EU says UK’s finances are a serious concern October 14, 2009 BRITAIN’S deteriorating public finances pose a serious concern after billions of pounds were spent on boosting the economy, the European Commission (EC) said yesterday. Along with Ireland, Greece, Latvia, and Spain, “the possible continuing effects of the crisis on the budgetary position and on medium-term growth are a serious concern for the UK”, the EC [...]
Bigger pay rise for public sector staff October 14, 2009 STAFF in the public sector can expect to secure pay rises at twice the rate of their counterparts in the private sector, figures from the Office for National Statistics (ONS) revealed yesterday. The average public sector worker saw a pay rise of 3.2 per cent in the three months to the end of August, while [...]
City defends high bonus expectations October 14, 2009 WALL Street banks are on track to pay employees a record $140bn (£88bn) this year, and despite predictions of a public backlash,City figures say that bonuses are well-deserved. Bankers’ bonuses look set for a resurgence, after US bank JP Morgan Chase smashed analyst expectations to report third-quarter earnings of $3.59bn (£2.5bn), a 72 per cent [...]
FSA outlines new rules to vet top execs at financial firms October 14, 2009 THE Financial Services Authority wants to vet senior job candidates when top banks draw up shortlists — not after a preferred candidate has been identified — the City watchdog said yesterday. In a letter to 5,000 chief executives of financial institutions, the Financial Services Authority said it expected to be engaged early in the recruitment [...]
Demand for luxury goods aids Burberry October 14, 2009 Luxury fashion retailer Burberry yesterday smashed City forecasts as shoppers rushed to get this season’s latest handbags and accessories. Burberry reported revenue of £343m in the three months ended 30 September, down five per cent at constant currencies, but ahead of analyst forecasts of £320m to £335m. Chief financial officer Stacey Cartwright said the group [...]
Bear fund managers lied to investors, court is told October 14, 2009 TWO former Bear Stearns managers whose hedge funds collapsed early in the financial crisis lied to investors to save their bonuses and reputation, a US prosecutor said in an opening statement at their trial on fraud charges. Fund managers Ralph Cioffi and Matthew Tannin – the first Wall Streeters to face criminal charges since the [...]
Maternity leave too long, says fund veteran Pease October 14, 2009 MATERNITY leave is too long at 52 weeks and is damaging women’s opportunities in the workplace, deputy chairman of investment house JO Hambro Nichola Pease told a Treasury committee yesterday. In an evidence session on the City gender divide, Pease said: “A year is too long and sex discrimination cases that run into the tens [...]
Square Mile to lead rise in office rents October 14, 2009 Global real estate adviser DTZ yesterday said rents in the City would rise by eight per cent in 2010 – faster than previously expected. And DTZ said that London would lead the rest of Europe out of the property slump, due to a lack of supply in the capital. It upgraded its forecasts after the [...]
Robert Hanson takes on chairmanship at Strand October 14, 2009 ROBERT Hanson, son of the renowned late industrialist Lord Hanson, has agreed to become chairman of investment banking boutique Strand Partners, in which he has taken a 10 per cent stake. Strand Partners has now been renamed Strand Hanson to mark the involvement of Hanson, who set up investment firm Hanson Capital after resigning from [...]
China’s forex reserves reach a record high October 14, 2009 CHINA has added to its vast vault of foreign exchange reserves, as the value of its yen and euro assets was buoyed by the weakness of the dollar and foreign companies saw the Communist state as an increasingly attractive investment prospect. The People’s Bank of China said its holdings of foreign currency rose by $141bn [...]
