Welcome to another week of news from the financial world, another rather wet week of weather in the UK and a very soggy summer solstice. Despite the weather though, there are a few gleams of good news showing through the clouds.
Shareholders to be given vote on executive pay
Business Secretary, Vince Cable, has confirmed that shareholders will be given a binding vote on excessive executive pay at under-performing companies. Previously they have been able to vote but it has not been binding.
Fall in UK unemployment
The number of people unemployed in the UK fell during the first quarter of 2012 according to the Office of National Statistics. Their figures revealed that unemployment dropped by 0.2% to 8.2% in the three months ending April 30, with 2.6m people in the UK out of work.
UK retail sales boosted
Britain’s shops received a sales boost last month, figures from the ONS showed, with discounts and promotions helping to draw in customers. Sales increased by 1.4% in May.
‘Technical issues’ disrupt bank customers
Millions of customers of the Royal Bank of Scotland and Nat West have been left frustrated by IT problems which have meant that balances have not been updated and online services have been unavailable.
FSA chief gives bonus to charity
The outgoing chief of the Financial Services Authority (FSA), Hector Sants, has donated his £143,750 final bonus to the Art Room charity, a charity also supported by the Duchess of Cambridge.