Outsourcing buoys Nash August 10, 2009 RECRUITMENT and outsourcing firm Harvey Nash said trading in the six months to June has remained in line with expectations, thanks to its broad portfolio of services. The company said that the recession had driven a decline in demand for its recruitment services, but that this had been offset by the performance of its IT [...]
Treasury may allow Lloyds exit from APS August 10, 2009 THE Treasury would consider allowing Lloyds Banking Group to exit the asset protection scheme (APS) if the bank can prove its ability to launch a successful rights issue. Lloyds is still in negotiations with the government over the terms of the APS, despite having agreed in principle to insure £260bn worth of assets at a [...]
Swiss politicians meet in sign of impending UBS tax case solution August 10, 2009 THE Swiss cabinet held an extraordinary meeting yesterday to discuss the tax dispute between UBS and the US Internal Revenue Service (IRS), signalling that the country is close to reaching an agreement to hand over data on the bank’s clients. The two nations have been locked in talks to resolve IRS demands that UBS hand [...]
LOVING IT August 10, 2009 BURGER giant McDonald’s yesterday scoffed at the downturn, reporting a 4.3 per cent rise in global same-store sales in July. The increase was powered by a 7.2 per cent increase in same-store sales in Europe. The group’s new McCafé coffee chain helped perk up the results, which beat analysts’ forecasts.
State St reserves running dry August 10, 2009 State Street, one of the world’s biggest institutional investors, said yesterday that it may not have set aside enough money to cover fees and penalties linked to lawsuits and investigations by regulators into risky investments. Two years ago State Street set aside $625m (£379m) to cover costs stemming from lawsuits by clients charging that the [...]
UBS announces senior hires August 10, 2009 Swiss bank UBS has announced a series of senior appointments within its investment banking division, just a week after reporting huge losses. The bank said yesterday that it has hired the former European co-head of Merrill Lynch’s fixed income, and currencies and commodities trading (FICC) unit, Dimitri Psyllidis, to help overhaul its own FICC operations.
Cattles sells unit to pay-off debt August 10, 2009 Ailing sub-prime lender Cattle has sold its invoice finance division as it attempts to cut its runaway debt-pile. The firm said that the sale of Cattles Invoice Finance, which accounted for around three per cent of its company’s loan book, will allow it to repay £65.5m in debt. Private equity group Anacap Financial Partners manages [...]
BoA judge refuses settlement August 10, 2009 A federal judge yesterday refused to approve a proposed settlement between the US Securities and Exchange Commission (SEC) and Bank of America over the payment of bonuses to Merrill Lynch employees, saying he was unable to determine if it was fair to the public. The bank had agreed last week to pay $33m to resolve [...]
Retail sales mixed in July August 10, 2009 SPENDING on home improvements and seasonal clothing clearances boosted retail sales in July. According to figures published by the British Retail Consortium (BRC) today, retail sales values rose by 1.8 per cent on a like-for-like basis compared to the previous July. On the three-month weighted average of May to July, like-for-like retail sales values rose [...]
Collins Stewart hiring again ahead of market upswing August 10, 2009 FINANCIAL services group Collins Stewart will today announce a number of high-profile new hires alongside its interim results, as new chief executive Mark Brown beefs up the group’s core businesses to take advantage of opportunities in the current market turmoil. Most of the hires will be to the securities division, though the group has also [...]