Carlyle aims for £350m from Britax

first_img Carlyle aims for £350m from Britax PRIVATE equity firm Carlyle Group has appointed investment bank NM Rothschild to sell Britax, the maker of child car seats, for up to £350m.Carlyle is understood to have put the business on the block after receiving interest from rival private equity firms and trade buyers. A sale at its target price would net Carlyle’s dealmakers a profit of £120m.Britax has grown rapidly since it was taken over by the US buyout house for £230m five years ago. Sales of brands including Romer and Safe n Sound expanded by 52 per cent to £183m between 2004 and 2008, boosted in part by tighter regulations on in-car safety for minors in developing countries.Based in Chertsey, Surrey, Britax began life making automotive safety equipment in 1983 before narrowing its focus on childcare safety goods in the 1970s. It has manufacturing bases in North America, Australia and Germany as well as the UK. Britax employs 1,000 people globally and commands a 40 per cent market share in the UK and Germany.The company’s management, led by Karl Kahofer, will be in for a windfall of tens of millions of pounds should a transaction take place. Bosses have a 15 per cent stake.Carlyle has carried out a number of deals this year, selling Multiplan in the US, teaming up with TPG to buy Australia’s Healthscope and taking a stake in Brazil’s Grupo Qualicorp. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen HeraldBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading Blvd Share KCS-content whatsapp Sunday 15 August 2010 10:40 pmcenter_img Tags: NULL Show Comments ▼ Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayot whatsapplast_img read more

Why it is time for UK Universities plc

first_img KCS-content HIGHER education ought to be one of Britain’s flagship industries. On the face of it, the UK’s universities are already doing well, educating large numbers of overseas students and in most cases charging them high fees, generating vast amounts of export earnings for the UK. Many are expanding, with the University of Nottingham operating a campus in Ningbo, China, for example; the likes of the London School of Economics or the London Business School have largely liberated themselves from government strictures and become successful global institutions, competing for the best students and research dollars. Cambridge has spawned (and invested in) a raft of science-driven firms. Others operate consultancies.Yet the sector as a whole is in trouble. The £3,290 in fees the government allows them to charge UK students ensures that virtually every university loses money on every British student they accept, which makes no sense, especially given that graduates earn around £100,000 more over a lifetime than people who didn’t go to university. Those who choose higher-paying professions such as business, finance, medicine or the law do even better. Much of the higher education sector is too dependent on taxpayer money and has become ossified; too much of what passes for research is of limited real value; the culture of most institutions is too monolithic and detached from that of the rest of society; there are still insufficient links with business; many courses and institutions offer limited, if any tangible benefit, to their students; as a result of that, and because of other massive failings in the UK education system, there are too many students and too few young people entering other kinds of training, such as apprenticeships.Two main changes are needed. The demand-side must be shaken up: most students need to contribute more, incentivising them to perform a better cost-benefit analysis and choose proper courses, boosting resources for universities, reducing the burden on taxpayers and changing universities’ incentives. It is vital that poorer students are not left behind: on top of the loans systems, more bursaries are needed for the brightest youngsters.The supply-side must also change drastically: the higher education sector needs to become much more like other industries, more responsive to consumer demand and more business-like. For-profit companies need to enter the market, which is currently controlled by charities. More innovation and experimentation is needed – with soaring costs, the option of shorter, compact degrees is required, as well as more distance and e-learning. Every practice needs to be questioned.The coalition will fortunately not be imposing a graduate super-tax on students who go into higher-paying jobs, the option favoured by Vince Cable. This would have been a disaster, promoting an even greater brain drain. Ministers may support instead variable interest rates on student loans so that high-earning graduates can be charged more on their borrowing. The package is likely also to include lifting the cap on fees to at least £7,000. Lord Browne’s review of student finance, out this week, is likely to recommend removing the cap altogether, a sensible strategy that will prove one step too far for the coalition. Yet real reform does at last seem to be on the cards; for the sake of what ought to be a great British industry, let us hope the government has the guts to be truly radical. [email protected] Why it is time for UK Universities plc whatsapp Tags: NULL Sharecenter_img Show Comments ▼ whatsapp Monday 11 October 2010 12:04 amlast_img read more

British jobs market still deteriorating

first_img British jobs market still deteriorating whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com‘The Love Boat’ captain Gavin MacLeod dies at 90nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com KCS-content Sharecenter_img whatsapp Show Comments ▼ FURTHER signs of a deteriorating jobs market emerged yesterday, intensifying fears of a second wave of rising unemployment as a leading report showed that the private sector could lose 500,000 jobs as a result of government cuts. Official data showed that the number of people claiming Job Seeker’s Allowance last month rose by 5,300 to 1.47m and August’s increase was revised up to 3,800. Although the broader ILO measure revealed unemployment continuing to fall in the three months to August, it was the smallest quarterly drop since January and was driven by fewer unemployed 16 and 17-year-olds.While the August decrease saw the jobless rate edge down to 7.7 per cent, many City economists forecast that the rate could head back up to more than eight per cent over the next year as public sector cuts begin to really bite. The Office for Budgetary Responsibility (OBR) has estimated that 600,000 public sector jobs could be lost as a result of government cuts.Economists think it unlikely that the private sector will be able to offset rising public sector unemployment. “These increases in unemployment come before any of the planned public spending cuts have been implemented. Business survey data continues to suggest that the private sector is wary of hiring in the current climate of uncertainty,” said Andrew Goodwin at the Ernst & Young Item Club.A report yesterday from PricewaterhouseCoopers (PwC) said that austerity measures could also hurt the private sector, as firms supplying the government will cut jobs and output. The report said the private sector could lose almost half a million jobs and £46bn in annual gross output by 2014-2015 as efforts to slash a budget deficit hit the supply chain. Wednesday 13 October 2010 8:03 pm Tags: NULLlast_img read more

Cridland to be CBI chief

first_img whatsapp KCS-content Share JOHN Cridland is expected to be named the new director-general of the Confederation of British Industry (CBI) today, according to Sky News.The CBI confirmed it would be announcing its new director general this lunchtime but refused to say who had taken the top job. However, Cridland is the current deputy director general and has applied for the role previously having been passed over five years ago in favour of Richard Lambert.Cridland is thought to have impressed Helen Alexander, the CBI president, and the regional chairmen’s committee which also has a say in the appointment.Assuming Cridland’s appointment is announced today he will take up his post early next year. A number of issues he could find himself dealing with are the coalition government’s policy on immigration as well as reforms to corporation tax. Sunday 14 November 2010 11:27 pm Cridland to be CBI chief whatsapp Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Show Comments ▼ Tags: NULLlast_img read more

WPP not planning UK return

first_img Share Tags: NULL Monday 29 November 2010 9:02 pm LEADING marketing agency WPP is unlikely to return its tax base to the UK even if the Treasury reforms the corporate tax regime, it emerged yesterday.Sources close to the company said it would not be bounced into a “knee-jerk” reaction over the reform of controlled foreign company tax (CFC).WPP moved its tax base to Ireland in 2009 citing the CFC regime as the reason. Since then several other companies have followed including Henderson Group, pharmaceutical firm Shire and United Business Media. There have been hints that WPP could return its tax base to the UK, and George Osborne also made a personal plea to Sir Martin Sorrell, WPP’s chief executive to do so in June.But a source told City A.M: “There can be no guarantees. Whatever this administration may put in place with regard to CFCs, the danger is what happens if this administration isn’t in power?” “WPP is pretty supportive of some of the things this administration has done, but there is no knee jerk reaction to these moves; there can not be any guarantees”Meanwhile, Shire said it would remain cautious as to the proposed reforms. A spokesperson said: “We will follow the development of any UK proposals, and when we see any actual legislation we will consider its implications.” Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofNew England Patriots’ Cam Newton says no extra motivation from Mac Jones’SportsnautHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family Proof whatsappcenter_img whatsapp Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen Heraldmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteReporter CenterBrenda Lee: What Is She Doing Now At 76 Years of Age?Reporter Centerthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comBeach RaiderSee The Woman Bradley Walsh Is Dating At 61Beach Raider WPP not planning UK return KCS-content last_img read more

LEGAL CASES STEMMING FROM OIL SPILL

first_img whatsapp whatsapp LEGAL CASES STEMMING FROM OIL SPILL Wednesday 15 December 2010 9:00 pm Tags: NULL Share Show Comments ▼center_img KCS-content by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeHistorical GeniusHe Was The Smartest Man Who Ever Lived – But He Led A Miserable LifeHistorical GeniusMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald More From Our Partners UK teen died on school trip after teachers allegedly refused her pleasnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comWhy people are finding dryer sheets in their mailboxesnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPuffer fish snaps a selfie with lucky divernypost.com The US Department of Justice yesterday joined the hundreds of lawsuits that have been filed as a result of the Gulf of Mexico oil spill, the largest in US history:TYPES OF LAWSUITS– The vast majority are for economic losses filed under the Oil Pollution Act, seeking to recover lost wages or damage to a business. Thousands have claimed they were harmed by the spill, including shrimpers, owners of commercial vessels, seafood processors and even owners of nail salons.– Personal injury and wrongful death cases brought by workers hurt in the blast and by families of the 11 killed.– The states of Louisiana and Alabama have filed lawsuits over claims for loss of resources, loss of tax revenue and response costs for the cleanup. The federal government is pursuing civil penalties under the Clean Water Act that could top $4,300 per barrel of spilled oil, or $20BN, if gross negligence is determined.– Securities-related claims have been filed on behalf of investors who bought BP’s stock, which lost half its value in the months after the rig explosion.LOCATION OF CASES– Most have been filed along the Gulf Coast, in Texas, Louisiana, Mississippi, Alabama and Florida. But some cases have been filed as far away as Ohio and California.– About 379 cases, the vast majority of the federal cases, have been consolidated with a federal court in New Orleans. The court is coordinating discovery and other procedural matters. The court has scheduled “test trials” for next year to determine which parties are potentially at fault.– The securities-related lawsuits are before a federal court in Houston.DEFENDANTS— BP has been the focus of the lawsuits, but other parties sued include:-Anadarko Petroleum Corp, which owns a 25-per cent stake in the Macondo well that spewed the oil.– MOEX Offshore, which holds a 10 per cent interest in the well.– Transocean, a Swiss company that owned the Deepwater Horizon rig, which it leased to BP.– Halliburton Energy Services, which cemented the blown-out well.-Cameron International Corp, which manufactured the blow-out preventer valve that was meant to prevent a spill from the well.-M-I LLC which provided drilling fluids for the well.-Weatherford International, a Swiss company that was involved in the casing process for the well.-Hyundai Heavy Industries, which manufactured the Deepwater Horizon rig. last_img read more

Cerberus nears sale of Chrysler

first_img Monday 20 December 2010 9:21 pm Show Comments ▼ KCS-content Share Cerberus nears sale of Chrysler whatsapp whatsapp Tags: NULL Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily ProofHomemade Tomato Soup: Delicious Recipes Worth CookingFamily Proof Toronto-Dominion Bank is close to an agreement to buy Chrysler Financial from US private equity firm Cerberus Capital Management for $6.3bn (£4.1bn), it was reported last night.Cerberus, which is led by co-founder Stephen Feinberg, would retain about $1bn in assets as part of the deal, the Wall Street Journal said.TD spokesman Wojtek Dabrowski said the bank does not comment on market rumours or speculation.Toronto-Dominion is Canada’s second-largest bank, and it owns just under half of online broker TD Ameritrade. last_img read more

Intel boosts buyback to lift shares

first_img INTEL, the computer processor maker, has authorised another $10bn (£6.25bn) share buy back to try and reverse the pressure of recent months on its share price.Intel earned record profits last year and its gross margins are at record levels, but the company’s shares have suffered recently as investors have focused more on tablets and smartphones than on PCs.Intel said its increased share buyback authorisation and its previously announced plan to increase dividends by 15 per cent reflect confidence in its business outlook, but some investors also saw a strategy to push up the company’s stock.“Clearly they had their best year in 2010 but still the stock has underperformed its peers. I can understand management being frustrated,” said CLSA analyst Srini Pajjuri, who rates Intel’s shares “underperform.”Pajjuri said that with gross margins hitting a record 67.5 per cent in the last quarter of 2010, some investors are concerned that they are more likely to decline than to improve further. Indeed, the company has forecast gross margins of around 64 per cent for the current quarter.Intel’s processors are the brains in 80 per cent of the world’s PCs, but the company has yet to make its mark in the mobile gadgets that people increasingly use to surf the Web and update their social networking profiles.On January 13, Intel posted better-than expected revenue and margins for the fourth quarter, but concerns about Intel’s lack of success making mobile chips have hurt its stock.The Philadelphia Semiconductor Index has surged around 32 per cent over the past 12 months, but Intel’s shares have gained only five per cent in that time.On Monday, shares of Intel were boosted by news of the increased buyback authorisation, rising 1.5 per cent to $21.13.“Today’s announcement signals confidence in our fundamental business strategies both today and looking forward,” Paul Otellini, Intel president and chief executive, said in a statement.The chipmaker will pay a quarterly dividend of 18.12 cents per share and the extension of its share buyback funds increased the amount available for repurchases to $14.2bn. alison.lock Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofThe Truth About Bottled Water – Get the Facts on Drinking Bottled WaterGayotChicken Bao: Delicious Recipes Worth CookingFamily ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof whatsapp Monday 24 January 2011 2:49 pm whatsapp Tags: NULL Show Comments ▼ Intel boosts buyback to lift shares Sharelast_img read more

Time running out for Merlin

first_img whatsapp Show Comments ▼ KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.org‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.com whatsapp Share Sunday 6 February 2011 10:19 pm Tags: NULL THE Treasury is anxious to get banks to agree to an industry-wide lending commitment under “Project Merlin” before earnings season starts.But time is running out for the initiative to improve the industry’s image. Barclays will kick off the major UK banks’ full-year results season next Tuesday, with its new chief executive Bob Diamond expected to receive an all-shares bonus to a value of £10m.The government is keen to include some provisions on bank bonuses in the Merlin plan, although energy secretary Chris Huhne sounded an unexpectedly conciliatory note on bonuses yesterday. He said: “I am not against, whether they’re footballers or bankers, people who have particularly high skills and talents being paid whatever you can get in the marketplace.”Instead, Huhne said the government would ensure that part of any bonus award was paid in shares, although this is in fact European legislation that has been in effect since 1 January. Aside from the bonus issue, the centrepiece of the agreement will be a promise by banks to increase lending, with a variable target to be tied to GDP growth plus inflation. Such a target would fall far short of the 10 per cent the Treasury wanted originally. Project Merlin has been beset by problems, with banks having to negotiate through Pricewaterhouse-Coopers to avoid sharing sensitive data. Time running out for Merlin last_img read more

Cable: banks need surgery

first_img Read This Next’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap4 ideal Zion Williamson trade scenarios from the New Orleans PelicansSportsnautRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapRick Leventhal to Exit Fox News Just as His Wife Kelly Leaves ‘RealThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap’In the Heights’ Underwhelms at Box Office With $11.4 Million DebutThe WrapJason Whitlock, Former ESPN and Fox Sports Reporter, Resurfaces at BlazeThe WrapFox News’ Mark Levin Says Capitol Riot Suspects ‘Would Be Treated Better’The Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe Wrap whatsapp Tags: NULL BUSINESS secretary Vince Cable emerged from a long period of keeping a low profile yesterday to condemn large bank bonuses as “offensive” and to call for “fundamental surgery” on the industry.Having stayed out of the limelight since December when he was recorded saying he had “declared war” on Rupert Murdoch, he has returned to his campaign against banks.Asked about the possible break-up of investment and retail banking, he said: “There needs to be fundamental reform. There will have to be change and it will have to be radical.”“What we should notice at the end of (banking reforms) is the banks are more competitive and that they are safer and that they are not making large excess profits which then fuel the bonus culture,” he said. His attack on banks days after the Merlin deal was launched could put him on a collision course with the Treasury. Sunday 13 February 2011 11:46 pm Share whatsapp Show Comments ▼ Cable: banks need surgery KCS-content last_img read more