Credit Suisse Restricts Scope of Senior Bankers’ Bonus Clawbacks
Credit Suisse has moved to cap reductions to the bonuses paid to its most senior bankers, limiting the downside risk if their businesses lose money.
More than SFr1.1 billion of deferred cash bonuses awarded by the Swiss group in January are subject to conditions that will allow the bank to claw-back money in the event of poor performance.
Those reductions are limited, however, to 15% for every SFr1bn of loss per division.
Invensys Relaces Chief Executive
Invensys has sacked Ulf Henriksson, its chief executive, whose approach to running the group differed from that of Sir Nigel Rudd.
The news unsettled investors and came after Mr Henriksson had apeared to have made a good job of returning the previously crisis-ridden industrial group to financial health.
The low-key Swede had been in charge ever since 2005.
Portuguese Void Fuels Debt Costs
Portugal’s borrowing cost increased to euro-era high as markets and European policymakers fretted that the country could be without a government for months in the face of an all but inevitable bail0out.
Interest rate for Portuguese bonds with durations from one to 10 years shot up. Portugal’s five-year bond yields hit a record high of 8.4% before falling back. Despite of the focus on Spain, its borrowing costs have broken free from the rest of the so-called peripheral eurozone countries.
Tax Breaks at heart of Osborne Budget
George Osborne is expected to put tax breaks for companies and hard-pressed families. However, his scope for giveaways is constrained by a sombre backdrop of rising inflation and weakening tax revenues.
The chancellor has promised a “Budget for growth” and could accelerate cuts to corporation tax, reinforcing Mr Osborne’s pledge to give UK one of the most competitive tax regimes in the world.
G7 Nations Co-ordinate $25bn Yen Sell-off
The world’s most powerful central banks joined forces to sell billions of dollars worth of yen.
The intervention by banks including the Federal Reserve, European Central Bank, Bank of Japan as well as Bank of England began in the early hours of Friday morning, after ministers from the G7 most industrialised nations approved the first such co-ordinated action in more than a decade.
According to the traders, it is estimated that more than $25bn was spent by the world’s richest countries, a great deal of it by Japan, in an effort to drive the Japanese currency sharply lower against the dollar after it soared to a post-war high of 76.25 yen.
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OBR Criticised over Misleading Fiscal Forecasts
The Office for Budget Responsibility has come under fire from an influential group of MPs for failing to include the projected value of asset sales in forecasts for the public finances.
The OBR will publish a new set of independent fiscal forecasts alongside the Budget on March 23rd.
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