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. [...]
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 [...]
SocGen chief seeks deals amid reforms September 21, 2009 SOCIETE Générale (SocGen) is on the lookout for a large-scale acquisition in private banking, chief executive Frédéric Oudéa said yesterday, as he warned that the landscape in the financial sector is set to change immeasurably with new capital requirements. SocGen’s chief executive of private banking Daniel Truchi signalled a major acquisition, saying that the unit [...]
Social networking turns profitable September 21, 2009 FACEBOOK, now with 300m users, announced last week that it has broken even. Its revenues cover operating costs. In internet language, one’s “burnrate” is how much money you are losing monthly until you do just that – break even. What is the business model of Facebook? Well, there is traditional and self-service advertising, virtual property [...]
China weighs purchase of gold being sold by IMF September 21, 2009 CHINA is understood to be considering buying gold being offered for sale by the International Monetary Fund (IMF). According to Market News International, China is considering buying if the price is right and the return relatively high. Gold, which had dipped just below $1,000 an ounce, rebounded to $1,003.45 after the report. That would put [...]
Lapdancing clubs face closure September 21, 2009 Lapdancing clubs could be forced to close as a result of tighter rules governing operators like Spearmint Rhino, the industry’s trade body has said. The warning came after a Home Office consultation document was published, proposing that all lapdancing venues must apply for “sex establishment” licences.
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. [...]
WHAT THE OTHER PAPERS SAY THIS MORNING September 21, 2009 FINANCIAL TIMES VINCI CHIEF DOWNBEAT ON SECTOREurope’s construction market is likely to fall further next year, despite billions injected by governments in stimulus plans and emerging signs of recovery in the region’s two largest economies, Xavier Huillard, chief executive of Vinci, has warned. In an interview with the FT, Mr Huillard warned of further pain [...]
US body supports network neutrality September 21, 2009 INTERNET service providers in the US should not be allowed to restrict access to rival services such as Google Voice and Skype, the head of the Federal Communications Commission (FCC) said yesterday. In a move that will be lauded by “net neutrality” advocates, FCC chairman Julius Genachowski said operators should not be able to discriminate [...]
Magic Circle law firms cut fees in half September 21, 2009 THE CITY’S Magic Circle legal institutions have been forced to slash their partners’ hourly fees by almost half, as they fight for business in a recessionary market. The latest closely-watched average hourly rate survey by Knightsbridge-based costs lawyer Jim Diamond has revealed the Magic Circle is offering out lawyers at bargain rates. “It is now [...]