Inside Track: Don’t fret: there’s no doubt the deals are on their way January 23, 2014 ONE banker told me the pipeline for new issue deals is as big as he has seen it over the past decade. While another deal-maker says he’s been getting up at 4.30am every morning. And that’s not to watch re-runs of The Wire or Mad Men. It’s the only way to get his work done. [...]
Shoppers rein in spending after splashing out in run up to Xmas January 23, 2014 SHOPPERS reined in their spending in the early weeks of January, a survey has suggested. Slightly more retailers said that they had experienced poor sales than good sales during the first two weeks of 2014, according to the CBI’s distributive trades survey. However, just 14 per cent more firms reported an expansion than a contraction [...]
Ministers delay pension rate cap change to 2015 January 23, 2014 MINISTER Steve Webb has announced that a cap on pension charges for workplace pensions will not be announced until at least April 2015, a year later than planned. The government is seeking to give employers at least 12 months to prepare for changes to the way auto-enrolment pensions are provided, Webb said in a written [...]
US judge bars Big Four China units January 23, 2014 CHINESE units of the global Big Four accounting firms should be suspended from auditing US-listed companies for six months, a judge in the United States ruled, in an escalation in a long-running dispute over regulators’ access to documents. In a harshly worded 112-page ruling, Securities and Exchange Commission administrative law Judge Cameron Elliot censured the [...]
Standard Bank fined £7.6m for anti-money laundering failures January 23, 2014 STANDARD Bank failed to properly and consistently apply anti-money laundering procedures to corporate customers related to politically exposed persons, the Financial Conduct Authority (FCA) said yesterday. The City watchdog fined the Africa-focused lender for the lapses which occurred between December 2007 and July 2011. The fine of £7.6m was reduced by 30 per cent because the bank [...]
Santander floats US car finance arm as private investors sell up January 23, 2014 SANTANDER Consumer USA successfully floated yesterday as the parent banking group and a range of private equity firms sold stakes in the unit. The initial public offering sold 21.6 per cent of the car finance unit in a deal valuing the whole business at $8.3bn (£5bn). Banco Santander sold a four per cent stake and [...]
Eurozone grew at faster pace as 2013 ended January 23, 2014 THE EUROZONE economies grew at their fastest pace in two and a half years this December, as the currency bloc attempts to emerge from stagnation. According to Markit’s purchasing managers’ index, which surveys firms across the region, businesses are expanding at the most rapid pace since the summer of 2011. The headline score for the [...]
Bottom Line: US slowdown a worry – but this is a blip in the long-term buy January 23, 2014 A BILLION pounds is a lot of money. That’s how much investors wiped off Pearson yesterday after a weaker than expected update sent its shares down more than nine per cent. The company has had a busy few months – selling Mergermarket in November and buying Grupo Multi in December – all while restructuring its [...]
Employment agencies facing mis-selling probe from Cable January 23, 2014 BUSINESS Secretary Vince Cable will investigate a number of top employment agencies, accused of mis-selling personal accident insurance. Cable was pressed to take action yesterday after Chuka Umunna, Labour’s shadow business secretary, highlighted six employment agencies and one larger company, Gee7, that he believes have been making money out of selling insurance to low-paid employees [...]
FBI warns US retailers over cyber crime January 23, 2014 THE FBI has warned US retailers to prepare for more cyber attacks after discovering about 20 hacking cases in the past year that involved the same kind of malicious software used against Target in the holiday shopping season. The US Federal Bureau of Investigation distributed a confidential three-page report to retail companies last week describing [...]
