City to gain as 11 EU states close in on financial tax January 22, 2013 ELEVEN EU countries were given the go ahead yesterday to start planning for a financial transactions tax (FTT) in an effort to squeeze more state revenues out of the sector. The charge is expected to hit trading activity in the countries that adopt it, potentially pushing more business towards the City as the UK is [...]
Desperate Osborne risks fuelling another housing bubble January 22, 2013 It is starting to look as if George Osborne is going to blow another housing bubble, albeit this time of a more modest variety. His Funding for Lending Scheme is starting to have an effect; but instead of making it easier and cheaper for small firms to borrow money, the subsidy’s supposed intention, the scheme [...]
Barclays to cut hundreds of London bankers January 22, 2013 BARCLAYS is to cut hundreds of investment banking jobs in London next month, yesterday launching a consultation on the job losses. The bank is expected to shut controversial businesses including its tax planning arm and agricultural commodities trading units next month under a major review by new chief executive Antony Jenkins, aimed at improving the [...]
What the other papers say this morning January 22, 2013 FINANCIAL TIMES New hedge fund cuts fees One of the UK’s fastest-growing hedge funds is slashing fees, hoping it will spark a rethink of the industry’s high charges. The Core Macro fund from Cambridge-based Cantab Capital will employ similar trading strategies as funds from Man Group, Winton Capital and BlueCrest, three of the world’s biggest [...]
Google profits break records as ads recover January 22, 2013 GOOGLE saw record profits in the final quarter of last year, as its business grew internationally and average advertising rates stabilised. The technology giant beat expectations to report revenues of $14.4bn (£9bn) for the period, a 36 per cent year-on-year increase. Profits rose to $2.89bn, relieving investors who were spooked three months earlier when Google [...]
City jobs rising as legal hiring counters bank staff bloodbath January 22, 2013 LEGAL services jobs in the City increased rapidly last year, outweighing even the dramatic fall in bank employment and pushing total headcount in the square mile up through 2012, new figures revealed yesterday. A total of 117,800 people are now employed in legal services, TheCityUK found, an increase of 2.5 per cent on the year. [...]
Microsoft joins race to take Dell private January 22, 2013 MICROSOFT has waded into moves to buy out US computer maker Dell, offering a multi-billion dollar investment in the deal. Although the company is not believed to have committed to a contribution, it has held talks over joining a group of investors led by Silver Lake Partners. An investment in Dell could signal a further [...]
Sir Stuart Rose takes the hot seat at Ocado January 22, 2013 SIR STUART Rose, the former boss of Marks & Spencer, is to become chairman of Ocado, in a major coup for the online retailer. The company said Sir Stuart is to replace Sir Michael Grade after its annual general meeting in May. Grade, best known for his roles at ITV and Channel Four, will be [...]
Hilco snaps up HMV debt pile to take control January 22, 2013 HMV was given a potential lifeline yesterday after restructuring firm Hilco bought the crisis-hit music retailer’s debt for about £40m, effectively giving it control of the group. Hilco – which already owns HMV Canada – confirmed yesterday it had acquired HMV’s debt from the group’s consortium of lenders led by the Royal Bank of Scotland [...]
British chiefs anticipate M&A shopping spree January 22, 2013 BRITISH bosses are expecting a wave of big deals in 2013, planning to expand their companies through mergers and acquisitions rather than via organic growth, research from PwC has revealed. An international survey of chief executives found that 43 per cent of British business leaders plan to complete a domestic M&A deal this year, the [...]
