Disciplinaries surge in finance January 15, 2012 THE number of disciplinary cases being brought against workers in the financial services sector has more than doubled in the past two years, according to new figures released today. Almost 2,200 employees performing “controlled functions” at FSA-authorised firms were disciplined in 2010 compared to 1,027 in 2008, in a sign that companies are responding to [...]
Labour under fire over Balls U-turn on cuts January 15, 2012 LABOUR will not reverse the coalition’s spending cuts, despite spending the last 18 months describing them as “too far, too fast,” shadow chancellor Ed Balls has announced. He acknowledged that to become “credible” Labour must make “a clear commitment to balanced but tough spending and budget discipline.” Labour leader Ed Miliband yesterday confirmed he would [...]
Private sector bidders line up to win MoD outsourcing contracts January 15, 2012 SUPPORT services firm Serco is in the running to win two key contracts at the Ministry of Defence. The group is believed to be battling IBM for the contract to manage back office services, such as human resources and finance, for the department. It is also thought to be up against Capita for the right [...]
CRUISE INDUSTRY DENTED BY DISASTER January 15, 2012 THE spectacular cruise liner accident off the coast of Italy is not just a disaster for the ship’s owners and victims of the tragedy, but could inflict wider damage as potential passengers worry about safety. The Costa Concordia, with more than 4,000 people on board, flipped on its side after hitting a rock on Friday [...]
Clegg backs off from staff votes on pay January 15, 2012 THE DEPUTY Prime Minister today called for more employee ownership of firms, arguing that a share-owning workforce is more productive and has better long-term job prospects. The stance represents a turnaround from ideas mooted last month, including proposals for employees to sit on remuneration boards and a limit to executive pay based on average earnings [...]
Independent Scotland could keep the pound says Lib Dem’s Moore January 15, 2012 AN independent Scotland could keep the pound, the Westminster government said yesterday. Scottish Secretary Michael Moore appeared to go beyond George Osborne’s previously guarded comments on the matter when he told the BBC that he did not think there would by a “legal problem” with retaining sterling, but questioned its practicality. “You do have to [...]
HAWAIIAN SHIRTS SET THE AGENDA FOR FEDERAL RESERVE COMEDIANS January 15, 2012 THE SUB-PRIME mortgage meltdown was rumbling ever-louder in the background, but the 2006 meetings of the Federal Reserve were still a laugh a minute. The transcripts of that year’s meetings of the policy-setting Federal Open Market Committee were released at the end of last week after a standard five-year delay. But for readers who didn’t [...]
BILL OF THE WEEK January 15, 2012 THE CAPITALIST has been hoping a suitable bill from one of Jamie Oliver’s establishments would find its way to City A.M. for months. And, last Thursday, this column’s patience was rewarded when the sommelier at the TV chef’s new City venue, Barbecoa, was dispatched to the cellar for four bottles of 2005 Rousseau at £350 [...]
Tchenguiz to seek service station sales January 15, 2012 ROBERT Tchenguiz, the high-flying property entrepreneur, is looking to sell a portfolio of Welcome Break motorway service stations in a deal that could be worth more than £300m. Tchenguiz bought the sites eight years ago through his company, Rotch Property Group, for around £24.7m, with backing from Royal Bank of Scotland. He is understood to [...]
Manufacturers look past weak UK to grow in emerging markets January 15, 2012 MOST British manufacturers believe emerging markets offer growth opportunities in 2012, while half worry that the UK’s economy will worsen, according to data out today from industry organisation EEF. The economy will deteriorate according to 49 per cent of firms, while just 21 per cent expect an improvement this year. The Eurozone remains a major [...]