Labour close to bankruptcy

first_img whatsapp KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof The Labour party is £20m in debt and “on the verge of bankruptcy”, former deputy Prime Minister John Prescott warned yesterday. The 72-year-old ex-ship’s steward, who is campaigning to become party treasurer, said Labour needed to find smarter and more cost-effective ways to take on the cash-rich Conservatives. In an implicit criticism of former leaders Tony Blair and Gordon Brown, Prescott told the Scottish Parliament’s Festival of Politics: “The politics of organisation are equally important as the politics of ideas. We forgot about the organisation bit.” Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorBrake For ItThe Most Worthless Cars Ever MadeBrake For ItTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvd Sunday 22 August 2010 10:29 pm Tags: NULL Show Comments ▼ Labour close to bankruptcy last_img read more

Two staunch defenders of the banks make it on to City A.M.’s inaugural awards shortlist

first_img Share TWO personalities who have fought steadfastly for the interests of banks have made it onto the shortlist to win City A.M.’s personality of the year, one of the biggest prizes at October’s City A.M. awards.Mayor of London Boris Johnson was chosen for springing to the defence of the banks in the aftermath of the financial crisis. In doing so, he clashed with the more populist element within the Conservative party.The second bank campaigner is Angela Knight, chief executive of the British Bankers’ Association. Knight has defended the banks’ position with a passion and she has rarely been off the media agenda.Both Knight and Johnson have reminded the nation just how important banks are to its economic well-being. Starting today, City A.M. will be publishing the shortlists for the awards, which will be handed out at the Grange Hotel in St Paul’s on 28 October. The shortlist for personality of the year also includes three businessmen who have led their businesses with courage and determination.There is Bob Diamond, president of Barclays Capital, who is likely to end up as one of the big gainers from the financial crisis. BA’s chief executive Willie Walsh is there for his determined effort to not be beaten by either the volcanic ash cloud or his own unions. The final contender on our short-list is Capita chief executive Paul Pindar. Further nominations will be revealed over the next few days. KCS-content whatsapp Show Comments ▼ Two staunch defenders of the banks make it on to City A.M.’s inaugural awards shortlist center_img whatsapp Monday 30 August 2010 9:30 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.com Tags: NULLlast_img read more

RSM Tenon hikes dividend as profit rises

first_img Share RSM Tenon hikes dividend as profit rises whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com John Dunne by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com Tags: NULLcenter_img whatsapp British business adviser RSM Tenon Group posted a 37 per cent increase in full-year adjusted pretax profit, boosted by acquisition of RSM Bentley Jennison and certain assets of troubled peer Vantis.The accountancy and advisory firm said it raised dividend by seven per cent to 1.6 pence per share.“Organic sales growth and margin improvements are now our key aims for 2011 and 2012,” the company said in a statement.The company, which moved to London’s main market in May, said July-June adjusted pretax profit was £24.1m ($37.74m), up from £17.6m a year ago.Turnover rose 26 per cent to £190.4m.The company bought professional services firm RSM Bentley Jennison for about £76m in December 2009 and some assets of Vantis for up to 6.8 million pounds in June.Net debt at June end rose by £22m to £43.1m from a year ago.RSM Tenon said it increased the bank facilities by a net of £36.5m to £80.5m in the year. Wednesday 22 September 2010 3:20 am Show Comments ▼ last_img read more

RIM unveils Blackberry PlayBook as rival to iPad

first_img RESEARCH in Motion (RIM) unveiled its own tablet computer to rival Apple’s iPad yesterday.The computer, named BlackBerry PlayBook, has a seven-inch screen and dual facing cameras. It is WiFi and Bluetooth enabled but needs to link with a BlackBerry smartphone to access the mobile phone network.Shares of RIM jumped nearly two per cent to $49.29 in after hours trading following the announcement at the company’s annual developers’ conference in San Francisco.RIM expects to ship the device to corporate customers and developers in October. It will become commercially available early in 2011.While yet to set an exact price RIM said the PlayBook will fall in the lower range of prices for consumer tablets already on the market. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp Monday 27 September 2010 8:44 pm Show Comments ▼ Sharecenter_img whatsapp RIM unveils Blackberry PlayBook as rival to iPad More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPuffer fish snaps a selfie with lucky divernypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com KCS-content Tags: NULLlast_img read more

IoD: New tax could drive banks abroad

first_img Tags: NULL THE Institute of Directors (IoD) has warned the government that plans to introduce a banking levy could drive banking business overseas.The IoD claimed the tax is a knee-jerk reaction designed to tap into anti-bank sentiment.It said that the proportionally large UK tax – £2.5bn a year compared to €1.2bn (£1bn) in Germany – risks jeopardising the UK’s position as a premier finance centre. It also criticised taxing institutions which are largely owned by the public.While the IoD says the proposed levy of £2.5bn a year by 2013 is manageable, it believes it could pave the way for further taxes to be introduced, especially if Labour are voted in at the next election.The government hopes to avoid companies simply changing their domicile by applying the levy to banks conducting business in the UK. However, the IoD warns that corporation tax revenues would be undermined if companies are forced abroad.Miles Templeman, director-general of the IoD, said: “There is clearly public concern about how some of the banks have behaved which needs to be addressed, but this should be done in a way that doesn’t encourage the banks to move their headquarters out of the UK. “There is a risk that the bank levy, as currently designed, will drive banking business away, while doing nothing to reduce the risks that banks pose to the wider economy.”The IoD also said George Osborne has a mountain to climb on tax competitiveness.It said the coalition is heading in the right direction on tax policy, but has a “very long way” to go if it wants to stem the exodus of business and attract new investment to the UK.The UK’s corporation tax rate of 28 per cent means that 18 out of 31 OECD countries have lower rates. Show Comments ▼ IoD: New tax could drive banks abroad whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastNoteabley25 Funny Notes Written By StrangersNoteableyMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailDailyforestThese On-Screen Kissing Scenes Were Not Planned At AllDailyforestRecetas Get5 Common Cancer Signs to Pay Attention ToRecetas GetLearn It WiseA manada de elefantes faz isso depois que o homem salva seu bebê que está se afogandoLearn It WiseForge of Empires – Free Online GameThe Must-Play City Building Game of the Year 2021Forge of Empires – Free Online GameDrhealthPut These Foods in The Fridge if You Want Poisonous Mold on Them!Drhealth Sharecenter_img whatsapp Monday 4 October 2010 9:02 pm KCS-content More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.com last_img read more

Head teachers gain power to discipline outside school

first_img Head teachers gain power to discipline outside school Share whatsapp whatsapp Tuesday 5 October 2010 8:21 pm KCS-content Read This Next’Kevin Can F**k Himself’: Here’s Why Only Allison and Patty Are SeenThe Wrap20 Stars Who’ve Posted Nude Selfies, From Lizzo to John Legend (Photos)The Wrap’Batwoman’: Wallis Day on Circe’s ‘Deranged’ Warpath and the Key to SavingThe Wrap’Godzilla vs Kong’ Reaches $100 Million in US After Grossing $250,000 inThe WrapJoin a Conversation on ‘Cancel Culture in Comedy’ with Maz Jobrani, SkyeThe WrapAnya Taylor-Joy, Ralph Fiennes Join Searchlight’s Dark Comedy ‘The Menu’The WrapAfter ‘Black Widow,’ Kevin Feige Leaves Open the Possibility of OtherThe Wrap’Pose’ Creator Steven Canals on Life After His Groundbreaking Show: ‘I’mThe Wrap’The Boys’ Star Aya Cash Took Inspiration From YouTube, TikTok and SteveThe Wrap HEAD TEACHERS are to be given sweeping new powers to discipline pupils who misbehave outside of school gates, as part of new plans to crack down on anti-social behaviour.Currently, heads have no authority over pupils when they are off of school premises, making it difficult to punish them when they misbehave in the local community.But schools secretary Michael Gove yesterday said he was rewriting the guidance that governs head teachers’ powers, allowing them to discipline pupils “any place, any time, anywhere. Low-level anti-social behaviour will now be the responsibility of school principals.“At the moment heads are prevented from dealing with their pupils if they run wild in a shopping mall or behave anti-socially in town centres,” Gove told delegates at the Tory party conference in Birmingham.“So we will change the rules to send one clear – and consistent – message. Heads will have the freedom they need to keep pupils in line.”Gove also outlined plans to put British history back at the centre of the school curriculum, and announced the appointment of historian Simon Schama to lead a review into the subject.He said: “The current approach we have to history denies children the opportunity to hear our island history. Our history has moments of pride, and shame…. But the trashing of our past has to stop.” Show Comments ▼ Tags: NULLlast_img read more

The housebuilder who is ready to take the long road back to recovery

first_img Show Comments ▼ Tags: NULL KCS-content Sunday 31 October 2010 10:04 pm whatsapp DESPITE the generally depressed state of the housebuilding and residential property market, Taylor Wimpey’s chief executive Peter Redfern says he is pretty pleased with business. But sitting in the boardroom of his London office, his mood appears more reflective than upbeat. “Prices are very stable at the moment,” says Redfern. “Stable is good for us. Prices have not gone up or down for a sustained period of four months or so for some time.”The good news, according to Redfern, who is wearing a black suit and tieless white shirt combination, is that the market will continue on like this for much of the next two years. There will only be “an occasional” rise or dip here and there.But if you consider the rollercoaster ride the company and Redfern have been through over the last three years you can see why stable looks so attractive. The business has gone from sealing a £5bn merger to the brink of collapse under £1.5bn of debt after house sales slumped as a result of the financial crisis and recession, with the firm’s stock price sinking to as low as 4p at one point.However, some economists would argue the housebuilding market is far from stable and that prices appear to have started falling again. Earlier this month, the Council of Mortgage Lenders noted that the £12bn that was lent for mortgages in September was the lowest since 2000. Not surprisingly, perhaps, Redfern nevertheless thinks the worst is over. He says: “We would be foolish to say that a double dip is not possible. But we do say that it is not likely. Just as we say a sustained period of rising prices in the short term is also not likely.”The boss of the country’s second largest housebuilder, a result of the 2007 merger of Taylor Woodrow and George Wimpey, Redfern argues his case cogently: “There is a lack of housing supply, and that will keep prices from falling too far. But there are currently not a huge amount of mortgage buyers on the market, and that will keep prices from rising.”In his view three factors contribute to rising house prices. A rise in mortgage lending “is by far the biggest factor.” But the amount of homes being built in the country is also important. In 2006, the year before the crisis, the industry built 180,000 houses a year, he says. This year it will build 100,000. The final factor “is general confidence. Are you prepared to take on the level of risk buying a house entails? How confident are you about keeping your job?” Redfern adds “confidence can change quickly either way”, but the other two factors, like oil tankers, take some time to turn around.The housebuilder did not expect a great deal from last month’s government Comprehensive Spending Review (CSR). “We were looking for things not getting worse, rather than a massive upside,” he says. And to that degree Redfern got his wish. Chancellor George Osborne abolished the Home Buyer Direct scheme which meant that first time buyers only had to initially finance 70 per cent of the cost of their home, with housebuilders and the state splitting the rest of the bill. However, Redfern says housebuilders had expected the scheme, which was only introduced in 2008, to go. Taylor Wimpey will go back to what it previously did, which was to loan first-time buyers up to 25 per cent of the cost of a home.The government added in the CSR that it wanted 150,000 affordable homes to be built by 2015, which on average are 30 per cent cheaper than private houses.Redfern says that shared equity schemes account for 10 per cent of the houses and flats it builds a year in the UK. Social housing, he adds, is also not a significant part of its mix. Taylor Wimpey builds 10,000 homes in the UK, 1,400 in Canada, 2,500 in the US and 130 in Spain a year. A quarter of these dwellings are flats, 35 per cent are two or three bedroom houses for first or second time buyers, with the rest being large four to five bedroom detached houses. Those close to Taylor Wimpey expect it to sell its listless US business at some point over the next two years when the market begins to pick up. In August, the business began to return to something like normal trading conditions, when it posted its first profit in more than two years. It reported half-year profits of £19.6m on rising house prices, compared to a loss of £681.9m in the same period last year. Sales rose eight per cent to £1.22bn. Its average selling price rose 9.8 per cent over the period to £168,000.The business hiked margins by one per cent to 7.5 per cent, but this is still a long way from the 14 per cent the two firms enjoyed in 2006 because average prices were some 20 per cent higher than today. The housebuilder did not pay a dividend as part of its half-year results, and has not paid one since 2007. Redfern says: “We are unlikely to pay a dividend in 2011, more likely in 2012, and will be very disappointed if we are not paying dividends by 2013.” He adds that his investors understand the long-term nature of the recovery this sector will have to go through.The firm, which carries £700m of debt, comes to the end of its current banking facility – with Barclays, Lloyds Banking Group, Royal Bank of Scotland and HSBC – in July 2012 and has already opened talks.Redfern says: “We are in a very different place to where we were at the time of the last refinancing [in 2009]. We had debts of around £1.5bn and we were in the middle of the financial crisis. Now our debt is much less. We would be disappointed if talks were not concluded by the middle of next year.” Its current deal gives it little flexibility to buy land.Three years previously, in 2007, Redfern’s star could not have been brighter. At just 36 he had just completed the merger of his firm George Wimpey with rival Taylor Woodrow, leaving him as one of the youngest ever bosses of a FTSE 100 business, employing around 10,000 staff, with a market value of £5bn and a share price of 518p.However, the business was hit by the financial crisis and the resulting housing slump. In 2008 it made a loss of £1.8bn on sales of £3.5bn after writing down £1.9bn land, goodwill and work in progress.The business crashed out of the FTSE 100, and instead of masterminding expansion Redfern had to cut half of his staff and went into crunch talks with his bankers in a bid to finance a £2.5bn facility.Many thought at the time that Redfern – who had rapidly moved from KPMG to Rugby Cement into the housebuilding industry – was too inexperienced to deal with such upheaval and would be a high profile casualty of the crunch. But he cut a deal with his banks and – at the second time of asking, after sweetening the terms – raised a fresh £510m from investors in 2009.After having secured the business, Redfern is now faced with the slow climb out of a stagnant housebuilding market that many observers think will take at least two years to recover. The stock currently hovers at around 24p, giving the business a market value of £758m.Is a high flyer like Redfern worried that – after the highs of a merger and the demanding lows of debt financing – the road ahead looks mundane in comparison? Needless to say, he disagrees: “Its not frustrating. We now have the time to get things right. We can get under the skin of the business and the land deals that we do. Big land deals can see us still building on a plot over ten years later. The first big land deal I did when I joined this company is still being built on today. That gives you a sense of how long-term this business is.”It seems that Redfern, his investors and the housebuilding firms are all braced for a long haul. For an industry that has long been characterised by short-termist errors of judgement, that is an uncharacteristically sensible state of affairs. Let us hope it continues.CV | PETER REDFERNAge: 40Work: KPMG; Rugby Cement, which he left when it was bought by rival RMC in 1999; joined George Wimpey in 2001; became the firm’s head in 2006; chief executive of Taylor Wimpey since 2007.Education: Warwick University, where he read maths.Family: Separated, three children.Lives: Oxfordshire. Hobbies: Football, squash, running, furniture making. “My grandfather was a carpenter, and I still have some of his tools in the workshop I have at home. I recently made a rocking horse for my daughter.” whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmMoneyPailShe Was A ’90s Star, Now She Works In {State}MoneyPailDirect HealthyKate Silverton’s PartnerDirect HealthyMartha Stewart CBDShop Martha Stewart’s CBD Products NowMartha Stewart CBDOne-N-Done | 7-Minute Workout7 Minutes a Day To a Flat Stomach By Using This 1 Easy ExerciseOne-N-Done | 7-Minute WorkoutZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldMaternity WeekThis Was Found Hiding In An Oil Painting – Take A Closer LookMaternity WeekWarped SpeedCan You Name More State Capitals Than A 5th Grader? Find Out Now!Warped Speed The housebuilder who is ready to take the long road back to recovery Sharelast_img read more

City reacts to new FSA remuneration code

first_img alison.lock Friday 17 December 2010 11:48 am by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’DefinitionAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Show Comments ▼ Tags: NULL Share whatsapp FINANCIAL services firms are now subject to the world’s toughest bank bonus curbs after City regulator the Financial Services Authority published its new remuneration code.But the new rules, which will affect 2,700 financial firms in the UK from January, will not be binding for many smaller institutions and more specialist financiers.The new code bans guaranteed bonuses of more than one year, and specifies that up to 60 per cent of variable pay must be deferred when rewarding the most serious risk takers. Senior risk takers face a cash cap on bonuses of 20 per cent and at least half of all non-deferred bonuses must be paid in shares. It also stipulates that an appropriate ratio of variable to fixed pay should be set by firms, but gives no specific guidance on this. But of four tiers of firms outlined in the code, those in tiers three and four – small banks and building societies, and firms that do not put their balance sheets at risk – may be exempt from many of the stricter rules.“The most significant of these are the requirement to have a UK-based remuneration committee, deferral, and the proportion of variable remuneration paid in shares. For other rules, the FSA will apply a discretionary approach that is likely to result in less-onerous requirements,” the FSA said.The move means that many investment managers and businesses operating an agency model will escape the specific requirements to defer remuneration and pay bonuses in shares, said PriceWaterhouseCoopers.But larger banks will be forced to rein in their remuneration substantially from January, just as the 2010 bonus round gets under way.The British Bankers’ Association hit back at the news, saying the financial services sector contributes significant tax revenues and UK banks should not be put at a competitive disadvantage to rivals outside Europe.“Until there is a genuinely global consensus on pay in financial services, the challenge for policymakers will be to ensure the UK continues to attract this valuable business,” it said in a statement.Jon Terry, remuneration partner at PriceWaterhouseCoopers said: “Retaining talent in a sector where financial reward is often the main motivator and workers are internationally mobile will be more challenging than ever. “It remains to be seen how London’s lure as Europe’s dominant financial centre will be affected as the reality of the pay changes begins to bite.”The code aims to align remuneration principles across the EU and reflects the changes set out by its Committee of European Banking Supervisors last week. whatsapp City reacts to new FSA remuneration code last_img read more

Mouchel says no to £119m takeover bid

first_img whatsapp Mouchel says no to £119m takeover bid Show Comments ▼ KCS-content Wednesday 22 December 2010 7:14 pm SUPPORT services group Mouchel has rebuffed a £119m takeover approach from building company Costain.Mouchel, which was the target of an unsuccessful takeover attempt by former rival VT Group last year, said Costain’s 105.8p per share proposal significantly undervalued the business.Costain, which made its approach on 2 December, said Mouchel rejected the all-share offer on 6 December and there were currently no discussions taking place between the pair.Costain chairman David Allvey said he believed there was a “compelling strategic rationale” behind combining the two businesses.He said the deal would create value for both companies’ shareholders by bringing together two of the UK’s premium brands in consulting, construction and care, which would have a combined order book of more than £4bn.He said the deal would create significant savings, would improve earnings and dividend income and would provide the potential for a re-rating of the combined business.Mouchel’s shares rose 23.5p to 96.5p while Costain’s stock dropped by a penny to 205p.Mouchel, whose operations range from highway maintenance to consulting for local authorities, has been hit hard by government cutbacks. Earlier this month it embarked upon a strategic review of its business.Rival support services firm VT Group, which is now part of defence group Babcock, tried to buy Mouchel last year before dropping its interest to try to fight Babcock’s takeover bid.Costain is boosting consultancy and maintenance operations alongside building and engineering.At the end of June, 14 per cent of its £2.5bn order book was in operations and maintenance. Under the terms of the deal, Mouchel shareholders would own about 48 per cent of the combined group. center_img whatsapp Tags: NULL Share Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Timeslast_img read more

Barclays to cut 1,000 jobs

first_img whatsapp Show Comments ▼ Tags: NULL Wednesday 26 January 2011 10:09 am Barclays is to cut about 1,000 jobs as it stops offering financial planning advice in its branches.The bank said it was consulting with the Unite trade union about ending the service, which is due to occur on 18 February and affect about 1,000 staff across Britain.The bank plans to focus its investment service offering online. It said providing advice through branches was becoming less commercially viable, and that decline was likely to continue. Share Barclays to cut 1,000 jobs Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautCheese Crostini: Delicious Recipes Worth CookingFamily Proof John Dunne whatsapplast_img read more