EX-MPC MEMBER JOINS CREDIT SUISSE September 30, 2010 FORMER Bank of England Monetary Policy Committee member Kate Barker has joined Credit Suisse as a senior adviser. Barker, who spent nine years on the MPC, was formerly a chief economic adviser at the CBI. Sir Alan Budd, who stepped down from Credit Suisse in May to spend a fleeting stint as the first chairman [...]
M&C Saatchi expects Xmas adverts boost September 30, 2010 AD AGENCY M&C Saatchi hopes a bumper Christmas for retailers will help it beat full-year expectations. The update came as Saatchi posted a 17 per cent rise for pre-tax profit to £6.3m and the same size sales rise to £58.2m, for the six months to the end of June. The news adds to hopes that [...]
Monetise joins mobile scheme September 30, 2010 UK MOBILE banking and payments group Monetise has announced a major partnership to supply software for Visa’s new contactless payment system. Last week City A.M. revealed Visa will roll out a network of payment points where users can use their mobile phone to pay in stores. Now Monetise has said it will partner DeviceFidelity to [...]
Orange JV announces 1,200 jobs will be axed September 30, 2010 EVERYTHING Everywhere, the tie-up between France Telecom’s Orange and Deutsche Telekom’s T-Mobile in the UK, said yesterday it would cut 1,200 back office and management jobs. The company said the roles were duplicated across the two businesses, which merged in July, and will affect around 7.5 per cent of its 16,000 strong workforce. Everything Everywhere [...]
Daily Sport publisher is forced to ask for loan holiday despite return to black September 30, 2010 SPORT Media Group (SMG), the publisher of the Daily Sport and Sunday Sport was forced to ask for a six month “holiday” on its £50,000 a month loan from Royal Bank of Scotland, it admitted yesterday. The red-top publisher warned second-half profit is likely to fall short of expectations and said its working capital was [...]
Ex-State Street workers charged over subprime September 30, 2010 TWO former top State Street executives were hit with securities fraud charges yesterday for misleading investors about a risky subprime mortgage-laden fund and tipping off favored clients. The US Securities and Exchange Commission (SEC) said it charged John Flannery, a former member of State Street’s executive management group, and James Hopkins, the former head of [...]
Peer-to-peer lender reaches £100m in arranged loans and expects to grow September 30, 2010 ONLINE peer-to-peer lender Zopa has smashed past the £100m arranged loans mark as demand for alternative banking surges. The bank says the success of its model, where individual lenders and borrowers agree their own terms, is partly a reflection of low interest rates. Chief executive Giles Andrews told City A.M. he expects the firm to [...]
SUPERFAST BROADBAND HITS THE BEACH September 30, 2010 BT chief executive Ian Livingston (right) yesterday launched a major fibre broadband network in Cornwall as part of the firm’s goal of providing superfast internet to 66 per cent of the UK by 2015. BT worked with the local authority and Brussels to fund the roll out to some of the more remote parts of [...]
3i trebles buyouts after restructure September 30, 2010 PRIVATE equity firm 3i Group trebled its buyout investments in the five months to August after a recent shake-up at the firm saw its head of buyouts resign, it said yesterday. Investment in buyouts increased to £236m from £86m in 2009, with overall investments up more than 65 per cent to £257m, 3i said. Realisations [...]
Stone will advise new SME bank on hunt for investors September 30, 2010 A NEW business bank specialising in lending to small and medium sized enterprises (SMEs) is launching an international fundraising which aims to raise £100m in start-up funds. Most of the bank’s management team are currently under contract elsewhere in the City but have already opened discussions with the Financial Services Authority (FSA) to acquire a [...]
