City increases economic lead over rest of Britain November 12, 2013 THE CITY of London is increasing its lead as the most competitive economic region of the UK, a new study found yesterday – despite the financial crisis and government efforts to rebalance the economy. London hosts the nine most competitive boroughs, with the tenth being Windsor and Maidenhead, University of Cardiff and Nottingham Business School [...]
Firms hired by the state face behaviour tests November 12, 2013 PRIVATE firms working for the government must face inspections and audits to make sure they meet high standards of behaviour, the National Audit Office (NAO) said in a set of recommendations out today. Although firms often promise to behave well, the NAO believes the only way to make sure “the companies are not paying lip [...]
What the other papers say this morning – 12 November 2013 November 12, 2013 FINANCIAL TIMES Shadow banks reap Fed rate reward Loosely regulated non-bank lenders have emerged as among the biggest beneficiaries of the Federal Reserve’s ultra-low interest rates with three specialist categories increasing their assets by almost 60 per cent since the height of the financial crisis. Such lenders, widely considered part of the “shadow banking” system, [...]
Bigger capital buffer for HSBC November 12, 2013 HSBC and JP Morgan were yesterday told to hold bigger capital buffers to reflect their importance to the banking system. They topped the list of systemically important lenders put together by the Basel Committee, an international authority which monitors risks. The pair must hold an extra 2.5 per cent of loss absorbing capital. In the [...]
UBS predicts 2014 FTSE share rise November 12, 2013 The index of leading UK shares could rise another 10 per cent in 2014, analysts at investment bank UBS predicted yesterday. In a research note the analysts said the top 100 shares could hit 7,400 by the end of next year. The bullish forecast is based on improvements in the struggling Eurozone economy spilling over [...]
Just Retirement prices its float November 12, 2013 Insurer Just Retirement will price its initial public offering this morning and kick off trading, the latest in a long line of private equity-backed floats in London. The company will price its float at between 215p and 235p. It is understood a surge in demand from investors led banks handling the sale to cover the [...]
Chocfinger trader sells Armajaro unit to Ecom November 12, 2013 ARMAJARO Trading, the commodities firm backed by cocoa trader Anthony Ward – dubbed Chocfinger – yesterday said it would merge with Swiss trading giant Ecom Agroindustrial to create a new commodity powerhouse. The trading firm, which deals in cocoa, sugar and coffee, is being sold by parent Armajaro Holdings, owned by Ward, who was nicknamed [...]
Cameron will delay the Autumn Statement to lead visit to China November 12, 2013 PRIME Minister David Cameron has announced a major trade visit to China, pushing back the timing of the chancellor’s Autumn Statement. Speaking at the annual Lord Mayor’s banquet last night, Cameron said that he would be leading an official visit to China, accompanied by UK business chiefs early next month. Though he did not confirm [...]
High street under pressure after Barratts and Blockbuster collapse November 12, 2013 BRITAIN’S embattled high street has been dealt a fresh blow ahead of Christmas after shoe retailer Barratts and film rental chain Blockbuster fell into administration yesterday. Advisory firm Duff & Phelps said it has been hired as administrator to Barratts after it collapsed for the third time in four years, placing more than 1,000 jobs [...]
Amazon plans Sunday deliveries in London as part of new service November 12, 2013 AMAZON will roll out Sunday deliveries across London by the end of November using its own trucks to complete the so-called last mile to customer’s doors, according to the Wall Street Journal. The project was announced as part of a US trial starting this week in which Amazon Prime customers can use their free two-day [...]