London jobs to go to Mumbai as Deutsche makes cuts in City September 12, 2012 DEUTSCHE Bank plans to slash infrastructure spending, which could see jobs shifted from expensive locations like London to low-cost sites in Mumbai, the bank’s chief operating officer (COO) told investors yesterday. The move is part of a three year plan to cut €4.5bn (£3.6bn) from the bank’s cost base. Deutsche will sell 40 buildings and [...]
US ambassador to Libya killed September 12, 2012 BARACK Obama has promised to bring to justice the killers of the US ambassador to Libya and three other American embassy staff. Chris Stevens (pictured) was killed late on Tuesday night in an attack on the US consulate in the eastern city of Benghazi after gunmen stormed the building, blaming America for a film they [...]
LGIM pushes for single headline figure for pay September 12, 2012 LEGAL and General Investment Management (LGIM), one of the biggest shareholders in the world, yesterday said it would withdraw support for generous share matching plans for company executives. LGIM, which manages £383bn of money for large institutional investors, said remuneration committees should keep pay packages as simple as possible, with one headline pay figure in [...]
ING’s Asian sell off gathers pace as Korea deal enters final stage September 12, 2012 DUTCH insurer ING is closing in on a deal to offload its South Korean business for at least $2.2bn (£1.4bn) in the first wave of disinvestments the insurer is set to make in Asia this year. South Korean firm KB Financial is the frontrunner to land ING Life Insurance Company Korea, its insurance business in [...]
Investors call for audits of market updates September 12, 2012 INVESTORS and analysts would like to see companies’ preliminary financial statements audited, according to a report released today by PwC. More than half of those interviewed by the accountancy firm said they would like to see interim results reviewed by third parties due to the important influence they had on deciding investment strategies. There were [...]
Insurance fraud hits £1bn a year September 12, 2012 INSURANCE fraudsters filed £19m of bogus insurance claims every week on average last year, an annual increase of seven per cent, a new report out today shows. The study by the Association of British Insurers (ABI) shows insurers uncovered 139,000 bogus claims worth a total of £983m last year, the equivalent of 15 false claims [...]
Greece prepares to lease islands as kickstarts privatisation drive September 12, 2012 GREECE has identified up to 40 islands that could be leased to developers in a desperate bid to reduce its debt, in order to receive further international aid. The country which has 6,000 islands, many of which are uninhabited, plans to lease the land to developers for up to 50 years enabling them to build [...]
US wholesale trade slips in July September 12, 2012 ■ US monthly wholesale trade edged down in July, following a more significant fall seen in June, data from the US Census Bureau revealed yesterday. Total monthly sales slipped 0.1 per cent, to $402.4bn on the revised measure, based on a 0.8 per cent fall in durable sales to $181.0bn, and a 0.5 per cent [...]
Starbucks to hire 1,000 apprentices September 12, 2012 ■ Starbucks yesterday unveiled an ambitious plan to hire an additional 1,000 apprentices over the next 24 months in the UK, with up to 700 apprenticeships opportunities being offered in Greater London over the period. The Starbucks apprenticeship is a qualification equivalent to five A-C GCSE grades. Recruitment will run throughout UK stores during the [...]
Thai’s TCC bids for F&N September 12, 2012 A GROUP linked to Thai billionaire Charoen Sirivadhanabhakdi yesterday made a $7.2bn (£4.5bn) cash offer to take over Fraser and Neave, two weeks ahead of a crucial shareholder vote on Heineken NV’s separate offer for F&N’s key beer business. The offer came after Thai Beverage and TCC Assets, the vehicle linked to the billionaire, increased [...]
