Tim's Feed
Jan 30, 2012

RBS chief waives bonus after UK political storm

LONDON (Reuters) – The chief executive of Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) has decided to waive a bonus worth almost one million pounds ($1.6 million), the bank said on Sunday, after the handout angered Britons bearing the brunt of government austerity measures.

A spokesman for the partly state-owned bank said CEO Stephen Hester would no longer be taking the bonus, which was awarded at a time when most British workers are suffering wage freezes or sub-inflation rises.

Jan 29, 2012

UK opposition seeks debate on RBS chief’s bonus

LONDON, Jan 29 (Reuters) – Pressure grew on the chief
executive of bailed-out lender Royal Bank of Scotland on
Sunday to give back a million pound ($1.5 million) bonus as the
Labour opposition said it would force a parliamentary debate on
the row.

The bonus for RBS CEO Stephen Hester has hit a raw nerve
with Britons at a time of austerity when most workers are
suffering wage freezes or sub-inflation rises, while the
government has said its hands are tied by his contract.

Jan 29, 2012

Police arrest Murdoch tabloid staff, raid offices

LONDON (Reuters) – Police arrested four current and former staff of Rupert Murdoch’s best-selling Sun tabloid plus a policeman on Saturday as part of an investigation into suspected payments by journalists to officers, police and the newspaper’s publisher said.

Police also searched the paper’s London offices at publisher News International, News Corp’s British arm, in a corruption probe linked to a continuing investigation into phone hacking at its now closed News of the World weekly tabloid.

Jan 28, 2012

Police search News International offices in London, arrest four

LONDON (Reuters) – Police said on Saturday they were searching the London offices of Rupert Murdoch’s News International and had arrested four people, including a policeman, in an investigation into suspected payments to police officers for information.

The probe is linked to a continuing investigation into phone hacking at the now-closed News of the World tabloid, published by News International, the British arm of Murdoch’s News Corp media empire.

Jan 28, 2012

Police search News Intl offices in London, arrest four

LONDON, Jan 28 (Reuters) – Police said on Saturday
they were searching the London offices of Rupert Murdoch’s News
International and had arrested four people, including a
policeman, in an investigation into suspected payments to police
officers for information.

The probe is linked to a continuing investigation into phone
hacking at the now-closed News of the World tabloid, published
by News International, the British arm of Murdoch’s News Corp
media empire.

Jan 27, 2012

RBS chief’s 1 million pound bonus sparks anger

LONDON (Reuters) – Politicians from across the spectrum united in condemning the near one million pound bonus awarded to RBS chief Stephen Hester, with Deputy Prime Minister Nick Clegg saying the public sees such sums as “from another planet.”

The size of the boss’s bonus at a bank 82 percent owned by the taxpayer has been seized on by opponents seeking to discredit Prime Minister David Cameron’s claims that he understands the pain of austerity to ordinary Britons.

Jan 25, 2012

Solo Scotland would expect BoE backing – Salmond

LONDON (Reuters) – An independent Scotland would rely on the Bank of England to support its banks if they ran into trouble, the country’s separatist leader said on Tuesday, raising questions over the nature of his proposed split with Britain.

“The lender of last resort would still be the Bank of England,” Scottish First Minister Alex Salmond told an evening audience in London, answering a question over who would be the ultimate backer of distressed Scottish banks.

Jan 20, 2012

Government seeks to defuse anger over bosses’ pay

LONDON (Reuters) – Britain will set out plans next week to crack down on executive pay to try to address public outrage over huge wages for “fat cats” at a time of deep public spending cuts and fears of a looming recession.

Prime Minister David Cameron said a market failure during years of uncontrolled “turbo capitalism” had broken the link between risk and reward, giving some executives generous pay deals despite lacklustre performance.

Jan 20, 2012

Britain seeks to defuse anger over bosses’ pay

LONDON, Jan 20 (Reuters) – Britain will set out plans
next week to crack down on executive pay to try to address
public outrage over huge wages for “fat cats” at a time of deep
public spending cuts and fears of a looming recession.

Prime Minister David Cameron said a market failure during
years of uncontrolled “turbo capitalism” had broken the link
between risk and reward, giving some executives generous pay
deals despite lacklustre performance.

Jan 16, 2012

UK wants more worker-owned firms to sustain economy

LONDON (Reuters) – Britain will encourage greater worker ownership in companies to counter the “crony capitalism” that contributed to the 2007/8 financial crisis and tipped the country into recession, Deputy Prime Minister Nick Clegg said on Monday.

An “unrestrained economic elite” driven by short-termism and recklessness had brought the economy to the edge and had to be restrained by a more responsible capitalism, Clegg said in extracts of a speech released in advance by his office.