Tax is a matter for UK government, not the EU June 13, 2010 THIS week, in a speech to leading figures from across the financial services industry at Mansion House, George Osborne will outline the government’s plans for reform within the banking sector. One of the most significant proposals I have no doubt the Chancellor will touch upon is his determination to introduce a “bank tax” in the [...]
BEST OF THE BROKERS June 13, 2010 MICHELIN Royal Bank of Scotland (RBS) initiates a “buy” rating for Michelin and says that despite rising material prices, it sees room for Michelin to profit from early implementation of price increases, stronger replacement business momentum, and better underlying earnings due to the cost cuts in 2009. GREENE KING Seymour Pierce has given Greene King [...]
BEST OF THE BROKERS June 13, 2010 MICHELIN Royal Bank of Scotland (RBS) initiates a “buy” rating for Michelin and says that despite rising material prices, it sees room for Michelin to profit from early implementation of price increases, stronger replacement business momentum, and better underlying earnings due to the cost cuts in 2009. GREENE KING Seymour Pierce has given Greene King [...]
Companies in pensions cull as crisis bites June 13, 2010 MORE than nine out of ten employers are planning to scrap or scale back their defined benefit pension schemes, a survey has revealed. As companies fight for survival following the global economic crisis pensions are being sacrificed. In the poll of 179 major employers, including 34 with more than 10,000 employees, and 38 of the [...]
Companies in pensions cull as crisis bites June 13, 2010 MORE than nine out of ten employers are planning to scrap or scale back their defined benefit pension schemes, a survey has revealed. As companies fight for survival following the global economic crisis pensions are being sacrificed. In the poll of 179 major employers, including 34 with more than 10,000 employees, and 38 of the [...]
Bosses taking a tougher line on late workers June 13, 2010 EMPLOYERS are taking a tougher line with staff because of the recession, with one in six prepared to sack somebody for being late just two or three times, a new survey has revealed. Twelve per cent of business leaders in the UK said they would show the door to a worker who was late four [...]
BP’S FORMER RIVAL TESTING THE WATERS VIA THE USUAL CHANNELS June 13, 2010 JOHN Hofmeister, the former president of Shell, has been busy over the past few weeks, sticking his oar in to help former rival BP traverse the oil-slicked waters of the post-spill Gulf. Hofmeister has been a staunch proponent of using giant supertankers to suck up the oil for processing – arguing that the same system [...]
BILL OF THE WEEK June 13, 2010 PLENTY of boozing was on the cards last week for this group of Knightsbridge businessmen, who headed to Langtry’s restaurant on Pont Street for a celebratory lunch. Our diners knocked back two bottles of Bollinger champagne as an aperitif, followed by two bottles apiece of 2007 Nuits-Saint George, Henri Gouges and 2006/7 Meursault Les Tillets. [...]
Manufacturing output in surprise drop June 11, 2010 Manufacturing output unexpectedly fell in April, official data has shown – suggesting Britain’s recovering economy got off to a slow start in the second quarter. Figures from the Office for National Statistics also showed producer input costs eased less than expected in May, although factory gate inflation slowed slightly more than expected. The ONS said [...]
Swiss Re ups forecast for Chile earthquake losses June 11, 2010 Swiss Re has said it faces bigger-than-expected losses on claims from the Chile earthquake, putting pressure on profits. The world’s second-biggest reinsurer upped its forecast for losses from the quake to $630m (£428m) before tax from $500m. Swiss Re also took losses of $220m in the first quarter from storms in Europe, which hit France [...]