Anglo Irish staff cuts likely September 22, 2009 Anglo Irish Bank is understood to be planning to lay off hundreds of staff as the nationalised bank bids to cut costs. The bank has an enormous wage bill, paying its 1,700 employees an average of €100,000 (£90,454) last year, including basic salary and extras such as share awards and pension schemes. The Irish government [...]
DIGITAL BRITAIN September 22, 2009 LONDON Mayor Boris Johnson yesterday headed to the outskirts of town to cut the red ribbon at Japanese electronics giant Canon’s new European headquarters in Stockley Park, near Heathrow. Canon plans to move key departments to London from the Netherlands, creating over 200 new jobs in the first year. Johnson said the move demonstrates London’s [...]
CBI: Crisis is averted but risks remain September 22, 2009 THE CBI will today say that economic Armageddon has been averted and that growth is on the cards, although it will warn over the perilous state of the government’s finances. Speaking at today’s CBI economic forecast, director-general Richard Lambert will say that the risk of a 1930s-style recession in the UK has now faded. The [...]
Blacks on the brink of breach September 22, 2009 Blacks Leisure shares fell 18 per cent to 42p yesterday after the outdoor clothing retailer warned it was about to breach the terms of a £35m loan. The group has been given a two-month deadline by Lloyds Banking Group to fix its loss making boardwear division.
Why Vince Cable’s tax plans are wrong September 21, 2009 HERE is something that will tell you everything you need to know about Vince Cable’s astonishing popularity. Yesterday, when the BBC was looking for independent commentators to talk about his controversial tax and spending plans, they could only find two non-aligned journalists who were willing to mount a robust critique of his record. I, needless [...]
RBS cash call looks weak to City analysts September 21, 2009 THE CITY yesterday poured cold water on news that Royal Bank of Scotland (RBS) is considering launching a further cash call to limit the government’s control over the bank, arguing that the plans are not radical enough to stir shareholders into action. RBS is mulling a rights issue of between £3bn and £5bn as it [...]
HSBC hints at deal for ING private bank September 21, 2009 HSBC is actively looking to purchase assets in private banking, it said yesterday, reigniting expectations that the bank soon wrap up a deal for units put up for sale by bailed-out Dutch financial group ING. Alexandre Zeller, chief executive of HSBC Private Bank (Suisse) confirmed that Europe’s largest bank was alive to potential acquisition opportunities, [...]
Hedgie recovery continues as August’s gains take yearly growth to 11.6 per cent September 21, 2009 HEDGE funds booked their sixth straight month of gains in August, according to data released yesterday that suggests the industry’s recovery is powering on. The Credit Suisse/Tremont Hedge Fund index rose by 1.53 per cent last month, bringing year-to-date returns on the index to 11.57 per cent. The Convertible Arbitrage strategy, where funds exploit price [...]
Qantas chief’s pay nosedives as slump hits airline profits September 21, 2009 QANTAS’ chief executive Alan Joyce saw his earnings plummet by 28 per cent last year as the Australian flag-carrier’s low share price took its toll. Joyce, who took on the top job in November last year – just as the airline industry began to falter – was paid A$3.7m (£1.8m) for the year to June. [...]
Willis to leave Bermuda September 21, 2009 Insurance broker Willis Group announced yesterday that it will move its global headquarters from Bermuda to Dublin, amid fears of a US crack-down on tax-havens. The world’s third-largest insurance broker is the latest in a line of firms with large US operations to relocate from the island to other locations with low corporate tax rates. [...]