Swiss unemployment edges up December 6, 2012 The Swiss unemployment rate rose to a non-seasonally adjusted 3.1 per cent in November from 2.9 per cent in the previous month, official data showed yesterday. Meanwhile, Swiss consumer prices fell 0.4 per cent from a year ago compared to a drop of 0.2 per cent in October, and were 0.3 per cent lower compared [...]
RSM Tenon parts ways with PwC December 6, 2012 RSM Tenon has officially ditched PwC as its auditor, after nearly two thirds of shareholders voted down the firm’s reappointment. RSM Tenon has already started looking for a new auditor, after it discovered a black hole in its books in January that sparked a profit warning and a change in management. The accountancy regulator is [...]
Who’s switching jobs December 6, 2012 Robin Simon The law firm has appointed Darren Hannison partner and head of its reinsurance practice. He joins from Plexus Law. Hannison has over 19 years’ experience in the insurance and reinsurance sector, and has also served as an assistant general counsel at AIG in New York. Deloitte Angus Wildblood has been appointed analytics partner [...]
Best of the Brokers December 6, 2012 SCHRODERS Canaccord reiterated its “sell” rating and 1,320p target for the asset manager. The broker struggles to justify the share price, with current trading at 16 times 2012 earnings, and it expects return on equity to fall. SAGE Charles Stanley maintains its “accumulate” rating for the software company, after better-than expected results. However, the growth [...]
FTSE up despite regulatory probes December 6, 2012 The FTSE 100 was up in early trading, rising 0.4 per cent to break through the important 5,900 barrier, with some of the main share price moves driven by regulatory investigations. Rolls-Royce fell heavily after admitting that it was co-operating with the Serious Fraud Office on a probe into potential corruption and bribery at its [...]
Virgin to run West Coast rail route for 23 months December 6, 2012 Virgin Rail has signed a deal with the government to run the West Coast mainline for another 23 months, following the collapse of a disastrous bidding process for a new 13-year contract. This summer FirstGroup beat incumbent Virgin to win the £5bn deal following a hard-fought contest. But in October the government was forced to [...]
Rolls-Royce in corruption talks with SFO December 6, 2012 British engineering stalwart Rolls-Royce today admitted that it is in discussions with the Serious Fraud Office over concerns that the firm may have been involved in bribery and corruption. The SFO requested information relating to the company’s dealings in Indonesia and China. The Rolls-Royce is co-operating with the probe. “The consequence of these disclosures will [...]
Osborne’s Autumn Statement targets higher rate taxpayers December 5, 2012 George Osborne yesterday admitted that the government will miss its own growth and debt reduction targets, forcing him to extend his austerity measures for another year to 2018. Insisting that he would not change his approach, Osborne told the House of Commons that “Britain is on the right track” and “turning back now would be [...]
Our at-a-glance guide to Osborne’s mini-Budget December 5, 2012 THE UK ECONOMIC OUTLOOK ■ The Office for Budget Responsibility (OBR) has revised down its forecast for UK growth and revised up its forecast for public sector borrowing. It says the government is no longer likely to meet its target of reducing debt as a proportion of GDP in 2015-16, breaking its supplementary fiscal rule. [...]
Tesco US chief quits as retailer signals retreat December 5, 2012 TESCO shares climbed 3.3 per cent yesterday after chief executive Philip Clark revealed the likely closure of its loss-making US chain and the departure of the division’s head. The supermarket giant has hired investment bank Greenhill to conduct a strategic review of Fresh & Easy that could lead to the sale or closure of its [...]