London and New York need each other July 21, 2008 Much fuss is made about the “lead” or “lag” that London shows vis-ą-vis New York in the financial and business sector. Whenever studies such as the Global Financial Centres Index report is published, many commentators pore over the tables to see by what degree London or New York is ahead. This misses the point: more [...]
This crisis shows what lies in wait for the rest of the City July 14, 2008 While Dawnay Day is no household name, the crisis that has engulfed the privately-owned investment giant in recent days will be remembered as a key milestone in the credit crunch. A perfect microcosm of the unravelling of the great financial boom of the noughties, Dawnay’s woes are being followed especially closely by London’s huge Mayfair-based [...]
City law firms beat the crunch July 9, 2008 The City’s biggest law firms look set to beat the credit crunch, topping revenues of £1bn last year. All four of the firms that make up the “magic circle” posted earnings over £1bn and showed double digit growth, with Clifford Chance holding the top spot as the world’s largest law firm with revenues of £1.33bn, [...]
London nears fresh fall into bear territory July 7, 2008 The City is bracing itself for possible entry into bear market territory this week, after the FTSE fell 41.7 points to 5434.9 by midday on Friday, and saw the psychologically-important 5,400 level broken in the final hour. With the words “negative”, “topsy-turvy”, and “recession” dominating reports on the market at the end of last week, [...]
FSA clamps down on CFD investors July 3, 2008 Rules forcing contract for difference (CFD) holders to disclose long positions of three per cent have had a mixed reaction in the City. A clampdown by City watchdog the Financial Services Authority (FSA) has long been anticipated due to fears that investors are using CFDs, which give exposure to a share for a fraction of [...]
London is too taxed October 24, 2005 The government is imposing an onerous and discriminatory system on taxpayers in London, according to a recent survey. The survey by Williams de Broe into regional disparities in the cost of living has found that the starting point for income tax in London should be £1,550 higher than in the country’s poorest region, Northern Ireland, [...]
Alas Sugar and Jones October 19, 2005 Sir Alan Sugar teamed up with Griff Rhys Jones to save the Hackney Empire. Now they have reunited to lay on a fundraising extravaganza involving teams from the Square Mile. Sir Alan Sugar and Griff Rhys Jones are an unlikely double act. One left school at 16 and, following a short stint as a civil [...]
Your friendly neighbours at the Barbican October 19, 2005 Residents of City apartment complex the Barbican are thinking of forming a vigilante group to take on the “Johnny foreigners” at the nearby YMCA. Their noisy antics have become the subject of heated exchanges in one of the chatrooms on www.barbicantalk.com. One of the more gung-ho residents, who calls himself Flangia, has even proposed the [...]
Prettejohn leaves Lloyd’s for Prudential October 17, 2005 Nick Prettejohn, the chief executive of Lloyd’s of London, is set to join Prudential as its boss in Britain. Confirmation of the appointment, due today, comes as the Pru prepares to reveal the outcome of a root and branch strategy review later this month to be published alongside third quarter results. Prudential’s chief executive Mark [...]