Markets reach five-year highs February 19, 2013 MARKETS hit their highest levels for five years yesterday, as optimism on further big M&A deals and bullish German sentiment ignited confidence. The Dow Jones index rose to 14,035.67, the highest level seen for more than five years, while the FTSE 100 reached its highest level since the financial crisis struck, reaching 6,379. The pound [...]
Linklaters scores Singapore law licence but 19 firms miss out February 19, 2013 SINGAPORE has granted four international law firms the right to practice in the city state, in only the second round of licences to be awarded since it liberalised its legal system in 2008. Linklaters, Sidley Austin, Gibson Dunn & Crutcher and Jones Day all won approval to practice Singapore law including corporate, project finance and [...]
Dell’s profits fall ahead of $24bn buyout deal February 19, 2013 DELL’S profits fell by almost a third in the final quarter of 2012, the company revealed last night, in what may well be its final public report before the computer maker is taken private. The firm, which is set to be bought out by founder Michael Dell and private equity company Silverlake Partners for $24bn [...]
Our pensions time bomb is the worst in the world February 19, 2013 UK WORKERS are worryingly under-prepared for retirement, data out this morning has revealed, with many predicted to run out of savings just seven years after leaving work. The UK came at the top of a table of the world’s worst savers, with the average Briton facing a financial shortfall of 63 per cent over the [...]
Eurotunnel’s ferry deal runs into competition headwinds February 19, 2013 THE COMPETITION Commission yesterday raised concerns that Eurotunnel’s purchase of defunct SeaFrance’s ferries could drive up fares for passengers. Eurotunnel bought three of SeaFrance’s four boats for €60m (£52m) last year with the aim of launching its own English Channel ferry service. The Office of Fair Trading referred the deal to the watchdog. The Competition [...]
Higher bonuses can’t halt fall in lawyer payouts February 19, 2013 LAWYERS saw their total pay pack- ages fall by five per cent last year, as rising bonus payouts failed to stem the drop in average salary. Total remuneration for lawyers in 2012 came in at £139,040, down from £146,500 in 2011 according to recruiters Laurence Simons. Though bonuses edged up very slightly to £35,000, it [...]
UK trade bodies call for solution to energy crisis February 19, 2013 ENERGY groups yesterday called for more technological investment to solve the UK’s looming crisis after warnings from regulators a future squeeze on production will cause price hikes for consumers. The chief executive of energy watchdog Ofgem, Alistair Buchanan, yesterday warned a fall in the UK’s power production over the next few years would lead to [...]
Tantrums and tyres as Square Mile go-karting contest returns February 19, 2013 WHILE a game of squash or round of golf are the more traditional City pastimes for the competitively inclined among us, a new sport seems to be ruffling a few feathers within the Square Mile. Yes, the City Slickers Grand Prix is back for a third year. With go- kart racers from Morgan Stanley, Barclays, [...]
BAnks refuse to speak out in bonus row February 19, 2013 CITY banks yesterday refused to publicly attack EU plans to limit their bonus payments for fear sparking a backlash, despite the intervention of Mayor of London Boris Johnson. Leading banks and industry organisations contacted by City A.M. put up a wall of silence, even though many privately expressed concerns that limiting bonus levels at double [...]
UK firms party Gangnam Style at market bash February 19, 2013 THE Honourable Artillery Company was the venue for the 2013 UK Stock Market Awards on Monday evening. The third annual ceremony, compered by BBC Radio 4 sports presenter Garry Richardson, was held to celebrate all that is great about publicly listed British companies “and the equity market within which they operate”. With that in mind, [...]
