Sinead's Feed
Oct 17, 2012

RBS prepares for UK to start selling shares in 2014

LONDON (Reuters) – State-controlled Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) is preparing for the British government to start selling its shares in the bank in two years, its chairman said on Wednesday.

“The exercise we’re engaged in at the moment is to get the business into a shape that is most attractive for an offer for sale to the British public and internationally, probably, in 2014,” Philip Hampton told Reuters.

Oct 17, 2012

RBS drops insurance in big step from state control

LONDON, Oct 17 (Reuters) – Taxpayer-backed Royal Bank of
Scotland is pulling out from a government plan that
insured its riskiest loans, clearing an important hurdle in its
bumpy journey to free itself from state control.

RBS will withdraw from the scheme as the protection is not
needed, it said on Wednesday, saving it 125 million pounds each
quarter in future fees.

Oct 17, 2012

Xstrata investors get pay vote but may not risk stand

LONDON (Reuters) – Careful what you wish for.

That could be advice for corporate governance advocates who sought a separate vote on the lavish executive pay deal that was bundled in as part of the terms of the $33 billion merger between Glencore and Xstrata.

Thanks to a voting structure shake-up, shareholders will now be able to vote for the deal without the pay, and have an option to reject the proposed retention packages, achieving what looks like a victory against excessive boardroom remuneration.

Oct 16, 2012

Analysis: Xstrata investors get pay vote but may not risk stand

LONDON (Reuters) – Careful what you wish for.

That could be advice for corporate governance advocates who sought a separate vote on the lavish executive pay deal that was bundled in as part of the terms of the $33 billion merger between Glencore and Xstrata.

Thanks to a voting structure shake-up, shareholders will now be able to vote for the deal without the pay, and have an option to reject the proposed retention packages, achieving what looks like a victory against excessive boardroom remuneration.

Oct 16, 2012

Investors pin hopes on Rothschild to maximise Bumi exit

LONDON, Oct 16 (Reuters) – As a traumatic break-up of Bumi
Plc edges nearer, co-founder and recently estranged
director Nat Rothschild is embarking on a challenge bigger than
any he took on while on the board of the troubled Indonesian
miner.

The saga that on Monday triggered his resignation from a
fractious Bumi board has hurt London’s proud reputation as a
portal by which pension funds can access racy emerging market
returns at a fraction of the risk.

Oct 12, 2012

Tax experts note holes in planned rights for shares scheme

LONDON, Oct 12 (Reuters) – A plan to allow British employers
to give shares to workers who sign away employee rights could
leave the same staff with soaring tax bills, experts warn.

The controversial scheme, unveiled by Chancellor George
Osborne earlier this week, will see workers surrender perks such
as flexible working or redundancy entitlements in exchange for
shares worth up to 50,000 pounds in the company they work for.

Oct 11, 2012

BAE to meet with investors on ‘plan B’

LONDON, Oct 11 (Reuters) – BAE Systems moved to
patch up damaged relations with its investors on Thursday,
promising imminent meetings to discuss its strategy after the
failure of its attempted merger with EADS, shareholders
told Reuters.

Investors are keen to hear management make its case and
explain how Europe’s biggest defence contractor plans to keep
growing when governments are cutting back on their military
spending.

Oct 10, 2012

Safran shareholder TCI warns against more mergers

PARIS/LONDON, Oct 10 (Reuters) – Activist investor The
Children’s Investment Fund Management(TCI) has turned its
attention to French aerospace group Safran, telling it
to stop making “value destructive” acquisitions and return cash
to shareholders instead.

The influential London-based hedge funds firm, known for its
ability to rally other shareholders behind its campaigns to
shake up a target company’s management, said in a letter
addressed to Safran’s top executives that it wants it to halt
any further acquisitions outside the civil aerospace sector.

Oct 1, 2012

Xstrata gives cautious blessing to $33 billion Glencore bid

LONDON (Reuters) – Mining group Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) gave its long-awaited blessing on Monday to a revised $33 billion bid from trader Glencore, bowing to investor pressure by changing the deal to ensure a payment plan to keep its top managers does not sink the tie-up.

Xstrata dropped its insistence that the overall deal be tied to a shareholders’ vote on the controversial package which offers over 70 top executives a total of roughly 140 million pounds ($226 million) to dissuade them from quitting.

Sep 30, 2012

Funds retreat from Japan, short-sellers circling, in China spat

LONDON, Oct 1 (Reuters) – Nervous overseas funds are
starting to pull money out of Japan, spooked by a territorial
spat with China that has prompted talk of corporate boycotts,
weakened trade and even military action.

Political commentators have played down the significance of
the latest flare-up in a long-running feud between Asia’s
largest economic powerhouses over the ownership of a handful of
small islands in the East China Sea.