Scarce supply buoys pay for bank juniors September 12, 2010 BANKS which dramatically cut back their graduate and lower-level recruitment programmes in the depths of the crisis are now suffering from an acute shortage of junior talent, pushing salaries for successful applicants up by 12 per cent over the past year. Average base salaries for City workers at assistant vice president level – typically those [...]
Battle of the Milibands heats up as poll puts Ed in the lead September 12, 2010 FORMER foreign secretary David Miliband, long favourite to become the next head of the Labour party, has slipped behind his younger brother Ed in the leadership race, a poll suggested yesterday. The YouGov survey of 1,700 Labour and union members for the Sunday Times put the two brothers well ahead of the three other candidates [...]
Former Iceland prime minister may face trial September 12, 2010 ICELAND should bring negligence charges against former ministers over its banking collapse in 2008, a special parliamentary committee has concluded. The committee, known as the Truth Commission, recommended former prime minister Geir Haarde, ex-finance minister Arni Mathiesen, and former business minister Bjorgvin Sigurdsson should all stand trial. Iceland’s parliament will now decide whether to bring [...]
CBI warns of climate change risk September 12, 2010 The CBI will today call on the government to make readily available to businesses its environmental data, to help firms prepare for the risks of climate change. The proposals include the creation of a new public information bank showing the risk to critical infrastructure of rising temperatures and extreme weather. The CBI’s director of business [...]
Carlyle scraps $1bn Arinc sale September 12, 2010 Private equity firm Carlyle Group has scrapped plans to sell US defence and aviation group Arinc, after failing to find a buyer for the firm in the past six months, several people familiar with the matter said. Carlyle, which hired Goldman Sachs to advise it on the $1bn (£651.4m) sale, is now thought to be [...]
Deutsche Bank September 12, 2010 In Friday’s edition we wrote that Deutsche Bank’s core Tier 1 capital had fallen from 12.6 per cent in December to 7.5 per cent in July. This was incorrect; the 12.6 per cent figure refers to the bank’s Tier 1 capital. The actual core Tier 1 capital in December was 8.7 per cent. Our apologies [...]
BAE eyes $2bn US assets sale September 12, 2010 BAE SYSTEMS, Britain’s largest defence contractor, has put parts of its US commercial aerospace operation on the block in a move that could raise up to $2bn (£1.3bn). In a step to trim its none-core operations ahead of government defence spending cuts in London and Washington, BAE is understood to be soliciting bids for segments [...]
Tax boss performs U-turn to apologise for PAYE blunders September 12, 2010 BRITAIN’S top tax official was forced into an embarrassing U-turn this weekend after initially refusing to apologise to more than a million people facing surprise bills. Dave Hartnett, permanent secretary for tax at HM Revenue and Customs (HMRC), said he was “deeply sorry” that administrative errors meant 1.4m people would have to pay an average [...]
Providence Equity mulls £800m Phones 4U sale September 12, 2010 PHONES 4 U, the high street mobile phone retailer, could be sold for up to £800m after its private equity owner received a series of approaches from potential buyers. American buyout giant Providence Equity is understood to be reviewing options for the company, which it bought from founder John Caudwell in 2006. Trade rivals keen [...]
Government fails business expectations September 12, 2010 THE government has failed to meet the expectations of entrepreneurs, according to a new poll. The survey of more than 390 business owners conducted by RSM Tenon reveals a ten per cent drop in the number of business owners who believe the government is supporting them. Two weeks after the general election, 52 per cent [...]