Sunday 18 March 2018

UK's Labour party announces bonus clawback

Labour finance spokesman Ed Balls said current rules on bonuses were
Labour finance spokesman Ed Balls said current rules on bonuses were "too weak" Newsdesk Newsdesk

Britain's Labour party said it would extend to at least 10 years the length of time in which miscreant bankers can have their bonuses clawed back, if it wins the May general election.

As part of a regulatory clamp-down on wrongdoing in the financial sector, the Bank of England last year announced bankers could have their bonuses clawed back for up to seven years from the date they were fully paid out.

Labour finance spokesman Ed Balls said current rules on bonuses were "too weak".

Siemens deal probe

European Union antitrust regulators are to probe deeper into Siemens' bid for US oilfield equipment maker Dresser-Rand Group on concerns that the $7.6bn deal may reduce competition and push up prices.

The European Commission's move could take the shine off the takeover, one of Siemens' biggest.

Chief executive Joe Kaeser had to defend the deal at the Siemens agm last month.

"The transaction would reduce the number of competitors from three main players to two main players in all of these markets. This may lead to less product variety and ultimately higher prices," the Commission said.

German spending call

The latest European growth data underline the case for Germany to spend and invest more both at home and abroad, a senior economic adviser to President Obama has said.

Caroline Atkinson, deputy assistant to President Obama and deputy national security adviser for international economics, also said European governments that have twice bailed-out Greece should compromise further on a deal to keep it in the Eurozone.

Ms Atkinson said it was important that the new Greek government presented a credible plan for more reform. "It is also important for creditors to take into account the fact that Greece has had a very sharp drop in incomes, real wages and output as well as a big rise in unemployment," she added.

Rolls-Royce warning

British engineer Rolls-Royce has warned profits this year could fall by as much as 13pc on top of an 8pc drop last year, saying the low oil price had increased uncertainty for many of its markets and customers.

The world's second-largest maker of aircraft engines after US group General Electric had already cut its 2015 forecasts in October, when it shocked the market by warning there would be no growth this year.

Irish Independent

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