NAB: British recovery is worse than years after the Depression April 30, 2012 THE owner of Yorkshire and Clydesdale banks has blamed its decision to cut 1,400 jobs on a British recovery that is “longer and slower” than the period after the Depression. National Australia Bank said it would take charges of $740m (£474m) after the shake-up, which follows the Eurozone slump, Britain’s flagging economy and a “double [...]
Palamon gets set for payout with debt deal April 30, 2012 PRIVATE equity firm Palamon has completed the refinancing of its English language school group Cambridge Education, the first time in more than a year that a private equity house has effectively tapped British banks to pay itself a dividend on an investment. Palamon Capital Partners’ deal with Royal Bank of Scotland for a new £23m [...]
RBS to spin off M&A advisory to create an independent firm April 30, 2012 RBS is planning to spin off its M&A advisory unit into a standalone business to be run by its current staff. Simon Penney, head of RBS’s investment bank in the Middle East and Africa, told Reuters: “The M&A bankers plan to form a boutique business… It’s not clear as to which regions would join in [...]
Qatar hands Barclays $250m to promote Doha as financial hub April 30, 2012 A TOP Barclays shareholder has handed one of the bank’s private equity units $250m (£154m) to set up a new joint venture. Qatar’s biggest sovereign wealth fund, the Qatar Investment Authority, and the Qatar Financial Centre (QFC) Authority, a government agency aimed at boosting the country’s financial services, are hoping the investment will help to [...]
Boris demands Heathrow ends customs chaos April 30, 2012 MAYOR Boris Johnson has expressed “serious concern” about long immigration queues at Heathrow airport and demanded to know how the UK Border Force will ensure that delays are kept to a minimum during the Olympics. In a letter to home secretary Theresa May the mayor said the current situation at Heathrow “gives a terrible impression [...]
Ken pins his hopes on anti-Tory sentiment ahead of polling day April 30, 2012 KEN Livingstone yesterday launched his final push to be elected Mayor of London under the slogan “Don’t let the Tories get away with it.” Narrowly behind in the polls, his campaign now hinges on his ability to woo back traditional Labour voters who are intending to back Boris Johnson. “Tory fare hikes, Tory recession, Tory [...]
Election neck and neck with 48 hours to go April 30, 2012 THURSDAY’S mayoral election is set to go to the wire, with Boris Johnson having a narrow advantage as the campaign enters its final days. Yesterday’s YouGov poll gives the Conservative candidate a 52–48 lead over Labour’s Ken Livingstone once second preference votes are taken into account. This is a slight increase of two points on [...]
Martin Sorrell pockets 60 per cent rise in pay April 30, 2012 SIR Martin Sorrell, the chief executive of advertising giant WPP, saw his overall pay package jump a whopping 60 per cent to £6.77m last year. Sir Martin’s base salary rose 30 per cent to £1.3m, and he also pocketed a £2m cash bonus, up from £1.9m last year. His deferred share bonus more than tripled [...]
Barclays won’t let pay row deflect it from broader goal April 30, 2012 BARCLAYS Bank’s objective to have an investment banking operation as successful in equities and advisory as Deutsche Bank or any of the other bulge bracket firms is constantly being questioned, both by rivals and by analysts and shareholders. Some say the bank will bottle it as costs get out of control; others say that franchises [...]
Nash bucks recruitment woe with revenue jump April 30, 2012 SPECIALIST recruiter Harvey Nash reported a surprise increase in revenues from its financial services business yesterday, boosting the firm to an overall 26 per cent revenue rise for 2011. Total turnover at the firm, which focuses on technology and IT services roles, rose to £533m from £422m last year, lifting operating profits by 41 per [...]
