Ex-boss of Persimmon boss Mike Farley lands £19m bonus two years after leaving housebuilder January 3, 2016 The former boss of Persimmon Mike Farley collected nearly £20m in shares on New Year’s Eve, more than two years after leaving the housebuilder. The payout is part of long-term incentive scheme launched three years ago for its top 140 executives worth hundreds of millions of pounds. Farley was granted 966,400 shares despite the scheme being [...]
Legal & General sale of Dutch retail unit possible in 2016, as company sheds non-core businesses after last year’s disposals of Egypt and Ireland ventures January 3, 2016 Legal & General is mulling over the decision to sell its Dutch retail business. The financial services giant is considering a sale in 2016 as part of a wider plan to leave non-core businesses. In November last year, Legal & General, which is headquartered in London and had 10m customers worldwide at the end of [...]
Barclays reportedly reviewing allowance practices in light of EU banker bonus cap January 3, 2016 Barclays is reportedly reviewing its compensation programme to make sure that bonus and “allowance” payments comply with increasingly strict European Union regulations. The EU’s bonus cap, intended to discourage bankers from taking excessive risks, limits annual bonuses to 100 per cent of an employee’s salary, or 200 per cent with shareholders’ approval. To circumvent the [...]
The FCA has dropped two more banking probes after shelving a major review into industry culture January 1, 2016 Britain's financial watchdog has reportedly dropped two more probes into the banking industry, in the wake of its u-turn on a major review into the culture, pay and behaviour of those who work in the industry. The Financial Conduct Authority (FCA) has scrapped a study into the way lenders incentivise their staff to sell financial products, and will [...]
BCC: Britain risks plunging into “new economic storm” if politicians are complacent January 1, 2016 One of the UK's leading business groups today said clouds are gathering on the horizon, and they risk pushing Britain into "a new economic storm", as it warned politicians do not have room for complacency. In the BCC's new year's message, chief economist John Longworth said businesses and consumers will be left exposed when the Bank of England starts [...]
Russian rouble dives against the dollar as economic picture darkens December 31, 2015 The Russian rouble tumbled yesterday as concerns over a prolonged oil price rout stoked fears surrounding the country's economy. The rouble sank 1.2 per cent at Rbs73.15 against the dollar yesterday, taking it to a record low. It has since recovered somewhat, and was last up 0.1 per cent at Rsb73.9. Russia's economy is heavily dependent on oil [...]
Institute of Directors: Company profits at risk from an interest rate rise by the Bank of England December 31, 2015 One of Britain's biggest business groups has warned company profits peaked in 2015, and they'll be crunched when the Bank of England eventually raises borrowing costs for the first time in more than six years. The Institute of Directors (IoD) said the bank's rate-setters has exercised caution thus far, but they'll have "no choice" but [...]
Wages rose for the first time in eight months in November December 31, 2015 Wages rose for the first time in eight months in November, and they could be set to rise further, despite average advertised salaries declining across the board in 2015. Monthly average advertised salaries rose 0.2 per cent to £33,112 in November, up from £33,043 in a month earlier according to Adzuna. "November could be a turning [...]
At the close: FTSE 100 index closes down on commodities and banks December 30, 2015 The FTSE 100 index closed down today over renewed fears of weakness in commodity markets and concerns over bank stocks after reports the Chinese central bank suspended a number of foreign banks from conducting some foreign exchange business. The UK's top blue-chip index shut 0.64 per cent down at 6,274 points, led lower by Glencore, [...]
Ocado share price tumbles and Amazon’s Pantry grocery delivery is to blame December 30, 2015 Shares in upmarket online grocery delivery company Ocado took a hammering in morning trading after news Amazon is expanding its fresh produce service, Pantry, pegging the retail giant as a serious contender in the already highly competitive food delivery market. Shares were down as much as 7.9 per cent on Wednesday, touching a 12 month intraday low of 299p per share, making a [...]
