Hester to join commission’s public debate September 26, 2010 STEPHEN Hester, the chief executive of the Royal Bank of Scotland, at the weekend became the first of the UK’s biggest bank bosses to commit to playing a role in the independent banking commission’s upcoming public debates. The debates, five of which will be held before the New Year, are designed to engage the general [...]
Risky lending should not have state insurance September 26, 2010 The Vickers Commission issues paper floats a number of options for structural reform of the banking sector. As expected, one such option is a strict division between retail and investment banks, and another is an even more radical switch to “narrow” or “limited purpose” banking, in which fractional reserve banking is simply ended. What problem [...]
Banks threatening to quit UK over new plans September 26, 2010 FOR SOME time now, the City of London has warned of a “tipping point” – a point in time where the benefits of being based in the UK no longer outweigh the tax and regulatory burden. Many commentators have dismissed this warning as an empty threat from an industry looking for a return to the [...]
Government retirement ideas slated September 26, 2010 THE Institute of Directors (IoD) has criticised government proposals to abolish the default retirement age (DRA) of 65 saying the proposals will make it harder to create jobs. The government is currently consulting on plans to scrap the DRA in October 2011 arguing many older people are forced into retirement. But the IoD said yesterday [...]
US alone in yuan focus for the G20 September 26, 2010 US Treasury Secretary Timothy Geithner faces a lonely campaign to make China’s currency a major issue at the next Group of 20 summit as would-be allies shrink from confronting Beijing. Pressured by US lawmakers, Geithner vowed last week to mobilise countries at the 11-12 November summit in South Korea to press China for faster appreciation [...]
David Ross considers dismantling debt-laden property firm Kandahar September 26, 2010 THE CO-FOUNDER of Carphone Warehouse is set to break up his property empire and dispose of debt-laden assets, according to reports yesterday. David Ross has hired property consultants Jones Lang LaSalle and Cushman &Wakefield to advise on the options for his Kandahar Group retail property company, reported the Sunday Telegraph. Neither company could confirm the [...]
Coke to stay on Wall Street September 26, 2010 Coca Cola Enterprises (CCE) will remain listed on Wall Street although it could one day take a secondary listing on the London Stock Exchange (LSE), an insider has told City AM. The news comes as the board of CCE, which bottles and distributes the soft drink, votes on whether to sell its North American distribution [...]
UAE set to agree on BlackBerry September 26, 2010 The United Arab Emirates is “very optimistic” about reaching an agreement in a dispute with BlackBerry maker Research In Motion before an official deadline, a top Abu Dhabi official said. The UAE has threatened to suspend Research In Motion’s BlackBerry Messenger, email and Web browser services from 11 October until the government could get access [...]
JAPAN KEEPS CLOSE EYE ON YEN’S IMPACT September 26, 2010 JAPAN will ease monetary policy appropriately if necessary, while keeping an eye on the impact of the yen’s rise on the economy, Bank of Japan (BOJ) governor Masaaki Shirakawa (pictured) said. He also said the BOJ was watching the “downside risk” to the economy more closely.
Knight Frank cautious after bumper year September 26, 2010 ESTATE agent Knight Frank said it expects to suffer after the government’s spending review next month, as the firm announced a 168 per cent rise in profit to £58.4m for last year. The group said yesterday that all of its branches were in profit, with particular strength in the UK and Asia pushing revenue up [...]