Regulators FCA and PRA clawback ruling welcomed as “step forward” in ending “rewards for failures” June 23, 2015 The decision to extend clawback rules around bankers' bonuses has been heralded as a way of ending "rewards for failures" – but some have said it could go even further. Regulators FCA and PRA are extending the amount of time bonuses can be clawed back from senior managers from seven to 10 years, while [...]
RBS AGM: Lender did not anticipate £10bn of penalties, says Sir Philip Hampton June 23, 2015 RBS’ outgoing chairman said today that the bank did “not anticipate” the £10bn of fines it’s been handed in recent years. At the bank’s annual general meeting today, Sir Philip Hampton, who is due to bow out as its chairman, said the regulatory fines, litigation charges and customer redress were completely unexpected. “The [...]
Neil Woodford’s Patient Capital investment trust slapped with a “sell” rating by broker Stifel June 23, 2015 Neil Woodford's Patient Capital Trust has been slapped with a "sell" rating by broker Stifel Funds, which warned its share price has leapt ahead of its net asset value (NAV), or the trust's underlying value. Stifel analyst Iain Scouller said the trust's share price had jumped by 16 per cent since May, but just 4.3 per [...]
Tesco shareholders encouraged to revolt at AGM over Dave Lewis’ pay, Philip Clarke’s golden goodbye and John Allan’s appointment as chairman June 23, 2015 Tesco shareholders are being encouraged to stage a revolt at the supermarket's AGM on Friday, with investor group Pirc advising they vote against key resolutions. Chief executive Dave Lewis' pay could come under particular scrutiny if Pensions and Investment Research Consultants – one of the largest investor groups in the UK – gets its [...]
Clawback extended to 10 years as UK regulators Prudential Regulation Authority and Financial Conduct Authority mull negative bonuses June 23, 2015 Bonuses could be clawed back for as long as a decade under new rules published by City regulators today. The Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) confirmed they were pushing ahead with rules for a wider seven-year claw-back period but that an added three years is being considered for senior managers. [...]
Lloyds Banking Group share price dips as government slashes its stake June 23, 2015 Shares in Lloyds Banking Group dipped to 86.9p this morning after it emerged the government had cut its stake in the bailed-out bank to less than 17 per cent. This could be among the final tranches of shares sold to institutional investors: chancellor George Osborne has said the government was planning to wrap up its current [...]
Ladbrokes share price jumps 16 per cent on merger talks with Gala Coral June 23, 2015 Shares in Ladbrokes shot up 16 per cent to 141.68p per share this afternoon, after it confirmed reports that it was in merger talks with rival gambling company Gala Coral. Ladbrokes said it was interested in merging its business with Coral Retail, Eurobet Retail, as well as Gala Coral's online businesses. It would give the two [...]
Petrofac share price soars despite £30m costs on North Sea project June 23, 2015 Petrofac's share price is up 9.37 per cent at £9.51 this morning, despite the news that it's about to book another £30m of costs from one of its major gas developments in the North Sea. The figures The company's Laggan-Tormore project, off the Shetland Islands, continues to cause problems. The company said tough operating conditions [...]
Ladbrokes in takeover talks with rival Gala Coral June 22, 2015 Ladbrokes last night confirmed it was in merger talks with rival bookie Gala Coral in a deal to create the UK’s largest gambling company. The FTSE-250 listed firm, which has 2,150 betting shops across the UK, said it was weighing plans to buy Gala Coral’s 1,800 Coral betting shops, its online business and Italian brand [...]
Aggreko to split itself into two new business units after review June 22, 2015 Power services firm Aggreko is splitting in two, separating its rental business from its power business. As part of a company review, announced in March, the board has decided to move the group from its current regional structure to the new structure, which will comprise of Aggreko Rental Solutions and Aggreko Power Solutions. Aggreko, which [...]