Clifford Chance and Norton Rose Fulbright name London partners April 23, 2014 CITY law firms Clifford Chance and Norton Rose Fulbright yesterday named a total of 17 new partners in their London office. As part of a 21-strong round of promotions across 10 offices, Clifford Chance said that Caroline Meinertz, David Towers and Barry O’Shea – all senior associates in the London finance team – will become [...]
Easing inflation keeps Carney in a dovish mood April 23, 2014 INFLATION expectations in the UK have dropped to their lowest level since late 2009, as the Bank of England continues to unanimously support historically-low interest rates in the face of weak price pressures. The Bank’s nine-member monetary policy committee (MPC) voted to keep rates at 0.5 per cent at its last meeting on 9 April, [...]
Watchdog hires two city veterans April 23, 2014 THE CITY watchdog has hired veteran investment banker Gunner Burkhart (left) as an adviser on wholesale and markets issues. Burkhart has worked at Goldman Sachs, Deutsche Asset Management, Lehman Brothers and most recently Nomura. The Financial Conduct Authority (FCA) has also hired ex-Competition Commission boss David Saunders to study competition.
Basel deputy plots future for banks April 23, 2014 Regulatory veteran William Coen was yesterday appointed as secretary general of the Basel Committee on Banking Supervision. He will head its policy development group, planning the future of international finance regulation. He has already served as deputy chairman for seven years, and worked at the Bank of International Settlements for 15 years.
Tax affects where big firms set up April 23, 2014 The bosses of most international firms study tax rates before deciding where to base offices, according to a PwC study out yesterday. It found 63 per cent of chief executives cite taxes as a factor when choosing where to operate. That rises to 70 per cent for mobile sectors like asset management, and is above [...]
Student loan reforms won’t save cash April 23, 2014 The new student loans system will barely reduce the taxpayer’s contribution to higher education, leaving the Treasury with a likely bill of roughly £17,000 per student, according to a report today. The Institute for Fiscal Studies (IFS) says that based on official earnings forecasts, the total taxpayer contribution to the UK’s university system will only [...]
Arm shares hit as profit growth begins to slow April 23, 2014 ARM Holdings, whose chip technology powers Apple’s iPhone, saw its shares slide yesterday after a disappointing end to 2013 resulted in first-quarter profit rising less than in previous years. Sales of top-end smartphones, a market dominated by Apple and Samsung, were lower than predicted during the Christmas holiday season, leading to worries that the market [...]
Analyst Views: What does the future look like for Arm in the context of these results? April 23, 2014 LIBERUM | EOIN LAMBE AND JANARDAN MENONArm has reported first quarter results below our forecasts, mainly due to weaker than expected processor royalty revenues. We believe the disappointing royalty trend is mainly driven by slowing growth in smartphones and tablets and we expect these trends to continue. Sell maintained. INVESTEC | JULIAN YATESWith gross margins [...]
Ericsson waits for 4G as sales fail to impress April 23, 2014 MOBILE telecoms equipment firm Ericsson yesterday missed forecasts on sales and earnings growth, though the company is hopeful that the spread of 4G networks will boost sales in future. Swedish firm Ericsson reported earnings before interest and tax of 2.6bn crowns (£236m), up from 2.1bn a year ago but well short of analyst predictions of [...]
Boeing bounces after orders for planes rise April 23, 2014 SHARES in plane manufacturer Boeing ascended yesterday as the firm beat Wall Street’s forecasts on adjusted profits and revenues. The company posted an eight per cent rise in turnover to $20.5bn (£12.2bn) for the first three months of the year, driven by demand from commercial airlines improving their fleets. The increase was amplified by the [...]
