Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
A Spring is in the air this May – Shareholder revolt set to build with Aviva and Reckitt Benckiser meetings May 3, 2016 Company bosses are braced for further uprisings this week. Consumer goods group Reckitt Benckiser, insurance giant Aviva, and FTSE 250 hedge fund Man Group all host shareholders for their annual general meetings. Last week the shareholder spring picked up pace as investors voted against boardroom pay rewards for engineering firm Weir Group and Shire, the FTSE [...]
RBS’s share price drops as losses widen more than expected to £968m April 29, 2016 Losses at Royal Bank of Scotland have widened more than expected in the first quarter of 2016, as the bank confirmed it will have to consider alternatives for its plan to offload William & Glyn. Shares dropped by more than two per cent to 239p in response to the news. The figures RBS made an attributable [...]
Shareholder voices heard loud & clear April 28, 2016 The shareholder spring picked up pace yesterday, when investors voted against boardroom pay rewards for engineering firm Weir Group and Shire, the FTSE 100 pharmaceutical group. The revolts came on the back of major uprisings at oil giant BP, miner Anglo American, energy firm Centrica and financial behemoth Citigroup. “This year has seen a ‘spring [...]
Live: The spring of shareholder discontent – Weir Group sees renumeration policy struck out, with only 27.6 voting in favour April 28, 2016 It's springtime, but executives may have felt a chill in the air as they headed off to their companies' AGMs this morning. Hermes Investment Management has said that it opposes the appointment of former chief executive Michael Dobson to the role of chairman at Schroders, remarking that such a move would undermine corporate governance. Although the measure [...]
Barclays profits tumble 25 per cent as investment banking woes continue April 27, 2016 Barclays pre-tax profits have fallen by almost a quarter year-on-year as the investment bank division struggled to perform. But with a sign of progress being made, and confidence about the outlook for the rest of the year, Barclays' share price rose 3.9 per cent in early trading. The figures Barclays' first quarter pre-tax profit dropped 25 per [...]
Standard Chartered’s share price leaps as troubled bank begins to show signs of turnaround April 26, 2016 Standard Chartered's share price leaped more than 10 per cent today, as the beleaguered bank revealed green shoots in its turnaround plan. The figures This time three months ago, StanChart was revealing an $876m (£601bn) underlying pre-tax loss, today it has reported a profit of $539m. Compared to the fourth quarter of 2015, operating pre-tax profit was up 264 per [...]
Week ahead: Brexit expected to knock GDP and earnings April 25, 2016 Concerns over Britain leaving the European Union are expected to have weighed on gross domestic product (GDP) over the first quarter of 2016. Economists are expecting to see growth cooled to 0.4 per cent in the last three months, when the latest numbers are released on Wednesday. In the fourth quarter of last year the [...]
RBS and other UK banks facing first quarter earnings woe after US lenders posted a sharp drop in profit April 25, 2016 British banks are set to post first quarter profits this week that are weighed down by the rising risk of Brexit, bad debt, and poor investment banking performance. The difficult period has already dragged down profits at some the biggest US banks, though they largely managed to beat low estimates. Citibank, Goldman Sachs, Bank of [...]
British Pubs Confederation threatens it could take legal action through judicial review over Paul Newby’s appointment of the Pubs Code Adjudicator April 24, 2016 A pub industry body has threatened it could take legal action against the government's appointment of the Pubs Code Adjudicator (PCA). The British Pubs Confederation (BPC), which represents 13 organisations across the sector, has said it would consider initiating a judicial review of the appointment of Paul Newby as PCA by the Department of Business, Innovation and [...]
City boys flock to lunch with former England rugby star Lawrence Dallaglio, while First Milk chair Clive Sharp bags tickets to Twickers April 21, 2016 To Canary Wharf, where former rugby legend Lawrence Dallaglio joined other relics from the world of rugger came to be wined and dined in aid of the youth charity in Dallaglio's name. Folks from Standard Chartered, Balfour Betty and WPP joined ex rugger stars Dallaglio, Will Greenwood and Austin Healey for what the hosts billed as "The [...]