Lloyds Share News (LLOY)

A divide has already emerged between Europe and the US over how to implement new Group of 20 rules on bankers' bonuses, with British banks facing a stricter regime than is likely to apply in the US. The UK government on Wednesday night rushed out a statement trumpeting the agreement of Britain's top five banks to apply the bonus restrictions agreed at last week's G20 meeting in Pittsburgh, in a bid to become the first member nation to implement the accord. France is expected soon to follow suit, writes the FT. Five major banks will introduce clawback mechanisms, deferred payments for senior executives and more thorough disclosure regimes in line with reforms agreed at the G20 meeting in Pittsburgh last month. Barclays, HSBC, Lloyds Banking Group, Royal Bank of Scotland and Standard Chartered all confirmed their commitment to new Financial Services Authority rules on remuneration to be implemented in the wake of the Pittsburgh meeting, reports the Telegraph.Adam Applegarth, the former chief executive of Northern Rock, the nationalised bank, has landed a job with an American private equity firm, The Times has learnt. Mr Applegarth has joined Apollo Management as a senior adviser to its European fund, which invests in loans that have turned sour. The appointment marks Mr Applegarth's return to the business world after an extended period in the wilderness.Ken Lewis, the chief executive of Bank of America who masterminded the acquisition of Merrill Lynch last year, is to step down by the end of this year, it emerged last night. No successor has been identified, reports the Times.Less than 10 months after Woolworths' final stores closed, the iconic style is set for a high street comeback. Alworths - a new "Son-of-Woolworths" chain selling everything from picture frames to pick 'n' mix confectionery - will open its first batch of stores next month, according to the Independent.More than 50 of Britain's biggest energy projects, including wind farms, power stations, gas storage sites and high-voltage transmission lines, could be fast-tracked through the planning system under powers handed to the Government today, the Times reports.SAC Capital, the secretive $16bn (£10bn) hedge fund group run by Steve Cohen, has invested in a new London-based fund run by one of its former star traders. RWC Partners' new US Absolute Alpha fund, run by Mike Corcell, is expected to launch on Thursday, according to people familiar with the situation. The fund has raised $350m - making it one of the largest UK launches to date, writes the FT.CIT Group, the US small business lender that staved off collapse in July, was again teetering on the edge of bankruptcy last night. With a deadline looming for a financial restructuring, bondholders will decide today on options for propping up the New York-based bank, but it remained far from clear that the company will be able to avoid a Chapter 11 bankruptcy filing. If it did collapse, it would be one of the largest bankruptcies in US history, says the Independent.