City hiring falls despite upturn across rest of UK August 11, 2013 THE FINANCIAL services sector is missing out on the rise in confidence across much of the rest of the economy, hitting job prospects, according to numbers out today from a leading recruiter. New jobs coming to the market fell 37 per cent in July compared with the same month in 2012, Morgan McKinley said, while [...]
Cable pushes for fines over late payments August 11, 2013 VINCE Cable is considering fining companies who do not settle invoices on time, it was reported last night. Under the plan, being considered as part of an autumn push on “responsible capitalism”, a firm that does not pay its suppliers on time could face legal action. A spokesman for the Department of Business, Innovation and [...]
What the other papers say this morning – 12 August 2013 August 11, 2013 FINANCIAL TIMES Air alliances rule out Heathrow move The world’s biggest airlines have ruled out moving from Heathrow to another UK airport, bolstering the chances of a highly contentious third runway being built at Europe’s busiest hub. All three global airline alliances have said they want to stay, even though some options being considered by [...]
Deloitte bets on rising growth to boost its profits August 11, 2013 PROFITS edged up at Deloitte LLP in the last year, the consultancy reported today, and the group expects the improving economy to give its fortunes a boost in the coming 12 months. Revenues increased eight per cent on the year to £2.5bn, driven by improvements in all five business divisions. The biggest gains came in [...]
Tech guru Elon Musk gears up to unveil the fifth form of transport August 11, 2013 THE MAN behind Paypal and Tesla Motors is today due to publish designs for the world’s fastest rail service, named Hyperloop. Elon Musk has until now kept enthusiasts guessing about the details of his “fifth form of transport,” which could one day offer supersonic inter-city travel. The billionaire entrepreneur said in May that the idea [...]
Barclays in need of €12bn capital to meet tough new regulations August 11, 2013 BARCLAYS will need to raise around €12bn (£10.3bn) of new capital over the next five years in order to meet tough new European regulations, according to research by Royal Bank of Scotland (RBS). The report lays bare the scale of the deleveraging required to meet Basel III requirements and concludes Eurozone banks will have to [...]
London Whale staff could face arrest in the US August 11, 2013 THE FORMER supervisor of the JP Morgan trader who lost the bank more than $6bn (£3.9bn) could face arrest in the US, it emerged over the weekend. Trader Bruno Iksil, whose trades led to the London Whale nickname, is believed to be helping the authorities with their enquiries and so will face either lesser charges [...]
EU banks closed 5,500 branches across the continent in 2012 August 11, 2013 BANKS closed 5,500 branches across the European Union last year, 2.5 per cent of the total, leaving the region with 20,000 fewer outlets than it had when the financial industry was plunged into crisis in 2008. Last year’s cuts come after 7,200 branches were axed in 2011, according to data analysed by Reuters from European [...]
Swiss to keep capping franc August 11, 2013 THE Swiss National Bank will enforce its cap on the Swiss franc for as long as it is necessary, the bank’s vice chairman said in a newspaper interview on Sunday. “At the moment, the cap on the franc is the top priority,” Jean-Pierre Danthine told Swiss newspaper Le Matin Dimanche. The SNB capped the franc, [...]
Fraud office vows to clean up its risk rules after data loss scandals August 11, 2013 THE SERIOUS Fraud Office (SFO) yesterday vowed to improve controls after losing thousands of pages of evidence on its BAE Systems investigation and briefly mislaying others in its probe into the Tchenguiz brothers. Last week the crime investigation agency revealed it returned 32,000 pages and 81 audio tapes on the BAE case to the wrong [...]