|Apple Inc results to face intense scrutiny after 10pc share drop in the last fortnight|
|Wednesday, 25 April 2012 08:46|
News round up: Apple, Tesco, Royal Bank of Scotland, News Corporation, Bank Bonuses.
Chief executive Philip Clarke’s attempts to revive Tesco’s fortunes suffered a setback yesterday as figures showed Britain’s biggest grocer continues to lose customers to its rivals. Tesco saw its market share slip to 30.7% in the 12 weeks to 15 April, from 30.9% a year earlier.
Royal Bank of Scotland
Royal Bank of Scotland could dramatically reduce the number of its outstanding shares in a 10-for-1 swap, instantly boosting their price to a level not seen since 2008. The state-backed bank is proposing to swap every 10 existing shares for one worth 10 times as much in a rare move that could help it shake off the stigma of its near collapse and government bailout during the financial crisis.
The movement to oust Rupert Murdoch as chairman of News Corporation gathered pace on Tuesday, after a major British shareholder group said it was planning to table a resolution against him. The Local Authority Pension Fund Forum (LAPFF), whose members control £100bn of investments, said those with top-tier Class B voting stock were preparing to file a motion jointly with American shareholder group Christian Brothers Investment Services.
Bank bonuses should be subjected to longer deferral and claw-back periods to curb the excesses still prevalent in the City, a Bank of England policymaker has urged. Andrew Haldane, executive director for financial stability and a member of the Financial Policy Committee, said "while bank performance has fallen off a cliff, executive pay remains close to pre-crisis Himalayan heights".
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