18th May 2013
1) The City of London may face a crackdown in its listing requirements with chair of the Business select committee Andrew Bailey MP leading calls for tighter restriction on companies listing in the UK in the wake of the problems at troubled miner EHRC as the Financial Times (paywall) reports. It may be of interest to those with FTSE tracking products whose funds will have automatically included any significant listings whether controversial or not.
2) The M&G Recovery fund manager Tom Dobell believes BP is the victim of a regulatory shakedown hampered by US interests and “spineless British politicians” as the firm attempts to move on from the disaster and improve its share price as he tells trade website Investment Week.
3) The European Banking Authority has widened the scope of its City bankers’ bonus cap to all those earning more than euro 500,000. Under the proposed rules, bankers cannot be paid more than 100 per cent of salary or double that with explicit shareholder approval. It may increase the numbers affected tenfold as the the Guardian reports. Some fund managers say firms have allowed remuneration to get out of control, yet the City will argue this is a misguided attack.
4) The Governor of the Bank of England Mervyn King was in relatively bullish form at his final inflation report saying growth would be a little stronger and inflation a little weaker as reported in this Guardian video.
5) Finally, this is an excellent viewpoint from Katherine Rushton in the Telegraph who analyses JP Morgan boss’s Jamie Dimon’s threat to quit if he loses the chairmanship of the bank though he would still be CEO. Shareholders decide at a meeting in Florida on Tuesday.