Bus Eireann says the “vast majority of its services” are not operating due to industrial action, including some cross-border services.
Read more here: Strike affects Bus Eireann services
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Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...
Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday
Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...
UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...
Eurozone crisis live: Japan's strong growth figures... PM Shinzo Abe's stimulus package could generate feelgood factor needed to end two decades of stagnant growthPhillip Inman
Majority of 65%, 75% and 90% LTV mortgages reduced by up to 50bps
Read more from the original source: first direct Cuts Rates Across Mortgage Range
Category : World News
- Mom versus Dad: Canadians expect to spend slightly less for Father’s Day
- The majority will give mom a gift, while more than half plan to call or spend time with her to celebrate Mother’s Day
- Men plan to spend more than women for both Mom and Dad
Read more from the original source: REPEAT-BMO Survey: Canadians Plan to Spend an Average of $107 on Mother’s Day-Up 27 Per Cent from 2012
The third largest US carmaker Chrysler’s first-quarter net profits fall 65%, resulting in a sharp fall in profits for majority owner Fiat.
Read more: Chrysler pulls down Fiat profits
German airline Lufthansa cancels the majority of its flights scheduled for Monday due to a strike.
Go here to read the rest: Lufthansa flights hit by strike
A majority of individual investors surveyed by Fidelity said they expect the S&P 500 to end the year with gains, while only 12% expect the benchmark index will end lower.
View original post here: Investors still bullish on stocks
Survey shows majority think investing in stocks is a bad idea, and that those who think economy is poor outnumber those who think it’s good by more than two-to-one.
Original post: Americans still doubtful about stocks, economy
The majority of Dreams beds stores have been bought by Sun European Partners, saving 1,600 jobs a day after the company went into administration.
Read this article: Stores and jobs saved at Dreams
Proposals come as the chancellor faces defeat in his efforts to head off a European cap on bankers’ bonuses
Labour proposes a fresh crackdown on boardroom pay in a report released on Tuesday, which comes as the chancellor faces defeat in his efforts to head off a European cap on bankers’ bonuses.
The review of short-termism in UK industry calls for checks to stop executive pay being based on short-term profits and tax incentives to encourage long-term investment.
The report, prepared by Sir George Cox for Labour, represents the first serious official thinking from the party on how to address City short-termism. It also marks a new emphasis on industrial policy.
It comes as George Osborne goes to Brussels on Tuesday in what looks like a forlorn attempt to prevent the European Union from imposing severe curbs on bankers’ bonuses in the City.
In a highly unusual defeat for the British financial services sector, illustrating the UK’s deepening isolation in Europe and the reluctance of EU partners to do Britain any more favours, finance ministers of the other 26 are expected to endorse legislation to slash “fat cat” bonuses.
The was made last week at hard-fought negotiations between the European parliament and officials from the 27 member states. Despite David Cameron’s opposition and Osborne’s pledges to contest the deal, it appears irreversible. The UK is unable to wield a veto as Tuesday’s decision can go to a qualified majority vote if necessary.
Britain has been unable to muster enough allies to block the proposal. Its likeliest supporters, Sweden, the Netherlands and, most crucially, Germany have all come out in favour of capping bonuses.
Last week’s agreement, brokered by the Irish government, caps bonuses at a year’s salary, although this can be doubled if a “super-majority” of a bank’s shareholders so decide.
On Sunday, the Swiss voted by a sweeping majority in a referendum for even tighter controls on bank pay, envisaging jail terms for those who break the new rules.
“The Swiss are showing us the way,” said the French prime minister, Jean Marc Ayrault.
On Monday the Italian business newspaper, Il Sole 24 Ore, called for a new international system regulating bankers’ pay.
The Cox report suggests that the company governance code be altered so at least 30% of executive director remuneration be paid in the form of shares that cannot be cashed in for five years or until after the director has completed his or her period on the board.
It proposes a ban on voting rights for any shareholders who appear on the register during a takeover bid and says measures are needed to remove the tax treatment bias that favours companies funding loans through debt as opposed to equity.
In an effort to encourage so-called “patient capital” the report suggests capital gains tax on shares could be tapered in a series of yearly steps from 50% in year one to 10% after year 10. The report suggests the measure would be revenue neutral.
The business secretary Vince Cable commissioned a lengthy report on the same policy territory from Professor John Kay. He proposed a range of reforms including an end to quarterly reporting by companies, an idea endorsed in the Cox review.
The report also proposes that all major infrastructure investment, such as High Speed 2 and airport capacity, could be taken out of party politics so that responsibility is handed to an independent agency that is accountable to parliament but independent of MPs.
The report claims “successful executives are those who can respond and deliver fast results and incentive schemes are devised to ensure that this practice is embedded in the way the company behaves It thus becomes the fabric of the organisation and a difficult thing to change”.
It suggests:”If more long-term participants are to be attracted to the equities market and more institutional shareholders are to be encouraged to take a long term view, then there has to be an incentive to do so.
“Beneficial tax treatment would appear to be the best route but it needs to be a powerful incentive if significant change is to be brought about.”
It adds: “Research and development remains too small in the UK companies, and it is a cause for concern that the UK’s technological edge has not produced firms to exploit that technology such as eBay, Amazon, Facebook or PayPal.”
It points out graphene was discovered in UK universities yet UK businesses have developed 54 related patents while the Chinese have filed 2,024 patents.
Matthew Fell, director for competitive markets at the business body CBI, said: “There is a need to encourage a more long-term focus from investors and the report’s recognition that industrial strategy should be a cornerstone of government policy is welcome.”
The Institute of Directors released details of its own survey of members which found 92% of business leaders thought that short-termism was a significant impediment to the growth and development of the UK economy.
Simon Walker, Director General of the IoD, said: “Many UK companies feel exposed to short-term pressures which can inhibit their ability to plan and invest for the longer term.
“The economic downturn has made things worse, forcing many firms to focus on their very survival rather than longer term investment.”