UK taxpayers swallow a loss on Rock sale November 17, 2011 THE GOVERNMENT accepted a loss of at least £400m yesterday as it offloaded the bailed-out lender Northern Rock for just over half of the cash it originally put into the bank. Virgin Money paid £747m in cash for the Rock, but promised that it would give the Treasury up to £280m more if it manages [...]
Between the Rock and a hard place: Osborne should be grateful that the government did not lose more November 17, 2011 GEORGE Osborne was never going to please everyone with the sale of Northern Rock’s “good bank”. The criticisms came in thick and fast yesterday: he didn’t mutualise it, he sold at a bad time, he swallowed a huge loss. Many in the City were simply glad to see a deal done at all. Not least executives [...]
EU probe into auditors set to be delayed November 17, 2011 MICHEL Barnier, the European commissioner, is widely expected to postpone the publication of draft legislation designed to clamp down on the market dominance of the “big four” accountancy firms next week. Barnier was planning to propose controversial changes to auditing rules to prevent potential conflicts of interest and boost competition. But the draft regulations are [...]
EBay to open a pop-up shop for Christmas November 17, 2011 ONLINE retailer eBay is to open a Christmas “pop-up” store in London’s busiest shopping district. The store, located on Dean Street – a stone’s throw away from Oxford Street – will not directly sell anything but will feature display models with codes customers can scan with their smartphone if they want to make a purchase. [...]
Investec sees investment bank suffer November 17, 2011 INVESTEC could join the flurry of banks laying off staff if conditions worsen, managing director Bernard Kantor told City A.M. yesterday as the bank reported a small drop in profits. “As much as we don’t like to hire and fire, we have to live in the same world as everyone else,” he said. “It’s tough [...]
Savills buoyed by London and Asia amid Euro crisis November 17, 2011 PROPERTY agent Savills said it was on track to meet full-year expectations as its prime London residential and Asia Pacific businesses help offset its poorer performance in continental Europe. The group is cutting its presence in non-core markets as “macro economic issues have curtailed activity in many countries” and is instead focusing on stronger-performing France, [...]
South African billionaire in talks to take over Tower 42 November 17, 2011 SOUTH African billionaire Nathan Kirsh could soon be making a comeback to the City as the new owner of the Tower 42 skyscraper. Kirsh’s family office is understood to be in advanced talks to buy Natwest’s former headquarters on Old Broad Street, which would mark Kirsch’s first deal since selling a 29 per cent stake [...]
Shares dip after turmoil hits Close Brothers assets November 17, 2011 ANALYSTS responded cautiously after banking group Close Brothers said assets under management had sunk £1bn during the last quarter. Close said its asset management arm had fallen to a small loss. The division was running £8.6bn of cash at the end of October, down 10.4 per cent from 31 July. The banking division saw good [...]
Investors pick Amlin despite higher losses November 17, 2011 LOSSES from catastrophes this year are higher than previously estimated at Lloyd’s insurer Amlin, but it is charging higher rates for its business as a result, it said yesterday. Shares in Amlin jumped 6.3 per cent in trading and closed five per cent higher as investors welcomed its upbeat outlook on rates. About three quarters [...]
Glencore gets lift from coal and copper November 17, 2011 GLENCORE International said third-quarter trading in its marketing arm was “solid” as it posted a jump in metals output and announced it had become an oil producer yesterday. The trading update calmed the jitters of some investors, who feared the company could be hit by the market turmoil that triggered a quarterly loss at rival [...]
