Briefs, December 5, 2012
Bankers' pay needs to be curbed further to reflect the risk of a bank failure many years after a bonus has been awarded, the Bank of England said. Measures to date include requiring part of bonuses to be paid in shares over several years, typically three, but Britain's central bank says these do not go far enough. It called for contracts to provide "sufficient incentives for executives to consider the full implications for long-term business performance".
Bankers' pay needs to be curbed further to reflect the risk of a bank failure many years after a bonus has been awarded, the Bank of England said. Measures to date include requiring part of bonuses to be paid in shares over several years, typically three, but Britain's central bank says these do not go far enough. It called for contracts to provide "sufficient incentives for executives to consider the full implications for long-term business performance". Reuters
Huaxia Bank will negotiate possible repayment with investors who lost money on the default of an illegal savings vehicle, called a wealth management product, that a former employee is suspected of promoting. The bank will take its share of responsibility after police and regulators complete an investigation, a spokesman for its Shanghai branch said. Bloomberg
China Vanke, the country's largest property developer by turnover, more than doubled its sales last month from a year earlier to 17.13 billion yuan (HK$21.3 billion). For the first 11 months, sales rose 9.9 per cent to 127.2 billion yuan, it said in a statement to the Shenzhen Stock Exchange. Vanke's strong showing comes on the back of 12 new projects. Reuters
