Directors cautious over economy February 20, 2012 Over a third (35 per cent) of company directors see a high or very high risk of the UK falling into recession this year, according to an Institute of Directors survey released today. The survey, which questioned 1,000 business leaders, found 53 per cent thought there was a moderate risk of recession while 11 per [...]
PM committed to NHS reforms February 20, 2012 Prime Minister David Cameron yesterday pledged to push ahead with controversial NHS changes after his health secretary Andrew Lansley was heckled outside Downing Street. Their meeting was to discuss proposals in the Health and Social Care Bill, which aim to give GPs greater control of the NHS budget and open up the health service to [...]
Vista wades into Temenos deal for Misys February 20, 2012 A BIDDING war has erupted over Misys following news of a potential £1.2bn offer for the British software company less than two weeks after Temenos announced its plans for an all-share merger. Vista Equity Partners, officed in San Francisco, Chicago and Austin, is thought to have offered 360p per Misys share – a 16 per cent [...]
Clegg adviser quits weeks before Budget February 20, 2012 NICK Clegg has lost his top economic adviser just weeks before the government unveils its Budget, City A.M. has learned. Chris Saunders, who was employed by the deputy Prime Minister on a salary of £60,000 a year, quit his special adviser’s post on Friday and is currently away travelling with his wife. His departure means [...]
BURBERRY IMPRESSES AT FASHION WEEK February 20, 2012 BRITISH fashion powerhouse Burberry unveiled its Autumn/Winter 2012 collection at London Fashion Week yesterday, bringing thunder, lightning and fake rain to its show in Hyde Park. Samantha Cameron and US Vogue editor Anna Wintour were among the famous faces in the front row, as the brand showed its “Town & Field” collection. Burberry saw its [...]
Surprise loss for Ageas on write-downs February 20, 2012 BELGIAN insurer Ageas announced an unexpected fourth quarter loss of €44.5m (£37m) yesterday as it wrote down the value of its Hong Kong operation and took a €124m hit on the value of its Greek bond holdings. Without these impairments its insurance division would have turned a full year profit of €595m, the firm said. [...]
CPP says FSA probe risks firm’s future February 20, 2012 CREDIT CARD insurance firm CPP says the Financial Services Authority (FSA) could force it out of business, after the regulator asked for a retrospective review of sales tactics. The company suspended its shares on the London Stock Exchange yesterday after declaring that the new demands “are disproportionate and threaten the viability of the business”. The [...]
Lenders opposed to easing target February 20, 2012 BANKS are urging the Treasury not to set a rigid target for its credit easing scheme because it risks “setting it up to fail”, a source involved in the discussions told City A.M.. In December, chancellor George Osborne laid out his plan to get credit flowing to small businesses by offering £20bn in debt guarantees [...]
HSBC launches £4bn fund to lend to exporting SMEs February 20, 2012 HSBC is to launch a £4bn fund that will lend to small and medium-sized businesses that trade internationally. The aim is to capture the benefit of increasing global trade conducted by British SMEs with a turnover of up to £25m. The bank also published research today forecasting that the UK’s international business activity will increase [...]
Bank of Ireland keeps deposits at lower cost February 20, 2012 BANK of Ireland said yesterday it was attracting deposits, cutting costs and expected home loan arrears to peak this year, raising hopes Ireland’s biggest lender had turned a corner after a 60 per cent drop in operating profit in 2011. The only Irish bank to avoid nationalisation after an unprecedented property crash, Bank of Ireland [...]