Magic Circle law firm looks north to counter soaring London rents February 9, 2015 FRESHFIELDS Bruckhaus Deringer could become the latest law firm to move its back office workers north to a Manchester service centre, in a push to cut its rent bill in London. Staff at the Fleet Street offices were told yesterday of the plan, which imitates other firms such as Berwin Leighton Paisner and Allen & [...]
Microsoft issues 40-year bond for the first time in its history February 9, 2015 MICROSOFT launched $10.75bn (£7.05bn) in new bond offerings yesterday. Of that sale, $2.25bn was raised by the issuance of 40-year bonds – loans to Microsoft that do not have to be repaid for 40 years. It is the first time the company has sold bonds with a maturity as long as 40 years. Reports suggest [...]
MP John Mann: Give gongs and money to whistleblowers February 9, 2015 Whistleblowers take big risks to uncover wrongdoing at banks, other firms and in the public sector, and should be rewarded for their bravery, MP John Mann told City A.M. MBEs and OBEs would show society’s thanks for their services, said Labour MP Mann, who sits on the influential Treasury Select Committee (TSC). “Giving honours would [...]
Stephen Green: Priest, ethicist and bank boss February 9, 2015 Lord Green had a long and successful career at HSBC, spanning 28 years and leading him to become chief executive and then chairman. But despite questions over how much he knew about tax dodging, Green is not what people imagine a stereotypical financier to be. He was ordained as a priest in the Church of England [...]
Deloitte names Cathy Engelbert as first female chief executive February 9, 2015 Cathy Engelbert has been made the new chief executive of Deloitte LLP – Deloitte’s US branch. From 11 March, Engelbert will be the first female chief executive of a major US accounting firm, where she will take the helm for four years. She joined Deloitte LLP in 1986 and currently heads up the firm’s auditing division. She [...]
Legal and General takes over lifetime mortgage provider February 9, 2015 THE UK’S biggest fund manager Legal and General has purchased mortgage provider Newlife Home Finance for £5m. Newlife Home Finance offer lifetime mortgages that allow customers to borrow against the value of their property and then pay the loan back once they die or go into long-term care. “Going forward we believe an increasing number of people [...]
Food safety scares in Asia hit Mcdonald’s February 9, 2015 MCDONALD’S, now led by British businessman Steve Easterbrook (pictured), yesterday reported a steeper-than-expected drop in January sales at established restaurants and pinned a big portion of the blame on food safety scandals in China and Japan. Sales at restaurants open at least 13 months fell 1.8 per cent in January, the company revealed.
Balls: Markets alone won’t deliver for UK February 9, 2015 INTERVIEW Labour’s shadow chancellor Ed Balls discusses markets, exports and business backing with David Hellier IT’S BEEN a bit of a bruising few days for those in the Labour Party charged with finessing its relationship with the UK’s top business leaders. But that won’t stop Ed Balls relishing the prospect of speaking at the British [...]
Opec reveals oil demand is set to grow in 2015 February 9, 2015 BRENT crude oil was up slightly yesterday, to around $58 a barrel, after the Organisation of Petroleum Exporting Countries (Opec) projected that global oil demand will go up over the next 12 months. Demand for Opec crude in 2015 was revised up by 400,000 barrels per day (b/d) from the previous month’s assessment, to average [...]
Obituary Andrew Rosenfeld February 9, 2015 PROPERTY developer and key Labour party donor Andrew Rosenfeld has died, aged 52, after a short illness. The news was revealed yesterday by commercial mobile network operator The People’s Operator, which stated that its chairman had died on Sunday. The company, which Rosenfeld floated on Aim last year, said “the thoughts of everybody involved with [...]