London skyline gets a £1.2bn Chinese fortune January 7, 2014 CHINESE state-owned Greenland Group has made its first foray into the UK market with a £1.2bn swoop on two major London developments – which could see it build the tallest skyscraper in Canary Wharf. The property giant yesterday signed a deal to buy developer Minerva’s Ram Brewery, a historic seven acre site in Wandsworth claimed [...]
No benefits for immigrants for five years – Ukip January 7, 2014 NIGEL Farage has called for a ban on immigrants receiving benefits in the UK until they have been resident for at least five years, extending the current three-month period during which they cannot claim. The Ukip leader added that preserving British society and creating jobs for young people are more important than boosting GDP. “The [...]
Drop in oil imports by US drives trade deficit back to 2009 level January 7, 2014 THE US trade deficit fell to a four year low during November, as higher shale gas production helped to hold down the country’s demand for imported energy. With a negative balance of $34.25bn (£20.88bn), the gap between imports and exports is smaller than at any time since October 2009. Exports hit $194.9bn in December, the [...]
HSBC plans share payments in response to Brussels’ bonus cap January 7, 2014 TOP STAFF at HSBC will receive quarterly payments of shares as part of their salaries, it emerged yesterday, as part of a plan to pay employees within the EU’s new bonus cap. The bank wants to pay some employees mainly in bonuses so it can vary pay easily depending on performance and can claw back the [...]
Tourre denied a new trial in Sec case January 7, 2014 FABRICE Tourre, a former Goldman Sachs vice president who was found liable for defrauding investors over a failed mortgage transaction, has failed to persuade a federal judge to dismiss the case or give him a new trial. US District Judge Katherine Forrest in Manhattan yesterday said jurors did not make a mistake on 1 August [...]
M&S investor piles pressure for cash return January 7, 2014 MARKS & Spencer shareholders are putting pressure on the high street retailer to buy shares or increase its dividend, as the City braces itself for a gloomy trading update tomorrow. One top 20 investor told City A.M. “There is some pressure on management somewhat given that we are at the end of the turnaround strategy [...]
Former UBS banker pleads not guilty to assisting tax dodging January 7, 2014 A FORMER high-ranking UBS banker charged with helping Americans dodge taxes through secret Swiss bank accounts pleaded not guilty to tax fraud conspiracy yesterday in federal court in Florida. Raoul Weil, a 54-year-old Swiss citizen and former head of global wealth management at UBS was charged five years ago with conspiring to help thousands of [...]
Royal Mail hit by broker note January 7, 2014 CANTOR Fitzgerald looks set to be left off Royal Mail’s Christmas card list this year after slapping a sell rating on the postal service’s shares. Cantor analyst Robin Byde said that “following its spectacular post-IPO performance, [Royal Mail]’s valuation and dividend yield are no longer compelling”. While he said the firm was doing well with [...]
Jury selection begins in trial of SAC trader January 7, 2014 JURY selection began yesterday in the trial of Mathew Martoma, a former portfolio manager at Steven A Cohen’s SAC Capital Advisors hedge fund, who is accused of engaging in the most lucrative insider trading scheme in US history. Court officials handed questionnaires to 80 potential jurors to determine their suitability to sit for more than [...]
Tablets the top pick for iPlayer Xmas viewing January 7, 2014 THE BBC’S iPlayer service saw more viewers tune in on tablets than computers over Christmas for the first time ever. In comparison, last year tablets made up just 21 per cent of iPlayer’s Boxing Day viewers. “2013 truly proved to be the year of the tablet and after they were all unwrapped, Boxing Day saw [...]
