Broker battle looms as RBS axes Hoare Govett May 27, 2012 HOARE Govett, the historic City broker recently offloaded by Royal Bank of Scotland, is on the verge of losing its mandate with the taxpayer-backed lender. RBS has begun the process of replacing the broker, which it sold for just £1 in February, as chief executive Stephen Hester shrinks its sprawling balance sheet in order to [...]
Eurozone crisis could unleash an epidemic of protectionism May 27, 2012 WHEN Lehman Brothers went bankrupt in 2008, precipitating a global recession and the unwinding of a massive credit bubble, many feared a terrified world would succumb to the siren songs of protectionism. History usually repeats itself because younger generations forget the past or believe that they are better than their forebears; and one of the [...]
Coalition hasn’t halted deluge of new rules May 27, 2012 THE UK’s law books still saw tens of thousands of amendments last year despite a government pledge to cut back red tape and create a more stable legal atmosphere, according to data out today from Sweet and Maxwell. The burden of new legislation fell by just eight per cent, with 1,727 new laws passed last [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 27, 2012 FINANCIAL TIMES Hedge fund upbeat over economy The economy is positioned for apowerful recovery in the coming years and by 2050 will overtake Germany to become Europe’s biggest, according to a leading UK hedge fund. The Eurozone crisis could be a significant boon for the country, says the London based Toscafun. Newedge to leave Greek [...]
Women overlooked by recruiters May 27, 2012 A campaign to get more women on company boards is struggling because headhunters and hiring committees are too traditional when recruiting for senior roles, according to a report out today. Last year, some of the biggest headhunters signed up to improve the gender balance in Britain’s boardrooms. But one year on, they are still holding [...]
More failed high street retailers May 27, 2012 The number of British retailers going bust jumped 38 per cent to 670 in the first quarter of 2012, up from 486 in the fourth quarter, as the country slumped to a double dip recession, according to a survey from accountancy firm Wilkins Kennedy released today. High profile casualties in the first quarter included discount [...]
Stricken Bankia was urged to raise more cash May 27, 2012 SHARES in bailed-out Spanish lender Bankia are expected to plunge today as new questions emerge about warnings it received in the run-up to its share issue last year. The bank, rescued over the weekend with €23.5bn (£18.78bn) from the Spanish government, was told last year it needed more cash when it raised €3.1bn in July, [...]
Investors rightly fear over-optimism more than big rights issues May 27, 2012 NEAR the end of last year, I spoke to a banker involved in UniCredit’s €7bn rights issue, which had generated huge scepticism in the markets. How on earth was he going to convince investors to put so much money into Italy’s biggest lender with every sign that the Eurozone crisis remained unresolved? His answer was [...]
UN holds emergency summit as outrage grows over Syria carnage May 27, 2012 THE UN Security Council met yesterday to discuss the killing of at least 108 people in the Syrian town of Houla, a sign of mounting outrage at the massacre that the government and rebels blame on each other. Images of bloodied and lifeless young bodies, lain carefully side by side after the onslaught on Friday, [...]
Germans push Greece to stick to bailout plan May 27, 2012 THE SWISS National Bank (SNB) is preparing contingency plans for a Greek exit from the Eurozone which could include capital controls, it emerged yesterday, while a leading German minister warned the country will not “pour money into a bottomless pit.” The Lloyd’s of London insurance market also said it has reduced its exposure to the [...]
