JP Morgan prop trading chief quits March 4, 2012 JP MORGAN has suffered a blow as its head of proprietary trading has decided to quit to set up a hedge fund. In response to regulatory pressures that will outlaw most US banks’ prop trading activities – that is, bets with their own cash rather than clients’ – it is understood that Mike Stewart is [...]
Small firms’ demand for financing declines as just 9pc apply for cash March 4, 2012 MORE than 90 per cent of small businesses have not recently applied for extra loans or overdrafts, according to the SME Finance Monitor, a quarterly report. Just nine per cent of 15,000 SMEs surveyed in the last quarter of 2011 said they had requested any new or renewed financing in the last year, down from [...]
20,000 MORE UK JOBS FOR TESCO March 4, 2012 TESCO unveiled plans yesterday to hire 20,000 new staff over the next two years as part of the supermarket’s efforts to revive its UK business. The UK’s biggest retailer, led by Phil Clarke, said it will invest significantly in additional staff hours and training to boost the customer experience. Tesco said the jobs are the [...]
BP could still face US trial despite Gulf deal March 4, 2012 BP is still set to face the US government in court over the Gulf of Mexico spill, despite its $7.8bn (£6.5bn) settlement with victims over the weekend. Though the deal with more than 100,000 victims was largely welcomed by those affected and by analysts, the US Department of Justice and five American states are pursuing [...]
Oil firm sorts a big part of its sprawling courtroom drama March 4, 2012 IT almost came down to the wire. Just as well it didn’t, given BP’s settlement involves more than 100,000 victims, along with their 340 lawyers from about 90 law firms. Imagine the risk assessment for a deal struck on the courthouse steps. Friday’s long-awaited settlement, tabled after the enormous trial in New Orleans was delayed [...]
Firms call for long-run GDP growth goals March 4, 2012 NEW economic targets focusing on growth as well as government spending would help the government boost the UK economy in the long run, a leading business group said today. The Institute of Directors (IoD) called on George Osborne to target sustainable economic growth of three per cent per year, and a 35 per cent ratio [...]
Osborne faces revolt over top earners’ loss of child benefit March 4, 2012 SHADOW chancellor Ed Balls has called on the government to ditch its plan to cut child tax benefit for higher rate taxpayers. Chancellor George Osborne’s controversial cuts – scheduled for January 2013 – would affect around 1.2m families where one household member earns more than £42,475 a year. However couples earning a joint income of [...]
Savills: Mansion tax inefficient March 4, 2012 A MANSION tax would be “complex and inefficient” and could undermine London’s position as a leading business location, according to research director of Savills, Lucian Cook. Cook says that a mansion tax of one per cent of value over £2m would yield just £1bn, but would unfairly target the income poor, equity rich: “It would [...]
More calls for fuel duty cuts March 4, 2012 THE government is facing growing pressure to cut fuel duty in the Budget as petrol and diesel prices hit record highs last week. Campaign group FairFuelUK, which is holding a mass lobby of MPs on Wednesday, has called for a cut in fuel duty rather than the planned 3p increase in August. It said cutting [...]
Tchenguiz business Vincos narrows losses during 2011 March 4, 2012 THE MANAGEMENT company for the Tchenguiz family businesses narrowed its losses last year as it continues with its restructuring. Vincos, which “provides finance and support services” to a group of firms and looks into investment opportunities for the Tchenguiz Family Trust, said turnover fell 40 per cent to £13.8m in the year to May 2011 [...]
