|Barclays plc gives new finance director £3.2m of shares to buy out JP Morgan contract|
|Wednesday, 16 October 2013 08:32|
News round up: Barclays, Yahoo!, Intel, Neil Woodford, Monetary Policy Committee, Fitch Ratings and China.
Barclays plc (LON:BARC) is handing its new finance director, Tushar Morzaria, shares worth £3.2m to buy him out of bonus schemes from his former Wall Street employer, JP Morgan Chase & Co (NYSE:JPM), with an array of other perks and payments. The 44-year-old joined the board of Barclays on Tuesday on an annual pay deal worth up to £6.2m – as the replacement for Chris Lucas, who retired on health grounds last month.
The importance of Alibaba to the turnaround underway at Yahoo! was underlined last night as the American internet group revealed that it would keep a larger stake than initially agreed after the Chinese e-commerce site goes public next year.
The world’s PC makers are not betting on much of a rebound in their flagging market in the final months of this year, despite earlier hopes that a new wave of cheaper, more versatile machines would reignite interest among buyers. That is according to Intel, the US chipmaker, which on Tuesday issued a downbeat fourth-quarter financial forecast of its own and trimmed its capital spending plans amid the continuing slump in PC demand, The Financial Times reports.
One of the most successful stock-pickers of the past 25 years took the City by surprise yesterday and unnerved his thousands of retail fans by announcing that he is to leave his employer and set up his own business.
Monetary Policy Committee
Concern at the Bank of England about the impact of the government's Help to Buy mortgage scheme came to light on Tuesday as official figures showed the British property market has exceeded its 2008 peak. Martin Weale, one of nine members of the Bank's rate-setting Monetary Policy Committee (MPC), warned that the scheme to underwrite home loans could push up prices, The Times explains.
Fitch Ratings placed the triple A credit rating of the US on negative watch, as efforts to end the budget impasse faltered during a day of drama on Capitol Hill capped by the reopening of talks in the Senate late on Tuesday. Spokesmen for Harry Reid, the Democratic majority leader in the Senate, and Mitch McConnell, the Republican minority leader, said after talks in the House had broken down that they had resumed negotiations and were "optimistic" about success, the Financial Times says.
Analysts describe rebound of world's second largest economy, China, as "unhealthy" and likely to wither over coming months as Beijing is forced to tighten policy. Borrowing by all levels of the Chinese government has soared to unprecedented levels and is now one of the highest in the world, vastly complicating efforts by Beijing’s new leadership to keep growth on track.
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