Posted by
admin on January 31, 2012 |
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Citigroup Inc. (C), the third major U.S. lender by assets, slash 2011 bonuses in its investment banking division by about 30 percent on average amid slumping revenue, according to a person saying on the subject. A number of trades within the securities and finance unit had bonuses concentrated by as much as seventy percent compared with the earlier year, said the person, who asked to stay unidentified because the decisions aren’t public. The unit, led by James “Jamie” Forese, includes bond and stock trading as well as debt and equity underwriting.
Chief Executive Officer Vikram Pandit, 55, is firing workers and shrinking costs in the unit as he grapples with declining revenue. The bank said this month that it will cut about 1,200 workers from the division to save $600 million this year and more reductions may pursue. The unit’s income dipped 21 percent ever since 2009, while reimbursement and other operating costs jumped 15 percent.
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Posted by
admin on January 30, 2012 |
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Sugar and wheat farming probably will become more productive as the average temperature rises across the U.K. in the next 40 years, the government concluded in a report evaluating the effect of weather alteration. Sugar beet yields might go up 20 percent to 70 percent and wheat yields by as much as 140 percent because the environment is warming, the Department for Environment, Food and Rural Affairs said today
The warmer climate presents occasions to grow new crops such as soya, sunflowers, peaches, apricots and grapes the division said a report in London. The study also found that climate-related deaths would rise in the summer and reject in the winter and that both floods and dangerous droughts would become more frequent. The information is meant to recommend Prime Minister David Cameron’s government on the measures it needs to endorse to adapt to climate change.
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Posted by
admin on January 27, 2012 |
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Societe Generale SA (GLE) and Credit Agricola SA (ACA) were surrounded by the French banks to have their credit grades cut by Standard & Poor’s after France was stripped of its top rating earlier this month. Societe Generale, France’s second-largest bank by market value, and Credit Agricole, the third-biggest, had their liability downgraded to A from A+ with a even attitude, S&P said yesterday in declaration. Caisse des Depots et Consignations was also slashed, to AA+ from AAA.
European nations are grappling with a debt crisis now in its third year as they seek to restore budget order. France’s credit was lowered to AAA from AA+ on 13 January in the middle of downgrades that left Germany the single nation in the euro area with a stable top rating. The assessments for Societe General and Credit Agricola incorporate one level of government support rather than two levels that an AAA rated sovereign would offer, S&P said.
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