Companies will be banned from applying “hidden” credit and debit card surcharges to push up the price of flights, concert tickets and other goods. The Government has signalled it will put a stop to the controversial practice by the end of 2012 following an investigation by the Office of Fair Trading (OFT). The OFT had [...]
Eight of the highest-earning executives outside the boardroom at Britain’s biggest banks will have to reveal their pay packets under new proposals revealed by the Treasury. The proposal, which aims to tackle “unacceptable” bank bonuses by improving pay transparency, has been put out for consultation by the Government. Mark Hoban, financial secretary to the Treasury, [...]
Occupy London protesters claim to have taken over an abandoned office block in Hackney that belongs to banking and financial giant UBS. The protesters are believed to have gained access to the building on Thursday night, securing it in what they have described as “public repossession”. The block has become the demonstrators’ third base across [...]
November 18, 2011 | Posted in
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The UK government has agreed to sell Northern Rock plc to Virgin Money, nearly four years after nationalising the bank at the height of the financial crisis. The sale, announced on Thursday morning, will raise at least £747m for the Treasury – just half the amount that the UK taxpayer injected into the bank last [...]
UBS AG made stand-in Sergio Ermotti permanent chief executive on Tuesday and brought forward the start date of chairman designate Axel Weber, in a move to reassure investors following the Swiss bank’s $2 billion trading scandal. Ermotti, a 51-year-old from Switzerland’s Italian-speaking Ticino region, was appointed interim CEO in September after Oswald Gruebel quit the [...]
November 15, 2011 | Posted in
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UniCredit SpA’s board will consider approving a share sale of 7.5 billion euros ($10.3 billion) to strengthen capital, two people familiar with the situation said. The strategic committee of Italy’s biggest bank met in Milan yesterday and recommended the stock sale, which is expected to be approved today by directors, said the people, who asked [...]
November 14, 2011 | Posted in
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Swiss stocks are set to rise on Wednesday, mirroring gains elsewhere in Europe, as investors turned hopeful a resignation of Italian Prime Minister Silvio Berlusconi’s could allow a new leader to deal more aggressively with the country’s debt issues. The Swiss blue-chip SMI is seen rising 48 points to 5,731 points, pre-market data provided by [...]
European stocks advanced after the euro-area central bank unexpectedly cut the benchmark interest rate and reports that Greek Prime Minister George Papandreou may quit reduced the chance of a vote on the bailout package. Swiss Re Ltd. and Man Group Plc each gained more than 5 percent after reporting better-than-expected earnings. Cable & Wireless Communications [...]
The Bank of England has been showing off a new security feature which it hopes will protect new bank notes from counterfeiters. A thread containing moving images is being used on the new £50 note as it enters circulation. The bank said the green “motion thread” has five windows featuring the pound symbol and the [...]
Credit Suisse Group AG (CSGN), the second- biggest Swiss bank, said it will cut about 1,500 more jobs and reorganize its securities unit after the division reported its first quarterly loss since 2008. Credit Suisse fell the most in almost three years in Zurich trading as third-quarter net income of 683 million Swiss francs ($767 [...]
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