Spanish retail sales in decline November 27, 2013 Spanish retail sales fell 0.5 per cent last month compared to the same time a year earlier, the country’s official statistics office INE revealed yesterday. The figures were a blow to the Spanish recovery, following a revised 2.1 per cent rise in retail sales in September. An increase in VAT, introduced in September 2012, likely [...]
S&P says mortgage-related cases may cost US banks up to $105bn November 27, 2013 THE largest US banks may need to pay out up to an additional $105bn (£64.5bn) to settle legacy mortgage-related issues, but have a capital cushion that would help them absorb these losses, according to a report by ratings agency Standard & Poor’s. Eight of the top US banks, including JP Morgan Chase and Bank of [...]
UBS says French investigators have visited Paris headquarters November 27, 2013 FRENCH judicial authorities probing Swiss bank UBS over allegations it illegally sold products designed to avoid French taxes visited the bank’s headquarters in Paris yesterday, a UBS spokesman said. It is the second time in just over a year that investigators have probed UBS’s French offices in person. The Swiss bank was placed under formal [...]
United Utilities uses tax rebate to trim bill hike November 27, 2013 FTSE 100-listed water company United Utilities yesterday said it plans to use a tax settlement to keep price increases in line with inflation next year, as it unveiled increased half-year revenues and earnings. A revised agreement with HM Revenue and Customs has triggered a tax windfall for water companies. Severn Trent yesterday said it is [...]
RWE Npower to slash 1,400 UK jobs and shut down three sites November 27, 2013 ENERGY giant RWE Npower is set to cut 1,400 UK jobs and close three sites in the North East of England. A further 570 jobs will be transferred to another provider in 60 days. The lost jobs will be transferred to India as sites at Peterlee, Thornaby and Stoke are shut down. Trade union the [...]
Large company insolvency rate cut by over half November 27, 2013 INSOLVENCIES among Britain’s largest companies more than halved in October when compared to a year earlier, according to data released by Experian yesterday. In a boost to the UK’s economic prospects, Experian said that the year-on-year insolvency rate for companies with 500 or more employees was 0.08 per cent last month – down from 0.2 per [...]
Amec shares slide as investors fear costly takeover of US rival November 27, 2013 FTSE 100-listed engineering firm Amec’s shares plunged 3.5 per cent yesterday, after speculation of a takeover approach for US rival Foster Wheeler triggered fears of a rights issue that would dilute the stock’s value. Investors reacted badly to the idea that Amec would have to issue equity to fund a potential purchase of the £1.8bn [...]
New report shows UK’s oil and gas industry faces talent drain November 27, 2013 THE UK’S oil and gas sector is suffering from a skills shortage and is looking for talent outside of the industry, according to a report released today. A survey from Aberdeen & Grampian Chamber of Commerce and law firm Bond Dickinson found that 75 per cent of oil and gas operators and 68 per cent [...]
Clifford partners pick Layton to lead global firm November 27, 2013 LONDON corporate lawyer Matthew Layton has been named as the next global managing partner of Clifford Chance, replacing David Childs when he steps down early next year. Layton beat two opponents to the post in the partnership vote, seeing off competition from fellow London partner Andrew Carnegie and Paris boss Yves Wehrli. Layton will begin [...]
The man who spent 80 years at Goldman November 27, 2013 AT A TIME when most investment bankers count themselves lucky to last a decade at one company, Alfred Feld has stood apart. Feld, who died this week aged 98, worked at Goldman Sachs for more than 80 years. He joined the bank as a messenger in July 1933, when Goldman was still recovering from the [...]
