Fund assets in UK decline by 12pc in 2008 September 29, 2009 THE LEVEL of assets being managed in the UK fell by 12 per cent last year to £3.7 trillion as the financial crisis took its toll. The annual fund management report from International Financial Services London (IFSL) said asset levels declined due to rocky stock markets and a surge in the number of clients withdrawing [...]
Kroes repeats need for Lloyds to sell divisions September 29, 2009 LLOYDS Banking Group will need to dispose of assets in areas where it is currently dominant as a condition of EU approval of state aid, the European Commission’s top competition watchdog warned yesterday. Competition commissioner Neelie Kroes, who has repeatedly warned that part-nationalised banks Lloyds and Royal Bank of Scotland will be forced to shrink, [...]
Gordon fights on but his time is ticking away September 29, 2009 BEFORE stepping out to address what seems destined to be his last party conference as leader, Gordon Brown had been urged to make the “speech of his life” by the woman some are tipping to be his successor, Harriet Harman. The embattled Prime Minister certainly came out swinging, using the word “fight” no less than [...]
CITY VIEWS: SHOULD THE CONSERVATIVES TRY TO POACH PETER MANDELSON FROM LABOUR? September 29, 2009 PAUL GROARKE HANOVER FINANCIAL“Mandelson has a business brain, but not a political brain. He doesn’t have that warmth you need. The Conservatives need more Mandelson brains but not more Mandelsons. I would suggest you need more people in government who are business minded.” STEVE SMITH BNP PARIBAS“I don’t believe that you can trust anybody who [...]
LABOUR CONFERENCE NEWS September 29, 2009 • Prime Minister Gordon Brown’s wife, Sarah, introduced him as “my husband, my hero” in a personal speech designed to show his human side. • Brown urged Labour Party members to “never stop believing” that they can win the next election. • The PM confirmed that there will be a new law to curb bonuses [...]
Consumers tighten belts as GDP slumps September 29, 2009 THE scale of Britons’ belt-tightening was laid bare by data showing record consumer credit repayments in August and a five-year high in households’ savings ratio in the second quarter. Official data confirmed Britain’s economy suffered its worst 12 months since modern records began in 1955, with output falling by 5.5 per cent year-on-year in the [...]
CIT nears deal on $10bn new credit line to stave off demise September 29, 2009 CIT Group, the stricken US lending giant, is negotiating a new credit facility in a key step in its continuing fight against bankruptcy. CIT is understood to be nearing a deal on new financing worth as much as $10bn (£6.3bn), which could help it pay off debt obligations. But it continues the fight to renegotiate [...]
UK mortgage approvals steady as money supply gauge improves September 29, 2009 BRITISH mortgage approvals for house purchase held broadly steady in August, Bank of England (BoE) figures showed yesterday, while consumers paid down unsecured debt at the fastest rate since records began in 1993. Mortgage approvals, a lead indicator of housing demand, slipped fractionally to 52,317 last month, broadly in line with expectations, from an upwardly [...]
DMGT reports a pick-up in regional advertising September 29, 2009 NEWSPAPER publisher Daily Mail & General Trust (DMGT) yesterday said it was confident of meeting market expectations and gave fresh evidence of recovery in the consumer media market. DMGT, which runs business-to business publications, conferences and radio operations as well as its national titles, said trading conditions in consumer media were difficult but it was [...]
ARE YOU ENCOURAGED BY DMGT’S TRADING UPDATE? September 29, 2009 ANDY VINER BDO STOY HAYWARD“DMGT is also benefiting from having reacted early to the downturn with a cost control programme of around 15 per cent of its workforce. It was also encouraging to see comments around positive cash flow and continued net debt reduction. It now looks to be boosted by an improved advertising outlook [...]