HIRED TO SPLIT UP ROCK October 27, 2009 SENIOR UBS banker Robin Budenberg is set to be named today as the new chief executive of UK Financial Investments (UKFI), the Treasury unit that manages the government’s holdings in UK banks. Budenberg’s first job will be to oversee the break up of Northern Rock into a “good” and a “bad” bank – a plan [...]