Sinead's Feed
Oct 26, 2012

Tesco edges closer to giving up on the U.S

LONDON (Reuters) – Tesco’s (TSCO.L: Quote, Profile, Research, Stock Buzz) billion pound gamble to crack the United States may have only months to run as investors and management focus more squarely on the British retailer’s struggling home business and slowing growth in emerging markets.

Fresh & Easy (F&E), having absorbed nearly 1 billion pounds ($1.6 billion) of capital since its 2007 launch, remains stubbornly loss-making in the cut-throat U.S. grocery market where it competes with larger rivals Trader Joe’s, Ralphs (KR.N: Quote, Profile, Research, Stock Buzz), Whole Foods Market (WFM.O: Quote, Profile, Research, Stock Buzz) and Vons (SWY.N: Quote, Profile, Research, Stock Buzz).

Oct 26, 2012

Under pressure, Anglo CEO Cynthia Carroll quits

LONDON (Reuters) – Anglo American’s (AAL.L: Quote, Profile, Research, Stock Buzz) Chief Executive Cynthia Carroll has quit after more than five years in the job, under pressure from investors over the miner’s lagging share price and continued dependence on troubled South Africa.

A geologist by training, New Jersey-born Carroll ruffled feathers when, fresh from the aluminum industry, she became the first non-South African, the first woman and the first outsider to take the top job at Anglo in 2007.

Oct 23, 2012

Rebel shareholders need more support for BAE boardroom shakeup

LONDON, Oct 23 (Reuters) – BAE Systems’ biggest
shareholder Invesco will need to drum up more support from other
investors to force out senior board members at the UK defence
firm after its failed $45 billion merger with aeroplane maker
EADS.

Invesco Perpetual, Henderson Global Investors and Artemis -
which together hold more than 15 percent of BAE – have sent a
joint letter, seen by Reuters, to BAE’s board demanding
replacement of Chairman Dick Olver and Senior Independent
Director Peter Mason.

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.