Yacht makers stay afloat in recession September 21, 2009 THE UK superyacht sector has remained buoyant in the recession, with revenue growing 15 per cent year-on-year, according to figures released by the industry’s trade body. Superyacht UK, which represents over 160 member companies involved in the superyacht manufacturing business, said that revenue has increased from £350m to £410m over the year. The UK figures [...]
HSBC hints at deal for ING private bank September 21, 2009 HSBC is actively looking to purchase assets in private banking, it said yesterday, reigniting expectations that the bank soon wrap up a deal for units put up for sale by bailed-out Dutch financial group ING. Alexandre Zeller, chief executive of HSBC Private Bank (Suisse) confirmed that Europe’s largest bank was alive to potential acquisition opportunities, [...]
Social networking turns profitable September 21, 2009 FACEBOOK, now with 300m users, announced last week that it has broken even. Its revenues cover operating costs. In internet language, one’s “burnrate” is how much money you are losing monthly until you do just that – break even. What is the business model of Facebook? Well, there is traditional and self-service advertising, virtual property [...]
Land Secs sells stake in Bullring September 21, 2009 Land Securities yesterday confirmed it has sold its 33 per cent stake in the Bullring shopping mall in Birmingham, to Australia’s Future Fund for £210m in one of the biggest UK property deals of the year. The deal comes three weeks after mounting speculation that the property company was in advanced talks to sell its [...]
Swine flu risk to business September 21, 2009 Half of Britain’s businesses face a high risk from swine flu, according to research from law firm DLA Piper. And the survey revealed 80 per cent of companies are reviewing their continuity planning in light of the threat. Despite heightened awareness, more than half of the companies questioned said they had not communicated their continuity [...]
Surprise surge in property investments September 21, 2009 The second and third quarters of 2009 have seen a surge in interest from first time investors, according to Assetz, as people looked to take advantage of good value in the property market amid signs of strengthening house prices. During the summer a wave of new investors entered the market thanks to disillusionment with poor [...]
Seatwave boosted by live acts September 21, 2009 Seatwave, Europe’s largest fan-to-fan ticket exchange, yesterday announced a leap in ticket sales as a raft of live entertainment lured in punters. The number of European fans attending live events in Britain during the first half of 2009 increased by 596 per cent compared with the same period a year earlier, Seatwave said. The increase [...]
US extends tax deal amnesty September 21, 2009 AMERICAN authorities will extend an amnesty program for taxpayers who have income hidden in offshore accounts by three weeks to 15 October, citing pleas from tax professionals who say they could not handle the numbers of individuals rushing to take part. The Internal Revenue Service (IRS)amnesty program began in March, soon after Swiss bank UBS [...]
China weighs purchase of gold being sold by IMF September 21, 2009 CHINA is understood to be considering buying gold being offered for sale by the International Monetary Fund (IMF). According to Market News International, China is considering buying if the price is right and the return relatively high. Gold, which had dipped just below $1,000 an ounce, rebounded to $1,003.45 after the report. That would put [...]
Magic Circle law firms cut fees in half September 21, 2009 THE CITY’S Magic Circle legal institutions have been forced to slash their partners’ hourly fees by almost half, as they fight for business in a recessionary market. The latest closely-watched average hourly rate survey by Knightsbridge-based costs lawyer Jim Diamond has revealed the Magic Circle is offering out lawyers at bargain rates. “It is now [...]