April 2012 Archive

Aviva boss Andrew Moss agrees to waive pay rise

Aviva to consult with shareholders over pay deals

Aviva boss Andrew Moss has agreed to waive his pay rise of 4.6 per cent that would have taken his annual salary beyond £1 million amid concerns from shareholders.

Clydesdale and Yorkshire Banks to cull 1,400 jobs

1,400 jobs to go at Yorkshire and Clydesdale banks

The Clydesdale and Yorkshire Banks are to shed 1,400 jobs. National Australia Bank (NAB), the banks’ owner, said the posts would be axed by 2015.

A quarter of Spanish people have no job

The Spanish economy is under huge pressure

The Spanish economy appears to be heading towards a bailout following grim unemployment figures released just hours after Spain's credit rating was downgraded to BBB+ by S&P.

Sunday Times Rich List shows rich recover wealth twice as fast

The wealthiest individuals in the UK have seen their wealth grow over the past 12 months

The Sunday Times Rich List for 2012 shows the richest 1,000 people in the UK saw their wealth grow by 4.7 per cent and recover from the financial crisis faster than the rest of us.

ONS confirms UK double-dip recession

The UK economy has slipped into a double-dip recession, says the Office for National Statistics but this could be revised as economists question construction data.

FSA sends warning to 76,000 potential fraud targets

FSA recovers fraudsters' list of targets

The Financial Services Authority is contacting more than 76,000 people to let them know they are targets for fraudsters trying to con them out of their money.

Legal & General unveils latest early bonus ‘kick out’ plan

Early Bonus Plan linked to FTSE performance

Legal & General has launched another capital at risk structured ‘kick out’ investment plan, offering a final bonus of 54 per cent at the end of six years.

Vodafone C&WW deal in doubt after Orbis says C&WW undervalued

Vodafone's bid to buy Cable & Wireless Worldwide (C&WW) in a £1.044 billion deal, is in dount after C&WW's largest shareholder, Orbis said the offer undervalued the target.

UK FTSE companies pay record £18.8bn in first quarter of 2012

FTSE companies paid out £18.8b in dividends in the first three months of 2012

Capita Registrars reports that UK companies paid a record £18.8 billion in dividends in the first three months of 2012 but that this was lower than predicted.

Nestlé to buy Pfizer Nutrition for $11.85bn

Nestlé, the world’s biggest food group, has announced a deal to buy infant food unit Pfizer Nutrition for $11.85 billion (£7.35 billion).

British twins charged over $1.2m "Marl" stock fraud

Twins from the UK have been charged with fraud

Two twins from Whitley Bay have been charged with defrauding mainly US investors of $1.2m by using a fraudulent stock-picking robot.

Bob Diamond may not be paid total £2.7m deferred share bonus

Barclays has altered the bonus rules for top executives following pressure from shareholders

Barclays chief executive Bob Diamond and finance director Chris Lucas have agreed to forego 50% of their deferred share bonuses if they do not meet return on equity targets.

‘Tyrant’ King unprepared for financial crisis, says ex-MPC member

Sir Mervyn King is set to retire in June 2013

Former Bank rate setter David Blanchflower has unleashed a withering attack on Sir Mervyn King’s performance as governor and his handling of the financial crisis.

Bank of Canada governor Carney approached for Bank of England job

A Canadian could be in the frame for the top job on Threadneedle St

The governor of the Bank of Canada, Mark Carney, has been approached about applying for the governorship of the Bank of England when Sir Mervyn King retires next summer.

Tesco promises improvements after fall in UK profits

Tesco reports one per cent drop in UK profits

Tesco is to spend £1 billion on a revamp of its stores across Britain after reporting a drop in UK profits for the first time in more than 20 years.

Citigroup investors vote against new pay deal for Pandit

Vikram Pandit's pay deal has been rejected by shareholders

Citigroup has become the first big US bank to suffer a majority dissent vote on its planned pay deals for its chief executive Vikram Pandit and other directors.

Legal & General Investments launches Junior ISA

Legal & General Investments has unveiled details of its new stocks and shares Junior ISA, with three options available depending on risk appetite.

Marks & Spencer like for like sales down 0.7%

High street stalwart Marks & Spencer has reported a 0.7 per cent drop in like-for-like sales across its UK stores in the 13 weeks to the end of March.

Aberdeen Emerging Markets tops ISA fund table

The Share Centre reveals most popular ISA funds

The Aberdeen Emerging Markets fund emerged as the number one ISA choice for customers at The Share Centre during the 2011-12 tax year.

Co-op in crunch talks as bid for Lloyds branches falters

The Co-operative Group is set to hold crunch talks this week amid concerns it may withdraw from a £1.5 billion deal to buy 632 Lloyds branches.

ITEM Club warns UK plc to spend hoarded cash

The ITEM Club says UK plc needs to invest to help the economy grow

A new report from Ernst & Young's ITEM Club warns that UK companies need to spend some of the cash they hold on investment to help the country avoid a double-dip recession.

UK producer prices up 0.6% in March, says ONS

Prices charged by UK manufacturers rose 0.6 per cent in March, partly driven by hikes in the cost of petrol products, alcohol and tobacco, official figures show.

NBNK returns with new bid for Lloyds’ branches

NBNK makes fresh bid for Lloyds branches

New banking venture NBNK has re-entered the race to buy 632 Lloyds bank branches after an offer from The Co-operative stalled due to regulatory demands.

Google posts $2.89bn profits and unveils 2-for-1 stock split plan

Google has announced a 60 per cent profits leap for the first quarter and a stock split plan that will enable the founders to retain lifetime control.