News Column


August 21, 2014

Goldman gives 20 per cent pay rise Goldman Sachs is increasing salaries for junior bankers in the US by about 20 per cent in an increasingly frenetic war to attract and retain young graduates. Some first-year employees will see their salaries increase to about $85,000 (51,220) according to people familiar with the matter. The change does not affect bonuses, which can equal the salary. It does not affect every new recruit, and is not being rolled out internationally. Wall Street banks, which have been trying to rein in overall remuneration costs, have come under pressure to improve salaries for their junior staff. Rivals, including Morgan Stanley, have already moved to hike base pay.

Regulator rules on cotton price swing An episode of wild cotton price swings was "orderly", a US regulator has said, a conclusion at odds with traders' views of the 2011 affair. The assessment by the Commodity Futures Trading Commission was invoked by lawyers for Louis Dreyfus Commodities, as it fends off a price manipulation lawsuit.

Asia poorer than data suggest The Asian Development Bank has joined calls for a rethink of the way poverty is measured, saying the number of poor in Asia would jump more than one billion if more realistic criteria were used. The development lender argued in a report that poverty lines used by governments and organisation were far too low.

Salmond's oil sums do not add up Sir Ian Wood, the UK's pre-eminent oil tycoon, has delivered a devastating assessment of the economics of Scottish independence, warning that diminishing reserves would "seriously hit" a separate state's jobs and public services. Wood said the government had over-estimated reserves and tax revenues by about 40 per cent.

Imran Khan leads Pakistan barricade Protesters led by Imran Khan calling for the resignation of Pakistan's prime minister surrounded parliament yesterday, exacerbating tensions that have prompted fears of instability in the nuclear-armed state of 180m people.

Nobel winners flag euro depression An array of Nobel economists have launched an attack on the Eurozone's economic strategy, warning that contractionary policies risk years of depression and a fresh eruption of the crisis. "Historians are going to tar and feather Europe''s central bankers," said Professor Peter Diamond, the world''s leading expert on unemployment.

Libya restarts oil exports after deal Libya has restarted oil exports from its biggest port for the first time since the end of a year-long blockade, a boost to the central government, which is struggling with a wave of clashes in the capital.

Ukraine warns on economic fallout Ukraine''s Prime Minister yesterday issued his starkest warning yet that the conflict in the country''s east is causing long-term damage to its economy and hamstringing much-needed overhauls. Ukraine is "losing economic potential by the day," Arseniy Yatsenyuk said.

UPS Warns of Data Breach United Parcel Service (UPS) said yesterday that a data breach at 51 of its UPS Stores may have compromised data on approximately 105,000 customer transactions between January and August. UPS says it has no evidence of fraud as a result of the breach.

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Source: City A.M. (UK)

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