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LONDON: Tougher European Union curbs on bonuses will snare far more bankers than current pay limits, with banks having little time to prepare for the change, consultancy PwC said on Friday.The European Banking Authority has approved a draft paper to cap the bonus of any bank employee whose total remuneration is more than 500,000 euros, PwC said in a statement.The EU watchdog's board met on Thursday and a spokeswoman declined to comment before the paper is released early next week for public consultation.Jon Terry, a partner at PwC, said the 500,000 euro threshold would increase the number of staff subject to bonus capping perhaps by as much as 10 times for some investment banks operating in London in comparison with current UK rules."This will create a major challenge for banks as to how they reward their staff. Bringing more people into the stringent pay rules again further widens the gap ...
BANGKOK: Iran's President Mahmoud Ahmadinejad will address a forum on water security in Thailand next week, an embassy official said on Friday, just weeks before he stands down from the post.His scheduled appearance in the northern Thai city of Chiang Mai from Sunday comes as Iran gears up for elections and as world powers press the Islamic republic over its suspected nuclear program and support for the Syrian regime."He will arrive on Sunday (May 19) ...
DHAKA: Troubled Bangladesh's economy is forecast to have grown at a four-year low of 6.03 percent in the fiscal year to June, more than a percentage point below the government target, officials said on Friday.Analysts have said that a crisis in the disaster-strewn garment sector and a series of strikes could do lasting damage to the economy but Friday's forecast by the Bangladesh Bureau of Statistics (BBS) showed it is already in trouble.The government had ...
TOKYO: Japan's finance minister trumpeted bright economic news on Friday as figures showed firms were ramping up investment in a possible sign that government stimulus was working."Capital spending will increase from now on," Taro Aso told reporters after official data showed core machinery orders soared 14.2 percent on-month in March.The jump is the highest increase since April 2005 when comparable data started to be collected.Core orders are regarded as a leading indicator of corporate capital ...
SEOUL: North Korea is now thought to have around twice as many mobile missile launchers as previously estimated by Seoul, a report said Friday, quoting a state-run military analysis unit.Yonhap news agency said the Korea Institute for Defense Analyses (KIDA) had revised its figures after seeing a related Pentagon document.It now estimated that Pyongyang had up to 50 medium-range missile launchers and 150 for short-range projectiles.Seoul had previously estimated the North had up to 94 ...
WASHINGTON: An Uzbek national was arrested in the northwestern US state of Idaho on Thursday before being charged with terrorism offences, the Justice Department said.Fazliddin Kurbanov, 30, was detained in Boise as part of a federal counterterrorism operation, before being hit with charges regarding offences in Idaho and neighbouring Utah.He was charged with conspiracy to provide material support to a foreign terrorist organization, as well providing support to the same group, and possession of a ...
NEW YORK: Boston bombing suspect Dzhokhar Tsarnaev wrote a note before his capture in which he called the victims "collateral damage" for US action in Afghanistan and Iraq, local media reported Thursday."When you attack one human, you attack all human," Tsarnaev also scribbled on the inside wall of the boat where he hid from police during a massive manhunt in the days after the April 15 blasts, according to CBS News.The twin explosions near the ...More Articles...
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