Posts by Adrian Holliday at Daily Finance UK

Adrian Holliday

AAA downgrade risk increases for UK

Adrian Holliday
Mar 10th 2010

Filed under: Debt, Economy, Banking , Election 2010

The Brown government needs to be clearer about its planned austerity measures. If it can't, then a downgrade of its AAA credit rating looms.

That's the view of Fitch Ratings. Fitch says that though plenty of other EU countries are getting their debt priorities in ordier, the UK is lagging.

Rock losses narrow but bonuses are back

Adrian Holliday
Mar 10th 2010

Filed under: Debt, Economy, Loans, Mortgages, Banking

When you've made a £257m loss is it right to splash out on bonuses? For some, that would be an easy question to answer.

Not for Gary Hoffman though, boss of Northern Rock. He's defending the decision to pay out bonuses because he claims Northern Rock is now £500m ahead of government targets put in place to turn the bank around.

Pick of the early market news

Adrian Holliday
Mar 10th 2010

Filed under: Company, Economy, Markets

Oil players have had a volatile year – and explorer Tullow Oil hasn't managed to escape the difficult trading environment. The FTSE-100 oil player has endured a massive profits whack – down 93% on last year.

Tullow Oil's full year results reveal that pre-tax profits shrank to just £20m compared to almost £300m in 2008. Earnings per share, likewise, saw a stunning decline, from 30.9p to just 1.9p.

Remove all financial safety nets - Myners

Adrian Holliday
Mar 9th 2010

Filed under: Debt, Economy, Financial Crisis, Banking

Let's remove the bail-out safety net. Let's start treating money as if it's something you could actually lose.

Crikey, you mean, the government won't bail us out if we make a boo-boo? Even just one or two?

That's right. That was the crux of Lord Myners' Smith Institute speech last night to financial industry players: start behaving as if you really have something to lose.

HMRC staff morale at rock-bottom

Adrian Holliday
Mar 9th 2010

Filed under: Debt, Personal Finance, News , Taxes

Did you think HMRC was a highly-oiled professional machine dedicated to tackling and confronting the world of tax avoidance and its nefarious practitioners?

Some still labour under this idea apparently. The Treasury Select Committee isn't one. It reckons HMRC is badly organized, performs poorly and that its employees suffer from low morale.

Pick of the early market news

Adrian Holliday
Mar 9th 2010

Filed under: Company, Markets, News

Troubled Eurotunnel Group has been in the news for all the wrong reasons. It endured a firestorm of criticism recently after leaving tens of thousands of passengers stranded at Christmas.

The train operator has now announced net profits of just €1.4m compared to €44m in 2008 - a huge tumble. "The results for the year 2009 are proof of Eurotunnel's resilience in the face of difficulties," says Jacques Gounon, boss of the Eurotunnel Group.

£250m dividend for Matalan boss

Adrian Holliday
Mar 8th 2010

Filed under: Debt, Banking , Retail

Controlling shareholder John Hargreaves of Matalan is to pay himself a £250m dividend. Sixty-six year old Hargreaves regularly receives generous dividends from his company – but a £250m pay-out certainly errs on the side of generous.

Hargreaves attempted to sell his budget 200-store homeware chain earlier this year. However Hargreaves, who took the company private in 2006, and several investors couldn't agree to a sticker price.

Women still denied senior work roles

Adrian Holliday
Mar 8th 2010

Filed under: Company, Debt, Investing, News

Women are not making the grade in senior business roles. Still. That's the conclusion of the World Economic Forum (WEF) which says the world's top companies are still failing to educate, train and reward women higher up the company food chain.

WEF says India has the lowest amount of female employees at high-ranking positions. The US, on the other hand, scored well with the highest percentage of female employees (52%) occupying high-level positions.

£3m "golden hello" for Unilever CFO

Adrian Holliday
Mar 7th 2010

Filed under: Company, Banking , Manufacturing

How pleasant it is to say hello when your name is Jean-Marc Huët. The new chief financial officer of Unilever received, it is now revealed, a "golden hello" worth more than £3m in February.

The deal is made up of cash and shares – none of which is performance related. Huët's own salary will be £680,000 with the potential to earn up to £1m a year.

Icelanders reject £3.4bn debt plan

Adrian Holliday
Mar 7th 2010

Filed under: Debt, Economy, Financial Crisis, Savings and Accounts, Banking

Icelanders have overwhelmingly voted against paying off their British and Dutch debts. More than 90% of those who voted claim they will not enter debt slavery, paying back more than £3.4bn, for the wrongs of a selfish minority of well-connected bankers and ineffective regulatory oversight.

Icelanders do want to take responsibility for their debts, many say. They just want a fairer deal. So, the British and Dutch government will have to wait a bit longer for their I.O.U chits to be paid off.