Court date looms as UBS and US fail to agree over tax row July 29, 2009 A PROTRACTED legal battle between Swiss bank UBS and the US authorities looks increasingly likely, with the two sides still to reach a settlement over demands that the bank hand over details of 52,000 customers suspected of tax evasion. Lawyers for the Department of Justice (DoJ) said “no agreement has been reached and it’s unclear [...]
BHP Billiton smashes tradition and agrees iron ore spot pricing July 29, 2009 BHP BILLITON yesterday claimed a victory in its campaign to change the way iron ore is priced, as it announced that almost 30 per cent of its sales this year will be determined by prices on the spot market. The world’s largest miner broke over 40 years of industry tradition – where iron ore prices [...]
Lazard profit falls but beats forecasts July 29, 2009 FINANCIAL adviser and asset manager Lazard yesterday reported higher-than-expected second-quarter earnings, helped by strength in its restructuring business, sending its shares higher. But the firm said that profit was lower than a year earlier as its mergers and acquisitions business had not fully recovered in a lacklustre market. Lazard vice chairman Steven Golub said that [...]
DON’T LEAVE ME THIS WAY July 29, 2009 HMV shares slipped two per cent yesterday to 110.5p following revelations that its chief executive Simon Fox was a favourite to head commercial broadcaster ITV. Fox, credited with turning around HMV, is in advanced discussions with the network which wants a replacement for Michael Grade.
Strength of Abbey helps Santander to a half-year profit July 29, 2009 SPANISH bank Santander is reaping the benefits from its acquisitions, as the first half attributable profit at its UK operations rose nearly 63 per cent to £790m, from £485m last year. Santander-owned Abbey, including recent purchases Alliance & Leicester and the savings book of Bradford & Bingley, saw a 20 per cent rise in revenues [...]
Commuter chaos in the City as RMT takes industrial action over salaries July 29, 2009 THOUSANDS of London commuters face travel chaos today and tomorrow, as workers on the National Express East Anglia franchise go on strike for 48 hours over pay. Services to Cambridgeshire, Norfolk, Suffolk and Essex will be affected and the action will disrupt many lines in and out of London, including trains for Stansted Airport, Southend [...]
SJP eyes new wealth clients July 29, 2009 WEALTH manager St James’s Place yesterday said it would broaden its investment range and style to attract new clients after posting a fall in first-half operating profits. Chief executive David Bellamy said St James’s Place was seeking to attract a new breed of clients and was planning to offer absolute return and fixed-income funds for [...]
RAB Capital falls into the red as asset levels drop by a third July 29, 2009 HEDGE fund manager RAB Capital said yesterday it had swung to a pre-tax loss for the first half of the year, and admitted the outlook for the next six months was uncertain. The firm, which suffered early on in the financial crisis with poor bets on failed lender Northern Rock, reported a pre-tax loss of [...]
Stereotyping in schools to blame for continuing gender pay gap July 29, 2009 THE GOVERNMENT’S failure to tackle gender stereotypes in schools is partly to blame for women still being being paid almost 23 per cent less than men, a report said yesterday. According to The Women and Work Commission (WWC) – which was set up in 2004 to investigate how the gender pay gap can be closed [...]
TAXI SALES STALL July 29, 2009 LONDON black cab maker Manganese Bronze slumped into the red over the first half of the year as taxi sales slid despite a boost from the government’s car scrappage scheme. The group reported a pre-tax loss of £600,000 against a profit of £1.5m last year, while vehicle sales fell 11 per cent. Chief executive John [...]
