Ireland’s finance minister has struck down a share bonus plan at Allied Irish Banks but he has initiated a review of stringent pay caps in place since Dublin rescued local lenders at the height of the financial crisis at a cost of €64bn.
Financials stocks were in the money in midday trading on Thursday, even as falls for Apple, semiconductor makers and consumer staples like Philip Morris and Procter & Gamble kept US equities in negative territory.
The core budget of the UK’s cash-strapped Serious Fraud Office has been boosted by more than 50 per cent after calls from the attorney-general that it needed to reduce its reliance on “blockbuster” funding for big cases.
Philip Morris shares were getting smoked on Thursday after the company behind Marlboro reported disappointing revenues as growth in its heated tobacco devices slowed and cigarette demand continued to decline.
The yield on the 10-year Treasury note broke through 2.9 per cent on Thursday for the first time in a month as expectations grow that the Federal Reserve will deliver three or possibly four interest rate rises this year.
Matt Zames, the former JPMorgan Chase banker who was once seen as a potential successor to chief executive Jamie Dimon, has taken a top position at Cerberus, the US private equity group behind a series of bold moves on European banks.
A temporary nationalisation of Russian aluminium producer Rusal is one of many options being discussed to support the company hit by US sanctions, the Kremlin’s spokesman has said, as the metal continued to rise in price on global markets.
A jump in lira volatility against other emerging market currencies has preceded sharp rate rises by Turkey’s central bank in the past, and has boosted the chances of a “bolder” response from policymakers at a meeting later this month, analysts say.
Boutique research providers are urging regulators to exclude them entirely from inducement rules introduced earlier this year, as “predatory pricing” from investment banks heaps pressure on their business models.
The Bank of England is more sanguine about the immediate effects of Brexit on City of London jobs, revising down earlier estimates of how many roles would migrate to the European Union when the UK first leaves the bloc.