FSA keeps business waiting for approval October 10, 2010 BUSINESSES looking to receive authorisation from the Financial Services Authority (FSA) are now waiting longer for approval, finds new research. Financial services firms looking to receive authorisation from the FSA had to wait up to 21.1 weeks during the second quarter to get the regulatory nod. This marks an eight per cent rise on the [...]
The City is a vital component in UK prosperity October 10, 2010 Now that we have reached the end of the 2010 Party Conference season, it is perhaps time to take a step back and reflect on some of the rhetoric directed at the City in a calm, rational manner. The hostile political environment facing financial services is – to a degree – understandable given the public [...]
Facebook movie top for second week October 10, 2010 Facebook film The Social Network captured the top spot at US box offices for the second straight weekend in a lacklustre frame that saw ticket sales for all films drop about 15 per cent from last year. The Social Network took in $15.5m (£9.7m) with its tale of the website’s founding, which has thrilled both [...]
118 118 owner gets its numbers right October 10, 2010 The Number UK, owner of 118 118, slashed its dividend by more than half last year. The firm, best known for its adverts featuring two runners with moustaches, paid out £25m to its shareholders compared to £52m the year before. It also reported strong results, with operating profit up nine per cent to £64m. Turnover [...]
Bike-maker Brompton’s profits up October 10, 2010 Folding bike-maker Brompton saw its profits rise last year after shifting more units of its lauded mode of transport. The firm reported pre-tax profit of £762,500, up from £600,600 last year. Turnover was £11.4m after shifting 26,000 bikes. However, currency fluctuations and a hike in the cost of materials were behind a fall in its [...]
Odey sets up private client weath fund October 10, 2010 LEADING City fund manager, Crispin Odey, has launched a new wealth management business aimed at private clients. Odey Wealth Management will charge clients a flat fee of one per cent and it has hired Tim Bond, a former managing director of Barclays Capital and Peter Martin a former managing director of Rothschilds. Odey, the investment [...]
More Britons want pre-nups October 10, 2010 THE NUMBER of young Britons seeking pre-nuptials has risen as lawmakers are urging the courts and the government to decide on whether to make the pre-marriage contracts legally binding. A recent poll of 1,000 people across the country found that nearly half of all 18-24 year olds would consider taking out a pre-nuptial agreement. The [...]
France demands re-think of Eurostar’s train order October 10, 2010 FRANCE has demanded a re-think of a £700m order for new trains from Eurostar after the Channel Tunnel train operator gave the deal to German manufacturer Siemens. The French government claimed the 10 e-320 trains that Eurostar is buying do not meet tunnel safety rules. Unlike Eurostar’s current trains, which have electric locomotives at each [...]
Ryanair boss threatens French exodus October 10, 2010 RYANAIR, the Dublin-based budget airline, has threatened to pull out of its Marseille base in response to accusations that the airline failed to notify officials about French employees. The threats came as part of a letter written by the airline’s boss, Michael O’Leary and obtained by Le Parisien newspaper. O’Leary wrote that Ryanair will soon [...]
BEST OF THE BROKERS October 10, 2010 MICHAEL PAGE Michael Page’s solid trading update outlined the benefits of both its diversity and position in a perm-led recovery, according to Numis. The broker continues to like the shares for a long-term view without further significant upgrades at this stage, it believes the shares will pause for breath and maintains a “hold” rating. MARKS [...]