UK set to speed up in next year October 15, 2013 A NEW forecast suggests that the UK’s economy will grow by 1.6 per cent this year, ahead of the expectations of major international groups. According to stats out today from the Centre for Economics and Business Research, UK growth will speed up to 2.7 per cent next year. The CEBR expects that such rapid growth [...]
FCA will name firms in probes October 15, 2013 THE CITY watchdog will begin publishing the names of companies it suspects of wrongdoing before deciding whether to take enforcement action. The Financial Conduct Authority (FCA) said it will begin publishing warning notices that set out outline accusations and even name some individuals who are suspected of market abuse. At the moment the FCA must wait until it decides [...]
Chinese bank to issue first London bond October 15, 2013 CHINESE lender ICBC will issue the first ever offshore renminbi bond in London, chancellor George Osborne announced yesterday. The bond is part of a package of new measures to open up the Chinese currency to the world markets, which will also see UK investors allowed to apply to invest in the country directly. The new [...]
Accountants relieved as audit shake-up plan watered down October 15, 2013 THE COMPETITION Commission yesterday watered down its audit reforms, pleasing big accountants and their clients but putting itself at odds with tougher reforms looming from the European Union. The Competition Commission now wants FTSE 350 companies to put their book-keeping out to tender at least once a decade, to shake up a market dominated by [...]
Royal Mail IPO sparks a rush at Hargreaves October 15, 2013 HARGREAVES Lansdown yesterday announced stellar quarterly results after benefiting from “an immense” influx of investor cash in the run-up to the Royal Mail flotation. “In addition to interest from existing clients, a large proportion of our Royal Mail investors were new clients, many investing for the first time,” said chief executive Ian Gorham. “Some will [...]
Strong output update delights Rio’s investors October 15, 2013 FTSE 100-listed Rio Tinto’s shares surged yesterday, after a stellar third-quarter production update that strikes an upbeat note for chief executive Sam Walsh’s first year at the helm. The Anglo-Australian firm reported higher production numbers across most metals and minerals, as well as posting record iron ore production, shipments and rail volumes over the period. [...]
Analyst Views: What stood out to you from Rio Tinto’s bumper production update? October 15, 2013 DAVID MADDEN IG The results show that Rio Tinto is going back to basics. The company has realised that the glory days of the commodities boom are now over and is being more selective in choosing its projects, keeping its eye on the bottom line. However, the price of metals is softer which is an [...]
London Stone to stand its ground as developer wins planning okay October 15, 2013 THE LONDON Stone, an ancient City landmark, is to stay in its place outside 111 Cannon Street, according to redevelopment plans for the building approved last night. A row broke out last year between 111 Cannon Street’s previous owner Minerva and a number of heritage societies after the developer wanted to move the ancient Grade [...]
No grousing as luncheon gets rid of the pies October 15, 2013 THE BEST rebrands tend to seem obvious in hindsight. And serving grouse and wine to a room full of wealth managers was always likely to go down well. Yet even the organisers of the inaugural Grouse & Grape Luncheon were surprised by the clamour for tickets, having packed Dartmouth House with around 250 of Mayfair’s [...]
Gold yarn ties up the Booker October 15, 2013 ELEANOR Catton snapped up the Man Booker prize last night for her second novel, the Luminaries. Catton is the youngest winner of the prize so far, at only 28, and has clinched the award with the longest book that has ever managed to take the top spot. Man Group head Manny Roman was in attendance [...]