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Tuesday newspaper round-up: Bank bonuses, Regal Petroleum, Lloyds Banking

Tue, 17th Nov 2009 06:32

Bankers who are not prepared to forgo controversial contracts that flout new rules on bonuses should get out of the mainstream industry, Lord Myners has declared.The City Minister fired a warning shot ahead of the Queen's Speech tomorrow, which will outline plans to forbid guaranteed bonuses and other pay deals. Lord Myners, in an interview with The Times, said: "People who are not willing to subordinate their own egos to the stability of their companies or the financial system probably shouldn't carry out activities in deposit-taking banks."Meanwhile, banks will face having chunks of their future profits seized by the state if they do not fund a deposit insurance scheme, the Bank of England's deputy governor has warned. In a veiled threat, Paul Tucker, the man in charge of the Bank's financial stability function, said that the state had a legal right to extract cash off the banking sector if one of their number collapses and its depositors' savings protected, the Telegraph reports.Lloyds Banking Group and Royal Bank of Scotland, the state-backed lenders, are among a raft of large European companies underestimating the size of their pension deficits by a combined €300bn (£268bn). Lloyds' stated pension obligations are €14.2bn shy of the real size of the deficit, while RBS's are €13.3bn behind, according to research from equity research house AlphaValue, the Telegraph reports.Attorneys representing the estate of Lehman Brothers filed a lawsuit on Monday against Barclays Capital, seeking to claw back as much as $10bn (£5.9bn) that it claims was transferred to the UK bank last year in the frenzied days following Lehman's bankruptcy, the FT reports.The London-based chief executive of one of Asia's leading banks has launched a caustic attack on the direction of global regulation and warned there will be a "real cost ... borne by the economy" if current regulatory reforms are implemented. Peter Sands, chief executive of Standard Chartered, the emerging markets bank, said in an interview that policymakers were "kidding themselves" if they thought higher capital and liquidity requirements would be absorbed by banks and their shareholders, the FT reports.The Federal Reserve is monitoring currency markets "closely" and will conduct policy in a way that will "help ensure that the dollar is strong", Ben Bernanke said on Monday in rare comments on the US currency. In remarks apparently aimed at reassuring markets and foreign governments that the central bank is not indifferent to the fate of the US currency, the Fed chairman said "we are attentive to the implications of changes in the value of the dollar," the FT reports.City regulators have fined Regal Petroleum a record £600,000 after a damning report covering two years when the oil explorer was controlled by Frank Timis, the controversial businessman, The Times has learnt. The report, expected to be published today, found that the AIM-listed Regal had issued a string of misleading stock market announcements that drove up the share price more than 500% but ultimately led to investors losing hundreds of millions of pounds.The battle for Christmas shoppers is hotting up as the deadline for VAT to return to 17.5% approaches. The amount that shoppers spend at Christmas is set to fall by £535m this year, the first drop in two decades, according to Verdict, the retail market research company, the Times reports. Britain's shopkeepers have joined forces with the Government to urge European Union countries to vote against extending punitive tariffs on leather shoes from Asia at a crucial meeting on Thursday. They have warned that extending the tariffs would "deal a hammer blow" to hard-pressed retailers and damage Europe's trade interests with Asia, the Independent reports.The Royal Mail strike has thwarted sales growth at Asos, the online fashion retailer, in spite of the company making alternative delivery arrangements. In a sign of how the strikes have eroded confidence in home shopping companies and online retailers, Asos said that the threat of a national strike by 121,000 postal workers and a series of smaller local disruptions was one of the leading factors behind dragging sales growth in Britain to 23% in the seven weeks to November 15, the Times reports.A member of the Bank of England's rate-setting committee said last night that the economy had emerged from recession in the quarter between July and September, contradicting initial figures published by the Office for National Statistics (ONS). Andrew Sentance said that a wide body of evidence "suggests the UK economy has moved on to a recovery track and growth has resumed in the second half of this year," the Times reports.General Motors, the American car giant driven to bankruptcy by the global recession, will begin paying back bailout money from the US government as early as next month. The company said it lost $1.2bn in the period from July, when it emerged from bankruptcy protection, to the end of September - but it was a figure that delighted investors and prompted some fighting talk from management, the Independent reports.
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28 Mar 2024 09:29

Baltimore bridge collapse likely to result in multibillion-dollar insurance claims -Lloyd's of London

LONDON, March 28 (Reuters) - The collapse of Baltimore's Francis Scott Key Bridge is likely to lead to a multi-billion dollar insurance loss, the chairperson of commercial insurance market Lloyd's of London said on Thursday.

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27 Mar 2024 14:42

Bank of England steps up scrutiny of private equity and bank valuations

LONDON, March 27 (Reuters) - The Bank of England said on Wednesday it was taking a deeper look at risks from the opaque private equity sector, and why valuations of Britain's main banks are "subdued" compared with international peers.

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21 Mar 2024 10:28

TOP NEWS: Virgin Money and Nationwide agree terms of acquisition

(Alliance News) - Nationwide Building Society on Thursday said that it had finalised terms for its acquisition of Virgin Money UK PLC, and set out the details of the deal set to create "the second largest provider of mortgages and savings in the UK".

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20 Mar 2024 08:44

Paypoint and Lloyds Banking Group extend cards partnership agreement

(Alliance News) - Lloyds Banking Group PLC will become the main card acquiring partner for PayPoint PLC under a deal announced on Wednesday.

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5 Mar 2024 09:55

IN BRIEF: Darktrace hires former Trainline HR head as new CPO

Darktrace PLC - Cambridge, England-headquartered cybersecurity company - Hires David Smith as new chief people officer, effective from April 15. Smith joins Darktrace from CPO role, assumed in September 2021, at software-as-a-service platform 10x Banking Technology Ltd. Company says he "has over 15 years' experience...in a range of people roles". These include serving as HR & talent director at Trainline PLC from October 2018 to November 2020. His other previous employers include Lloyds Banking Group PLC and Cleo AI Ltd.

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1 Mar 2024 15:06

London close: Stocks start the month with positive close

(Sharecast News) - London's financial markets finished in positive territory on Friday, with investor sentiment buoyed by the recent easing of inflation in the United States, as market participants mulled the latest manufacturing data from the UK.

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26 Feb 2024 16:09

Director dealings: Lloyds Banking chairman makes share purchase

(Sharecast News) - Lloyds Banking Group revealed on Monday that chairman Robin Budenberg had acquired 1.0m ordinary shares in the FTSE 100-listed financial services giant.

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26 Feb 2024 12:33

IN BRIEF: Lloyds Chair Robin Budenberg buys GBP455,000 in shares

Lloyds Banking Group PLC - Edinburgh-based financial services firm - Chair Robin Budenberg buys 1.0 million shares at GBP0.4549, worth GBP454,925, in London on Friday.

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26 Feb 2024 09:07

LONDON BROKER RATINGS: Jefferies raises ITM Power to 'buy'

(Alliance News) - The following London-listed shares received analyst recommendations Monday morning and Friday:

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23 Feb 2024 10:13

IN BRIEF: Lloyds launches GBP2 billion share buyback programme

Lloyds Banking Group PLC - Edinburgh-based financial services firm - Commences share buyback for up to GBP2 billion worth of ordinary shares. The buyback, conducted by Morgan Stanley & Co International PLC, will run until December 31. Lloyds says that the purpose of the programme is to reduce its ordinary share capital, and the company intends to cancel all repurchased shares.

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23 Feb 2024 09:19

LONDON BROKER RATINGS: Barclays raises Breedon but cuts Domino's Pizza

(Alliance News) - The following London-listed shares received analyst recommendations Friday morning and Thursday:

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22 Feb 2024 16:26

London close: Stocks rise amid raft of solid earnings

(Sharecast News) - London's stock markets finished in positive territory on Thursday, bolstered by upbeat performances from US AI chipmaker Nvidia and engine manufacturer Rolls-Royce.

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22 Feb 2024 09:59

CORRECT: Lloyds profit rises but books GBP450 million probe provision

(Correcting sum of Lloyds Banking Group PLC's final dividend.)

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22 Feb 2024 08:24

TOP NEWS: Lloyds profit rises but books GBP450 million probe provision

(Alliance News) - Lloyds Banking Group PLC on Thursday reported an annual profit surge and announced a new share buyback, though it said it has booked a provision in connection to a UK watchdog probe on historic motor finance arrangements.

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22 Feb 2024 07:49

LONDON BRIEFING: Lloyds sets aside GBP450 million for UK motor probe

(Alliance News) - Stocks in London are set to higher on Thursday, as earnings from Nvidia, at the heart of an artificial intelligence boom, did not disappoint.

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