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’UK insurers warn on new EU rules
UK insurers fear they will be forced to tap investors for more than £50bn in fresh equity as a result of proposed new European rules that they warn would lead to a dramatic increase in premium rates. In a startling letter to Alistair Darling,
Investors warn on Rio-Chinalco deal
Rio Tinto’s UK shareholders may act to raise the bar required for shareholder approval of Rio’s proposed deal for a $19.5bn investment from Chinese miner Chinalco, reports the FT. Steps could include tabling the proposed deal as a special resolution requiring 75% shareholder approval rather than a simple majority,
Weekend catch-up: Rubin, hedge funds, Turquoise, ABI
In case you missed these stories:
Rubin: Don’t blame me for Citi
Former US Treasury secretary Robert Rubin said the near-collapse of Citigroup, where he is a senior counsellor, was due to the buckling financial system and not his own mistakes,
UK investors hit banks’ underwriting fees
Leading UK investors have lashed out at investment banks for earning big bonuses from advising on rights issues at the expense of shareholders. Their concerns have mounted after seven rights issues from European and UK banks since the start of the year.
Investors urge ABI to warn C&W on pay plan
A majority of members of the Association of British Insurers has urged it to issue its most severe warning against Cable and Wireless in protest at its controversial executive pay proposals. Most members of the ABI’s influential investment committee want the ABI to issue a “red top” alert before C&W’s annual meeting on July 20,
Terry Smith lashes out at ‘Swampy’ shareholders
Terry Smith, the chairman of Collins Stewart, has lashed out at shareholders who complain about uncapped bonuses and demand “platitudes” on environmental commitments and other such “tosh”. Writing in a typically forthright manner in Friday’s FT,
C&W faces investor backlash
Richard Lapthorne, chairman of Cable & Wireless, faces an investor backlash over controversial pay proposals by the telecoms company last week. Several leading shareholders have threatened to vote against the re-election of Mr Lapthorne at next month’s general meeting in protest.