Eurozone banks face $2.3 trillion firesale, says IMF April 18, 2012 EUROPEAN banks could be forced into selling off $2.3 trillion worth of assets as they battle to regain investors’ trust, the IMF warned yesterday. The Washington based fund expects EU-based banks to sell almost seven per cent of their total assets – a staggering $2.3 trillion – over the next 20 months as they attempt [...]
Auditing watchdog gets serious April 18, 2012 The national auditing watchdog is considering imposing higher fines based on a percentage of annual turnover, with a similar approach based on total remuneration for punishing individual partners, rather than using past rulings as a benchmark. The Accountancy and Actuarial Discipline Board yesterday unveiled draft guidelines for imposing “credible” fines which are “proportionate to the [...]
EC to approve Sony’s EMI takeover April 18, 2012 The European Commission is today set to approve Sony’s £1.4bn takeover of EMI’s music publishing division. To placate competition concerns, the music giant is prepared to sell off some of EMI’s music publishing catalogues, which roll in €25m (£20.5m) a year. It was revealed late last month that Sony – which is bidding for the [...]
BlackRock boss gloomy while profit ticks up April 18, 2012 BLACKROCK chief executive Laurence Fink has issued a warning over the health of global markets as the world’s largest money manager beat expectations to post almost flat profits. He said the markets were “quite fragile” despite a powerful rally in the first quarter, driven in part by an easing in turmoil in Europe. Major investors [...]
VAT changes approved despite biggest rebellion since fees row April 18, 2012 THE CONTROVERSIAL VAT hikes outlined in the Budget were yesterday approved by parliamentary vote despite prompting the second largest rebellion of the coalition government. The introduction of VAT on hot takeaway food, alterations to listed buildings and static caravans was approved after Labour called a vote on the issues, but the latter prompted the largest [...]
Allen & Overy sets scene for low wage rises April 18, 2012 MAGIC CIRCLE law firm Allen & Overy (A&O) has set the scene for an anaemic round of salary rises for City lawyers this year, after announcing pay increases of just one per cent or less for its associates. A&O kicked off the 2012 remuneration season yesterday by matching the salaries it offers to newly-qualified associates [...]
Unemployment drops as firms pick up hiring April 18, 2012 UNEMPLOYMENT fell in the three months to February, official data showed yesterday, raising hopes that businesses are now confident enough in the economic recovery to take on more staff. Joblessness fell 35,000 in the three-month period to 2.65m, down to 8.3 per cent from 2.685m in the three months to November. The number unemployed for [...]
Promethean sees sales plunge April 18, 2012 INTERACTIVE whiteboard firm Promethean World yesterday revealed a dramatic sales drop in its key North American market, causing its share price to tumble a further 20 per cent. Blaming “challenging market conditions”, the interim management statement showed revenues of £35.9m for the first quarter of 2012, a 14.4 per cent decline on the same period [...]
Higher card spend boosts American Express April 18, 2012 AMERICAN Express’ profits climbed seven per cent in the first quarter to $1.26bn (£0.79bn), beating Wall Street estimates as customers spent more on their credit cards. Revenues grew by eight per cent to $7.61bn as spending on the network rose by 12 per cent. Amex cardholders spent an average of $3,772 a month, up from [...]
LVMH WARNS ON EUROPE DESPITE PROFIT JUMP April 18, 2012 LVMH, the luxury conglomerate, yesterday warned that the outlook remained uncertain despite posting a 25 per cent jump in first-quarter revenue. The owner of brands such as Moet Hennessy and Yves Saint Laurent said like-for-like sales rose 14 per cent to €6.58bn.