Pickles backs giving tenants the right to ask for long-term leases October 1, 2013 ERIC Pickles yesterday said he would give tenants the right to request longer rental agreements lasting two to five years – despite concerns that mortgage restrictions will rule out many landlords. The government will now launch a standardised contract for longer rental agreements, even though only Nationwide and Paragon currently allow landlords with buy-to-let mortgages [...]
Boris calls for a cut to stamp duty in London October 1, 2013 BORIS Johnson yesterday called on chancellor George Osborne to exempt London homes from stamp duty, bemoaning the “baleful effects” of the tax on the capital’s housing market. The Mayor of London told the Conservative party conference that the tax – levied at three per cent on homes above £250,000 – is “stamping on the fingers of those [...]
King hires Brunswick to steer it to NY flotation October 1, 2013 POWERSCOURT, the ambitious financial public relations group founded by ex-Goldman Sachs spin doctor Rory Godson, has become the first casualty of the decision by King, the UK-based mobile gaming company, to list in New York rather than London. King, best known for its hit game Candy Crush Saga, has hired Brunswick, which has a US [...]
Solid rise in revenues revealed with plans to expand from PwC October 1, 2013 PROFESSIONAL services giant PwC revealed robust growth in the last fiscal year yesterday, posting $32.1bn (£19.81bn) in revenue, a four per cent increase. PwC’s UK arm underperformed against the company as a whole, with revenues only growing by two per cent. The biggest growth markets for the company in the fiscal year to 30 June [...]
Party cracks appear after Berlusconi tries to end Italy coalition October 1, 2013 SENIOR party figures in Silvio Berlusconi’s fractious centre-right movement urged Italian lawmakers yesterday to defy the billionaire media tycoon and back Prime Minister Enrico Letta in a confidence motion expected today. Berlusconi’s party has come close to breaking apart after he pulled his ministers out of the government at the weekend and called for new [...]
US regulator’s enforcement boss steps down after just three years October 1, 2013 PROMINENT American regulator David Meister, who was closely involved in the crackdowns on Libor manipulation, resigned yesterday citing personal reasons. Meister had been director of enforcement for the Commodity Futures Trading Commission (CFTC), which has taken on a beefed-up role in financial regulation. He had been at the organisation for three years. CFTC chairman Gary [...]
CVC seals deal to sell Campbell soup in Europe October 1, 2013 CAMPBELL Soup is selling some of its European canned soups and meals brands to private equity firm CVC Capital Partners for €400m, the firm announced yesterday. Campbell said in August that it was in talks to sell some brands to CVC Capital as it focuses on its core North American soup and meal business and [...]
Lenders to face crisis survival tests every year October 1, 2013 BRITAIN’S biggest lenders will be put through their paces every year to see if their capital buffers will keep them afloat through a range of possible economic stresses and strains, the Bank of England said yesterday. The new tests aim to make sure banks’ capital buffers are adequate, and to standardise the approach taken to [...]
Q and A: What are the planned stress tests? October 1, 2013 Q Why are these tests happening? A Regulators have made banks hold more capital in an effort to make them less likely to fail when a crisis hits. Now capital buffers are getting close to the required size, the authorities want to see what kind of crises they will protect against. Q How will they [...]
Numis upbeat after float work October 1, 2013 BROKER Numis yesterday said its second half performance was better than it was a year ago, boosted by more initial public offerings and its bookrunning on the float of Foxtons. The company said its corporate client base had also increased as more and more businesses sought advice. The upbeat assessment comes after the firm posted [...]
