London retail boost fuelled by Easter lift April 18, 2010 RETAILERS in central London saw an almost ten per cent rise in sales last month – fuelled by a booming Easter. The figures, based on a comparison with March last year, showed that the weak pound and an increase in Chinese visitors over the holiday helped to keep tills ringing, with a 9.9 per cent [...]
Court overturns freeze on City suspects’ assets April 18, 2010 LAWYERS representing six individuals who were arrested last month by regulation bodies have successfully won a lift on a series of freezing orders placed on assets by the courts. The six City figures who were arrested in March by the Financial Services Authority (FSA) and the Serious Organised Crime Agency (SOCA) have seen their assets [...]
Sage boss decides it is wise to retire April 18, 2010 PAUL Walker, one of the UK’s longest serving FTSE 100 bosses, has decided to stand down as chief executive of Sage. The company has hired the headhunter Russell Reynold Associates to find a replacement, although the company declined to say how long the process might take. The leading candidates to succeed him include the current [...]
US and Europe need to agree on hedge funds April 18, 2010 BY CONVENTION, the moment a General Election is announced, central government and the civil service enter what is known as purdah. No decisions can be made with regards to policies that a new government might want to revisit after an election and publicly funded bodies must avoid making public proclamations that may be considered prejudicial [...]
CITY MOVES | WHO’S SWITCHING JOBS April 18, 2010 Withers The law firm has appointed Kenneth Mullen as a partner in the firm’s London office, continuing the expansion of the firm’s European commercial practice. Mullen joins from Shepherd and Wedderburn, where he was a partner in the media and technology team in London. He is a specialist in transactional intellectual property, technology and outsourcing, [...]
Exports to boost Iceland April 18, 2010 Iceland’s government expects the economy to turn a corner in the second half of 2010 but said risks remained significant and the flow of aid from the International Monetary Fund would be crucial. “Quarterly growth should turn positive by the second half of 2010, on the back of strong export performance, but we expect the [...]
BANKER BASHING IS ‘JUST LOUSY ECONOMICS’ April 18, 2010 AT LONG last, the City’s beleaguered banking contingent has found itself a champion willing to stand up and state the bleedin’ obvious. Tim Morgan, the head of research at inter-dealer broker Tullett Prebon, on Friday put out a damning note condemning our politicians’ obsession with bashing the bankers and non-doms – and advising them to [...]
BILL OF THE WEEK April 18, 2010 HERE’S an unusual one: a bill of the week made up almost entirely of food rather than a few choice fine wines. This group of Italian businessmen were in London for a meeting last week and seized the opportunity to hop off for some of their country’s finest national dishes at Il Baretto on Blandford [...]
Bank of America back in the black April 16, 2010 BANK of America has posted better than expected net earnings of $2.8bn (£1.8bn) in the first quarter of 2010. The largest US bank returned to profit after losing $194m in the fourth quarter. However, the profit is 24 per cent lower than for the same period a year ago. The bank said record sales and [...]
Thomas Cook dips into the bonds market April 16, 2010 TRAVEL firm Thomas Cook has raised £650m through new sterling and euro bond issues. The company issued two bonds – a £300m seven-year bond paying 7.75 per cent interest, and a £350m five-year version paying 6.75 per cent. In the past the company, Europe’s second largest agent, has relied on bank loans. The bonds will [...]