Sinead's Feed
Nov 1, 2012

CoCos seen as acquired taste as Barclays opens door

LONDON (Reuters) – After several false starts, Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) is optimistic it can sell a debt instrument that bolsters capital at times of trouble and could clear a path for European rivals to follow.

That, at least, is the hope.

Several banks have signaled plans to sell debt that converts into equity when a bank’s capital runs low, but both regulators and investors have appeared cool, causing uncertainty about how they would be structured and generating only a handful of issues.

Oct 26, 2012

Anglo CEO Cynthia Carroll quits as share price lags

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 mining group’s lagging share price and continued dependence on strike-hit South Africa.

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

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.