Citigroup wins consent to offer credit cards in China February 6, 2012 THE CHINESE arm of Citigroup announced yesterday that it has won regulatory approval to issue credit cards in mainland China, becoming the first non-Asian bank to receive permission. Citi, which has branches in 13 cities, said it would likely launch credit card operations this year. “This approval represents a significant milestone in the continued expansion [...]
Euro recession hit would threaten eastern growth February 6, 2012 A FULL-BLOWN recessionary crisis prompted by the Eurozone would cause China’s GDP growth to collapse by half, the IMF warned yesterday. The global bailout body urged Chinese authorities to defer any reduction in government spending, and instead target a deficit of around two per cent of GDP. And in the event of a global recession [...]
Beijing refuses to pay planned flight CO2 tax February 6, 2012 CHINESE airlines have been banned from paying the EU’s carbon emissions charges, the government in Beijing announced yesterday, setting the scene for a row over the enforceability of international tax arrangements. Starting from next year, airlines will be given permits covering 85 per cent of their current carbon emissions but will have to pay fines [...]
Ex-Dresdner boss defends bonus policy February 6, 2012 DRESDNER Bank kept its staff working hard by offering a minimim bonus pool months before it confirmed individual guarantees, a former executive told the Commerzbank trial yesterday. Stefan Jentzsch (pictured), previously head of Dresdner’s investment banking arm, defended the decision to create a €400m (£331.9m) bonus pool for 2008 because of the need to prevent [...]
Baer chief: US fine looms but we won’t be charged February 6, 2012 SWISS private bank Julius Baer expects to pay a fine to escape a growing US crackdown on offshore accounts. Boris Collardi, chief executive, said he did not expect the bank to be indicted, as smaller rival Wegelin was last week, and that Baer had taken an “early, proactive” approach with the US authorities. “We expect [...]
African dreams for Nedbank as earnings soar February 6, 2012 NEDBANK, South Africa’s fourth-largest lender, said its full-year earnings rose by as much as 28 per cent, boosted by higher non-interest revenues and a better-performing retail unit. The bank, majority owned by insurer Old Mutual, said it expects to report a 23 to 28 per cent increase in diluted headline earnings per share for the [...]
Towers Watson beats forecasts with its results February 6, 2012 PROFESSIONAL services company Towers Watson posted better-than-expected quarterly results yesterday, helped by higher revenue from its benefits segment, and forecast full-year earnings above estimates. Second-quarter net income rose to $65.4m (£41.3m), or 92 cents a share, from $48.6m, or 65 cents a share, a year ago. The firm’s revenue rose 11 per cent to $880m.
Duke Street takes stake in legal market February 6, 2012 PRIVATE EQUITY firm Duke Street has become the first investment house to take a stake in the UK’s legal sector, buying a majority stake in Parabis Group – the parent company of two insurance litigation firms. Duke Street’s investment, which means it owns just over 50 per cent of Parabis, values the company at £150m-£200m. [...]
Pinsent Masons and McGrigors confirm merger February 6, 2012 CITY law firm Pinsent Masons yesterday confirmed it will merge with Edinburgh-based McGrigors, in a legal tie-up to create a company with a turnover of more than £300m. The combined firm will employ over 2,500 people in total including more than 1,500 lawyers, with around 500 based at Pinsents current headquarters in the legal heart [...]
LAUREUS WORLD SPORTS AWARDS FIRE THE GUN ON LONDON’S OLYMPIC YEAR February 6, 2012 MOST SPORTSMEN keep their trophies in cabinets or on the mantelpiece. Golfer Darren Clarke uses his Open Championship silverware to pour wine. “When I was serving the wine at Christmas from The Claret Jug; I thought ‘this is the life’,” said Clarke on the moment winning the Open on the twentieth attempt aged 42 finally [...]
