US August retail sales gain to ease fears of a new recession September 14, 2010 Sales at US retailers posted their largest gain in five months in August on strong receipts at gasoline stations and clothing outlets, further assuaging fears of a double-dip recession. The Commerce Department yesterday said total retail sales rose 0.4 per cent following a revised 0.3 per cent rise in July. It was the second straight [...]
State workers earning £7k more than those in the private sector September 14, 2010 PUBLIC sector workers are paid an average of £7,000 a year more than their private sector counterparts once pension contributions are taken into account, according to the Office for National Statistics (ONS). The ONS September Economic & Labour Market Review found state employees earn an average of £615 a week, including pension provision, compared with [...]
A law of unintended consequences haunts those who rewrite the rules September 14, 2010 WHEN rival financial centres rewrote their rulebooks to their own disadvantage, London pounced. If current proposals are mishandled, the City’s competitors will be more than ready for the chance to steal back some of the UK’s financial thunder. In the last half-century, America’s regulators have unwittingly been some of the City’s best friends. Their generosity [...]
Plans to reform the tripartite system have opened a new can of worms September 14, 2010 WHEN George Osborne set about dismantling the tripartite regulatory system, he said the reforms would help prevent another banking crisis. But his decision to hand responsibility for the UK listing authority (UKLA) to the Financial Reporting Council (FRC) could end up causing even bigger problems. The FRC is controlled by Vince Cable’s business department, whereas [...]
Bank charges are customers’ biggest gripe September 14, 2010 At present – when consumer confidence in financial institutions is at its lowest ebb for over 60 years – there is good reason to reevaluate retail banks’ relationship with their customers at its most fundamental level: the current account. The arrival of service-focused Metrobank and Santander’s recent cash incentive to switch providers have sparked consumer [...]
Vodafone will appeal Indian tax decision September 14, 2010 Vodafone has filed an appeal with India’s Supreme Court after its petition over a tax feud with authorities was dismissed. The lower court ruled that the Indian tax system has jurisdiction over tax bills in cross-border mergers. Vodafone, which is fighting a tax bill in India from its 2007 purchase of Hutchison Whampoa’s mobile business [...]
Icap’s new system hits €10bn September 14, 2010 INTER-DEALER broker Icap notched up interest rate swap (IRS) trades with a nominal value of over €10bn (£8.36bn) in the first week of trading on its electronic market. The figure represented 15 per cent of the total number of Euro IRS trades passing through the firm’s order book over the week, with 13 major banks [...]
Digital investment pays dividends September 14, 2010 ICAP’s decision to invest $250m in new technology last year is going to pay dividends. Having attracted over €10bn worth of interest rate swaps (IRS) to its new electronic platform during its first week of operation, it is now reaping the rewards. Big investment banks like Citi, BarCap, Deutsche Bank and JP Morgan are market [...]
EURO DISNEY EXPANDS IN FRANCE September 14, 2010 THEME park operator Euro Disney has won permission to build a third theme park, a new housing development and a holiday village in France. The company has negotiated with the French government to alter its founding agreement and extend its perimeter. Euro Disney is 47 per cent owned by the Walt Disney Company and has [...]
BoA Merrill to rejig European finance team September 14, 2010 BANK of America Merrill Lynch yesterday unveiled changes in its team covering Europe’s financial firms, following similar announcements from two other banks ahead of an expected increase in equity raisings and deals. Bank of America Merrill Lynch hired four financial institutions group (FIG) bankers and said it was rejigging its Europe, Middle East and Africa [...]