CBI: recovery will be slow and sluggish March 21, 2010 THE UK economy will not recover to pre-recession growth levels even by the end of next year due to dire high street trading and the end of stimulus schemes, the CBI has warned. The employers’ group said GDP would grow by one per cent this year and by 2.5 per cent in 2011. Nervousness among [...]
Crossrail completion vital March 21, 2010 THE completion of Crossrail and tube upgrades should be the main priorities for the next government, according to members of the London Chamber of Commerce and Industry. LCCI chief executive Colin Stanbridge said: “We desperately need action to keep London ahead of our international business rivals such as New York and making firm commitments on [...]
IMF paints grim picture of need for tightening March 21, 2010 DEVELOPED countries with big budget deficits must start now to prepare public opinion for the belt-tightening that will be needed starting next year, the number two official at the IMF said yesterday. John Lipsky, the International Monetary Fund’s first deputy managing director, said the scale of the adjustment required was so vast that it would [...]
Cenkos pulls bid approach for JM Finn March 21, 2010 A TAKEOVER approach by brokerage Cenkos Securities to investment management house JM Finn has been pulled after the parties failed to reach agreement on price and the degree of fit between the two businesses. Cenkos, founded by Andy Stewart, held a number of informal discussions with JM Finn over recent weeks but subsequently decided the [...]
Santander chief in line for £75m retirement scheme March 21, 2010 THE boss of Spanish banking juggernaut Santander has clocked up a £75m pension pot, dwarfing the amount handed to Sir Fred Goodwin on leaving Royal Bank of Scotland. Alfredo Saenz, a 68-year-old with a reputation for turning around failing lenders, is to be awarded an annual sum of around £5m plus one third of his [...]
Sports Direct given deadline for Blacks bid March 21, 2010 CLOTHING retailer Sports Direct must bid for Blacks Leisure by 1 April or walk away, the takeover watchdog has ruled, setting a timetable for the conclusion of a long-running and bitter takeover battle. Blacks said it had rejected a £39m approach from the group controlled by Newcastle United soccer club boss Mike Ashley. The Takeover [...]
Court to rule on pre-nups March 21, 2010 THE SUPREME Court is expected to make a landmark ruling this week on the enforceability of pre-nuptial agreements in the UK, with lawmakers hoping English law will be brought into line with Continental Europe and the Americas. The ruling, which is expected to give more clarity to soon-to-be newly-weds on whether to take out a [...]
Law firm profits to be hit by bartering March 21, 2010 FINANCIAL directors at the UK’s top law firms have said their profitability is under threat by clients which are increasingly applying pressure to reduce fees, according to recent research. Legal publisher Sweet & Maxwell found that 60 per cent of financial directors at the UK’s top 100 firms said that downward pressure from major clients, [...]
Young lawyers stung by overspecialised market March 21, 2010 OVERSPECIALISATION in the legal profession should be dismantled as young solicitors trying to find work have been hit the hardest by recent cutbacks at commercial law firms, said The Law Society. Young lawyers specialising in banking, property and commercial law are having a harder time finding employment as a result of the global recession, said [...]
New group to give wealthy people advice March 21, 2010 A COLLECTION of bankers and lawyers have formed a new steering committee aimed at giving advice to wealthy individuals looking to make large donations to charities. Coutts & Co, JP Morgan and legal outfit Withers have come together, along with chair Dame Stephanie Shirley, to launch and develop a philanthropy advice service for high-net worth [...]