UK firms reject Bank forecast on rate increase September 29, 2013 FOUR out of five finance chiefs (CFOs) in the UK believe interest rates will rise well before the Bank forecasts, a new report reveals, throwing fresh doubt on the Bank of England’s new forward guidance policy. According to Deloitte’s survey of CFOs, 82 per cent believe that interest rates will rise by 2015, despite the [...]
FTSE boards lash out at fresh rules on executive pay votes September 29, 2013 NEW CHANGES coming into force on executive pay tomorrow are unworkable, according to a survey of FTSE board members. The rules, which were announced by business secretary Vince Cable last year, are designed to give shareholders a binding vote on board pay, golden goodbyes, and the hiring of new directors. The change also ensures that [...]
Hays warns firms’ lack of skilled workers could dent recovery September 29, 2013 SKILLS shortages in key industries could threaten the UK’s economic recovery unless the government changes immigration policies to attract skilled foreign workers, according to a report by recruitment firm Hays. Job opportunities in industries such as oil and gas, energy, IT and construction have grown over the past year as the economy has shown signs [...]
Small firms pay £500m a year tax admin bill September 29, 2013 BRITAIN’S complex and arduous tax system costs the UK’s small businesses £500m per year to deal with, according to a report out today from the Federation of Small Businesses (FSB). Filling out forms and calculating tax bills takes bosses an average of 12 days per year, the group estimates, time that could better be taken [...]
Citigroup attracted by China’s new free trade zone in Shanghai September 29, 2013 AMERICAN bank Citi is setting up shop in Shanghai after the authorities decided to open up the city to more economic and social freedoms. Websites like Facebook and Twitter are expected to face less censorship in the city, as part of a drive to welcome more foreigners. And Citi will be among the first banks [...]
Recovery builds with growth in construction September 29, 2013 INCREASING numbers of construction projects are getting underway as faith in the economic recovery strengthens, the Construction Products Association (CPA) said in a report out today. Half of heavy-side firms reported growth of above five per cent in the third quarter, a healthy leading indicator as the firms’ products are often used in the early [...]
Broker pushes plan to split RBS into bad bank September 29, 2013 SWISS bank UBS believes RBS’ toxic assets should be split off from the bank to boost value for the taxpayer, according to a leaked report. The investment bank, which is RBS’ corporate broker, argues the state should take control of the bad bank of legacy assets while other minority shareholders would take one-third of the [...]
Ex-Barclays boss Martin Taylor lined up as possible Lloyds chair September 29, 2013 VETERAN financier and corporate chairman Martin Taylor could take over from Sir Win Bischoff as the chairman of Lloyds Banking Group, it emerged over the weekend. Taylor was chief executive of Barclays in the 1990s, followed by a stint as chairman of high street giant WH Smith as well as six years spent as an [...]
Red tape accused of killing off innovation in asset management September 29, 2013 A FLOOD of new rules governing what asset managers can invest in has squeezed the dynamism and diversity from the sector, according to a report from technology firm SunGard published today. The cost of compliance with rules like Dodd Frank and the Alternative Investment Fund Managers’ Directive mean only the very biggest can really compete [...]
Kabel Deutschland buyout could face legal challenges in Germany September 29, 2013 VODAFONE could face further difficulties in its takeover of Kabel Deutschland as the cable operator’s remaining investors look to improve Vodafone’s €87-a-share offer, which was accepted by the majority of shareholders earlier this month. Elliot Management Corporation, which increased its holdings in Kabel Deutschland to 10.9 per cent ahead of Vodafone’s offer deadline earlier this [...]
