Icap revenue up as trading activity rises September 30, 2010 THE WORLD’S largest inter-dealer broker Icap expects first-half sales to come in nine per cent stronger than last year as trading activity picked up again following the financial crisis. Icap yesterday said the active high frequency markets had boosted its post trade business and electronic broking division, which in September pioneered first electronic market for [...]
Rolls-Royce gets new chief September 30, 2010 BRITISH engine maker, Rolls-Royce has confirmed that the Royal Ahold boss is to become new chief executive as Sir John Rose prepares to retire. John Rishton, who is currently chief executive at the Dutch supermarket group, will take up the post next March when Rose stands down. Rose will leave Rolls-Royce after 26 years, of [...]
Freshfields reshuffles key roles as promotes Lawes September 30, 2010 MAGIC CIRCLE law firm Freshfields Bruckhaus Deringer has handed London partner Will Lawes the senior partner title as part of a management reshuffle. Lawes, who recently co-headed the firm’s financial institutions practice, was voted into the role yesterday. He will be joined at the top by chief executive Ted Burke, who will become managing partner [...]
Bakers poaches Luxembourg law firm and E&Y team to launch new office September 30, 2010 BAKER & McKenzie, the world’s largest law firm by revenue, is to open a new office in Luxembourg in a move that sees it take over a local 15-lawyer practice and five tax specialists from accountants Ernst & Young (E&Y). As part of the new launch, Bakers has acquired local law firm Findling Collin Fessmann, [...]
UBS says Basel preparation will delay dividends September 30, 2010 UBS shareholders let out a collective groan yesterday when the bank said it will not issue a dividend until at least 2013, instead opting to preserve capital ahead of tough new Basel III rules. The Swiss bank has not released funds to its shareholders since 2007 and it will now be at least three years [...]
ANALYST VIEWS: HOW DO YOU EXPECT ICAP’S BUSINESS TO FARE IN FUTURE? September 30, 2010 JAMES HAMILTON | NUMIS SECURITIES “The movement to a rising interest rate environment will stimulate trade directly in interest rates, bonds and FX – which will positively impact most of Icap’s product lines. This, coupled with anticipated revenue share gains by the higher margin electronic division, is driving our forecasts.” VIVEK RAJA | PANMURE GORDON [...]
Businesses warn mountain of red tape will cost billions September 30, 2010 A MOUNTAIN of new red tape will cost firms billions of pounds, business groups warned yesterday. The British Chambers of Commerce (BCC) said a raft of new employment regulation and the new Equality Act, which becomes law today, would hamper job creation and cost businesses £189.2m. Meanwhile the national minimum wage will today rise by [...]
Equality Act may cause surge in Tribunal claims September 30, 2010 LAWYERS warned that the Equality Act, which comes into force today, could cause a flood of claims to hit tribunals if businesses fail to comply with the new rules. The Equality Act 2010 was introduced by Labour deputy leader Harriet Harman’s and fulfilled a 2005 manifesto commitment. The Act brings together nine different anti-discrimination laws, [...]
Miliband faces Balls problem September 30, 2010 JUST as Labour recovers from the fraternal rivalry that gripped its conference this week, it looks as though a matrimonial battle is about to commence. New Labour leader Ed Miliband wants to appoint the former work and pensions secretary Yvette Cooper as his shadow chancellor. But Ed Balls – her husband – has coveted the top [...]
How Labour can win business back September 30, 2010 LABOUR’S new leader Ed Miliband certainly has a job in reconnecting the party with the business community. Think back to the election campaign. Hardly a business or business group had anything good to say about Labour, while many lined up to publicly back Tory policies. But business did pretty well over the Labour years since [...]