Proactive Investors - Run By Investors For Investors

In the papers: Banks raise pay to dodge EU bonus cap, claims a report.


The Times

Mortgage lending surges as buyers rush in: Mortgage lending has surged to its highest level since the financial crash as borrowers take advantage of low interest rates to pile back into the property market.

Dan Wagner all set to Powa back to the stock market: Dan Wagner, one of the most controversial entrepreneurs to emerge from the internet boom a decade ago, is planning a return to the stock market after securing US$76 million of backing for a mobile payments company.

Picturehouse fears after acquisition:The Competition Commission wants Britain's largest cinema chain to offload three cinemas as part of its acquisition of an art house rival despite concerns from film luminaries and councils.

‘Technical error' at exchanges could cost Goldmans millions: Goldman Sachs could lose hundreds of millions of dollars after making “erroneous” options trades across several exchanges, including the flagship NYSE Euronext and Nasdaq OMX.

North Sea platform repairs are bad news from Scotland to Westminster: Oil production from the North Sea will slump by more than expected this year as ageing platforms lie idle while they undergo maintenance and repairs, according to a new report.

The Independent

Coup for Yahoo as it lures former Channel 5 Boss to European arm: Yahoo's chief executive Marissa Mayer hired one of Britain's leading commercial television executives, Dawn Airey, to run the internet group's European operations.

BAE to lose Washington veteran Linda Hudson: Linda Hudson, who made history as the first female boss of a major US defence contractor, is set to retire from BAE Systems.

After M&S and ASOS, Kate Bostock heads to the Coast: Kate Bostock, the former head of clothing at Marks & Spencer, is to join the women's fashion retailer Coast as chief executive, following her abrupt exit from ASOS last month.

BHP invests in fertiliser to lay the ground for profits: Andrew Mackenzie's first big bet as BHP Billiton's new chief executive is on the need for more food as the global population booms, with a US$2.6 billion investment in Canadian fertiliser.

The Daily Telegraph 

Tech minnow Buddi wins criminal tagging contract: Buddi, the mobile alarm and tagging technology minnow, has won part of a Ministry of Justice contract worth hundreds of millions of pounds to tag offenders.

Glencore Xstrata hit by US$7.7 billion write down: Glencore Xstrata, the FTSE 100 resource giant, wrote US$7.7 billion (£4.9 billion) off the value of Xstrata in its first ever set of results as a combined company, throwing the merits of mining's biggest ever deal into question.

Indian central bank intervenes on rupee: The Indian rupee slid to a record low, falling past 64 to the dollar, amid a wider sell-off from emerging market assets ahead of an expected tapering of US stimulus.

The Guardian

UK banks defer bonuses to beat top tax rate: Britain's best-paid workers delayed bonus payments worth up to £1.7 billion until April to take advantage of George Osborne's 5p cut in the top rate of tax, according to evidence collected by the Office for National Statistics.

If Greece needs a third bailout, Europe had better find a formula that sticks: So, Greece will soon need a third bailout. German finance minister Wolfgang Schäuble admitted as much – and was even prepared to say so during the pre-election period in Germany.

Low pay is damaging the UK economy and holding back growth: Across the United States, co-ordinated walkouts against low pay have spread from the giant retail chain Walmart to fast-food outlets and upmarket retailers. Outside branches of McDonald's, workers have chanted the slogan - “supersize our wages” – in a campaign for US$15 an hour, more than double the federal minimum wage.

Daily Mail 

Hi-tech engineering company Edwards becomes latest British firm to end up in foreign hands as it is sold to Swedish group: Vacuum technology firm Edwards has become the latest British firm to succumb to a foreign takeover, but its new owner vowed to protect jobs.

Anglo American to axe 6,900 jobs in cost-cutting drive at South Africa platinum mining arm: Miner Anglo American is to begin firing 6,900 staff at its South African platinum arm, as new boss Chris Griffith seeks to hack back costs.

Banks hike pay to dodge EU bonus cap, new report claims: Almost two thirds of banks have already hiked salaries to wriggle out of a new bonus cap from Brussels, according to a report.

Daily Express

Cards offer DIY holiday protection: AVTA and ATOL cover does not apply to DIY holidays, for example, where you book a flight and find your own hotel.

W&G floats as it bids on RBS outlets: One of the bidders seeking to buy 315 branches from Royal Bank of Scotland floated on the stock market and tabled its formal offer worth up to £1.5billion.

John Wood Group weathers a trading storm: Project delays and weaker trading in Canada have hit profit hopes at oil and gas services company John Wood Group.

City A.M. 

Gherkin co-owner IVG plots new restructuring after deal rejected: The co-owner of the iconic Gherkin building 30 St Mary Axe said it was filing for a form of bankruptcy after failing to strike a deal with creditors over a debt for equity swap.

Capita in running for tagging deal: Capita and Telefonica are among the preferred bidders for the Ministry of Justice's criminal tagging contract, which is currently run by Serco and G4S, the MoJ said. Astrium and British firm Buddi are also set to supply the new kit, which will track offenders using satellite technology on ankle tags.

Lonmin falls on new strike threat: Troubled FTSE 250-listed miner Lonmin's shares fell over 3% morning after it emerged that it was facing a new strike threat from minority union Solidarity, which is bidding to have its recognition restored after the militant AMCU came into dominance. Solidarity is in talks with other unions impacted by AMCU.

© Proactive Investors 2015