Thoughts from the City

Ben Griffiths

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A loss for all

The entire bonus pool for 2012/13 could be less than last year’s tax take at just £2.2 billion

The focus on fat cat pay in recent weeks has rightly fallen on to boardrooms. Some of Britain’s biggest companies have found themselves embarrassed after investors big and small refused to support gold-plated remuneration packages. Several chief executives including Sly...

Tags: andrew moss, aviva, bankers bashing, city jobs loss, management, shareholder spring, sly bailey, tax take

Opening late for business

Many regular travellers are already avoiding Heathrow for long-haul flights

Pity the poor traveller. As thousands of people prepared to head off abroad for the Bank Holiday weekend thoughts inevitably turned to what kind of reception airline passengers would receive when they arrived back in this country.Would the chaos that...

Tags: british airways, heathrow, management, olympics 2012, queen's diamond jubilee, travellers, willie walsh

When did we stop taking responsibility?

Boards must ensure an apposite culture that will deliver on their duties to society

Hector Sants, chief executive of City watchdog the Financial Services Authority, delivered his parting speech this week and called for more action to deliver effective reforms on corporate governance.We’ve heard some of what he had to say before. But among...

Tags: fred goodwin, fsa, hector sants, individual responsibility, leadership, royal bank of scotland, royal bank of scotland group, stephen hester

Let's slow things down

It’s high time quarterly reporting was abandoned

It’s difficult to shake off the sense of deja vu pervading some of my working life as a City and financial journalist these days.The euro zone debt crisis, like a crazed zombie from a B-list movie, refuses to die. The...

Tags: annual reports, astrazeneca, cadbury, confederation of british industry, john kay report, leadership, quarterly reporting, royal dutch shell

Is extradition a one-way street?

It is the basic unfairness of the extradition treaty which sticks in the craw

Seeing the images of cleric Abu Hamza this week as he faced being shipped to the US on terrorism charges sparked memories for me of 2004, and the London extradition hearing of the so-called NatWest Three.The case of these former...

Tags: 2003 extradition act, chris tappin, enron, extradition, leadership, natwest three, us treaty

Will it take a hefty fine for business to change?

The Serious Fraud Office has significantly stepped up its foreign bribery enforcement

It’s been a bad week for Britain and bribery.Two years since the 2010 Bribery Act was passed and a mere 12 months since it came into force and the criticism of corporate controls in this country are coming thick and...

Tags: bae systems, financial conduct authority, financial services authority, investment banks, money laundering, organisation for economic co-operation and development, saudi arabia, serious fraud office

As slick as oil

The UK’s oil and gas industry is forecast to pay roughly a quarter of the total corporation tax take

During the dark days of the recent recession British industry took a pounding as spending cuts and the consumer slowdown began to bite. Amid the gloom one sector provided a little-seen beacon in the far north of these islands. The...

Tags: aberdeen, finanical services sector, leadership, oil industry, regulation, tax incentives, tax take

A day to bury news?

The release of three banks’ pay reports within hours of each other smacks of more than a coincidence

‘Banks’ day of Shame’ was how one newspaper front page summarised the decision of Barclays, Royal Bank of Scotland and Lloyds Banking Group to publish their annual pay reports on the same day.Just one of these documents can provide an...

Tags: annual pay report, banks, binding vote on pay, bis, management, pay, shareholders, vince cable

Mega-merger madness

Some investors have already critcised the proposed Glencore-Xstrata merger

Some investors have already criticised the proposed Glencore-Xstrata merger, perhaps anticipating regulators’ potential veto of such a behemoth.Will the proposed merger of Glencore and Xstrata buck the recent trend of failed big mining deals and give the mergers and acquisitions...

Tags: glencore-xstrata merger, glenstrata, m&a, management, monopoly, regulators, shareholder opposition

How to motivate staff?

Employee-owned businesses grew sales faster and created more jobs during recession

The John Lewis Partnership was back in the news this week as the annual announcement of its bonus round for workers hit the headlines.The 14 percent of salary payout for all partners - equivalent to seven weeks’ pay - is...

Tags: bankers' bonuses, bonus, employee-owned partnerships, john lewis partnership, management

About Author

Ben Griffiths is City News Editor of the Daily Mail. He's covered City and financial news for a decade, including at the Press Association news agency and The Herald newspaper, and was an integral part of the editorial team that launched business and financial daily City A.M.

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