Swiss see bank secrecy laws as part of their national identity, survey claims February 15, 2010 A MAJORITY of Swiss people remain in favour of retaining the country’s long-cherished tradition of bank secrecy despite growing international pressure for greater transparency, a poll revealed yesterday. US action against UBS has stirred domestic resentment “The Swiss are not ready to give up their banking secrecy,” Switzerland’s Matin Dimanche newspaper said as it published [...]
Opec to decide on crude output at March meeting February 15, 2010 ALL OPTIONS are open at the next meeting of the Organization of Petroleum Exporting Countries (Opec) in March, Algerian Energy and Mines Minister Chakib Khelil said yesterday. Energy ministers from OPEC meet in Vienna on 17 March to decide whether to change production levels. Asked if Opec would consider new cuts in output or tightening [...]
M&S launches home energy unit February 14, 2010 Marks & Spencer will offer 30,000 of its staff free home insulation as part of its launch of a home energy services division. The firm’s new venture will also provide bespoke energy advice as well as renewable energy products such as solar panels and heat pumps. Marks & Spencer said if all eligible staff took [...]
Kwik-Fit to sell insurance arm February 14, 2010 Kwik-Fit, the car repair firm, is preparing to sell its fast-growing insurance business for more than £200m. The firm, which was founded by Sir Tom Farmer, the Scottish entrepreneur, has hired bankers at Credit Suisse to carry out a review of Kwik-Fit Financial Services, which employs more than 1,000 people and handles 10m calls a [...]
Reubens mull sports TV bid February 14, 2010 The Reuben brothers, the billionaire property investors, are mulling a takeover of sports TV business Catalyst Media Group, which is listed on Aim and valued at £26m. City sources said the brothers, who are estimated to be worth more than £2.5bn, had not made a firm decision on an offer for Catalyst but had expressed [...]
Why the London Stock Exchange’s French boss is taking on the world February 14, 2010 L ONDON’s financial services community has a new champion: Xavier Rolet, the 50-year old French banker who took over as the London Stock Exchange’s CEO last year. Unlike many British commentators, who seem desperate to talk down one the UK’s most important industries, Rolet realises how important a prosperous City is to the UK and [...]
London retail sales growth slows down February 14, 2010 RETAIL sales in London grew at their slowest rate for five years as the stronger pound made the capital less attractive for overseas shoppers. Sales were 3.5 per cent up on the previous January, according to a report from the British Retail Consortium (BRC). In January 2009 sales figures grew by 6.5 per cent compared [...]
Politicians begin to focus on real City issues February 14, 2010 Fresh from leading a City delegation to UAE and Qatar last week and before I head out to Bahrain and Saudi Arabia tomorrow, I see that the debate on reform of the financial services industry is slowly beginning to shift. Talk of a global bank tax is rife following Gordon Brown’s declaration that he expects [...]
Plantic signs with Germans for US push February 14, 2010 PLANTIC Technologies, the Aim-listed bio-plastics firm, has announced a new distribution agreement with Klockner Pentaplast as part of its plans to expand in the US. Klockner Pentaplast is a producer of packaging materials for the pharmaceutical, medical device, food, and printing industries and will exclusively sell Plantic rigid sheet products in the Americas, replacing the [...]
BEST OF THE BROKERSn February 14, 2010 BT GROUP Charles Stanley says last week’s third quarter results from BT were positive, particularly for overall improvement in profitability, and a small uplift in full year cash flow guidance was also welcome. “However, overshadowing all this was the news on the pension fund, which was overall worse than expectations,” Stanley said. SMITH & NEPHEW Edison [...]