Treasury’s U-turn plugs brain drain fears: City bosses welcome “reverse burden of proof” retreat October 16, 2015 City bosses have welcomed the Treasury’s U-turn on controversial plans for a so-called “reverse burden of proof” for senior bankers, saying that the reversal will help the Square Mile retain and attract top talent. A leading City head-hunter told City A.M. that the Treasury’s initial proposals, which would have required bankers to prove they were unaware [...]
Could Crossrail be creating skills shortages in parts of Britain? Recruiter Randstad thinks so October 16, 2015 Crossrail could be to blame for skills shortages in certain parts of Britain, according to a new report out today from Randstad CPE, the specialist recruiter. Randstad says that more than a quarter of Crossrail’s workforce is drawn from regions more than 30 miles away from the project, with one in 20 moving more than [...]
European firms are too reliant on big banks, according to EY and TheCityUK October 16, 2015 Europe's financial stability could be at risk due to a lack of understanding about alternative forms of finance, a new report out today from EY and TheCityUK has warned. The report argues that the scarcity of information on alternative finance not only could this hinder firms’ future growth potential, but also leave businesses exposed in [...]
Volkswagen emissions scandal: New boss Matthais Mueller says VW can “shine again” October 15, 2015 The new boss of Volkswagen Matthais Mueller has said the car giant can "shine again" in the next two or three years. Speaking to managers, Mueller hailed a new culture for the company, which he said needed to become more decentralised, with brands and regions becoming more independent. Read more: German investor sentiment hit by [...]
US deficit narrows to smallest level since 2007 October 15, 2015 The United States budget deficit has fallen to 2.5 per cent of gross domestic product, narrowing to its smallest level since 2007. The government's deficit, which is a measure of how much the government has spent against what it raised in taxes, shrunk to $439bn (£283.6bn) in the 12 months to the end of September, from [...]
A third of people visit shopping centres to eat rather than shop, says CBRE October 15, 2015 You would think that most people’s immediate instinct when entering a shopping centre would be to grab and run – before it all gets too much. Not so, according to new research from CBRE, which reveals that a third of all visitors to shopping centres across Europe, South Africa and the Middle East will visit [...]
Singaporean wealth fund GIC backs property revival in UK regions October 15, 2015 Singaporean sovereign wealth fund GIC has thrown its weight behind a private equity firm that invests in the UK’s regional property market. Maya Capital said it has secured a £90m loan from GIC to help fund acquisitions in areas outside London and the M25 that have enjoyed a resurgence in activity thanks to the improvement economy [...]
Record number of tourists flock to London between April and June, spending £3.2bn October 15, 2015 The capital welcomed a record 5.1m tourists between April and June this year, continuing London’s five-year tourism boom. The number of international visitors to London was up six per cent on the same period last year, according to the figures published by the Office for National Statistics today. The total spent in the capital by tourists [...]
Repsol share price tumbles as Spanish firm reveals plans for £4.6bn asset sale October 15, 2015 Repsol's plan to sell €6.2bn (£4.6bn) of assets to reduce its unwieldy debt pile and keep investors happy was met with scepticism by the industry today, with questions over the viability of the oil giant's strategy. The Spanish firm's shares saw a turbulent day of trading, plunging over four per cent in the afternoon after a [...]
Battle of the banks: did Bank of America, JP Morgan, Citi or Goldman Sachs do better? October 15, 2015 Goldman Sachs, Citigroup and Blackstone, the world's largest alternative asset manager, were the latest Wall Street giants to report their earnings had been hit as the markets have taken a tumble. Blackstone made a first loss for the first time since 2011. While Goldman saw trading revenue fall by a third. "We experienced lower levels [...]