Fewer bankers but extra red tape as City job cuts laid bare February 12, 2012 THE number of people working in financial services jobs approved by the City regulator has fallen to its lowest level for seven years, according to new analysis. The total number of people on the Financial Services Authority Register dropped to 157,587 in December last year, down 6.9 per cent from the recent high of December [...]
Recruitment slump is hitting cost of London home rentals February 12, 2012 THE slump in the City job market is dragging down the cost of renting prime residential property in London. Rents in the best areas fell 0.2 per cent, equivalent to £80 a month, according to research published today. It comes after a halving in the number of vacancies in financial services over the last year. [...]
Search for Greek resolution a game of bluff February 12, 2012 WE could be entering the first really choppy period of the New Year for investors as we watch for some kind of resolution with Greece. Nearly everyone I speak to assumes that Greece will get the minimum amount it needs to stave off a disorderly default, simply because Europe is not yet confident enough to [...]
Aviva sees progress on Taiwan sale February 12, 2012 Insurer Aviva said yesterday it was continuing with talks on the sale of its stake in a Taiwan life insurance joint venture, and was making progress. Sources with direct knowledge of the matter had claimed on Friday that the company had put aside for the time being a plan to sell down its stake due [...]
Intesa Sanpaolo not eyeing banks February 12, 2012 Intesa Sanpaolo, Italy’s biggest retail bank, is not eyeing Banca Monte dei Paschi (MPS) di Siena or other Italian banks, its chief executive said in an Italian newspaper yesterday. MPS needs to find €3.3bn by the end of June to meet tougher capital requirements and it could become a takeover target. Sources said the foundation [...]
EX-TRADER’S INSIDE JOB ON MORGAN STANLEY February 12, 2012 ART IMITATES life in the new novel On the Floor by former Morgan Stanley bond trader Aifric Campbell. “The real truth about the City – the pressure and the ruthlessness – is best written about by people who have lived it,” says Campbell, who drew on her years as Morgan Stanley’s first female MD on [...]
BILL OF THE WEEK February 12, 2012 THE CRACK Baby, a favourite with Chelsea property developers, isn’t as illegal as it sounds. But still – judging by the 26 vodka and champagne concoctions of the same name a party of 14 socialites got through when they visited Eclipse – the drink is just as addictive as its Class-A namesake. As is the [...]
CBI: Economic recovery will kick in soon February 12, 2012 GROWTH will restart early this year, the Confederation for British Industry’s (CBI) economic forecast predicted today, pointing to positive business survey data. The BDO optimism index, also published today, points to a rebound from the middle of 2012. However, the Institute for Turnaround (IfT) sounded a note of caution, arguing low consumer spending threatens to [...]
Inflation to fall as VAT drops from data February 12, 2012 CONSUMER price index (CPI) inflation figures published tomorrow are set to show the pace of price rises slowed further, as 2011’s VAT rise drops out of the data and commodities prices slowed. CPI inflation fell from 5.2 per cent in the year to September to 4.2 per cent in December. Economists widely expect the headline [...]
ANALYSTS’ VIEWS: WHAT WILL TOMORROW’S INFLATION DATA SHOW? February 12, 2012 VICKY REDWOOD | CAPITAL ECON “Inflation now appears to be on a clear downward trend. As the VAT effect drops out, knocking 0.7 per cent or so off inflation, we predict a fall to 3.2 per cent in January – high enough to prompt an explanatory letter to the Chancellor. We expect inflation to be [...]
