CBI says 8,000 City jobs will be lost by the end of 2011 as costs are cut October 2, 2011 THOUSANDS of jobs are expected to go in UK financial services as the sector looks to cut costs, according to a report out today from the Confederation of British Industry (CBI) and PwC. Investment managers, insurers, banks and traders are all expected to cut jobs, the survey found, with the employment outlook only improving in [...]
Five bidders in running for iconic music firm EMI October 2, 2011 EMBATTLED EMI is set to attract at least five second-round bids, boosting owner Citigroup’s hopes of offloading the asset. Buy-out specialist Ronald Perelman has emerged as a leading contender, alongside Warner Music, Vivendi-owned Universal Music, BMG and Sony/ATV, which are all expected to table bids for all or part of the firm. Warner and Universal [...]
EMI RUNNERS AND RIDERS October 2, 2011 BMG chief executive Hartwig Masuch, buy-out specialist Ron Perelman, Warner Music boss Stephen Cooper and Universal Music chief executive Lucian Grainge are all mulling bids for EMI. Sony/ATV, also in the running, is half owned by the Michael Jackson Family Trust
City says Conservatives are not doing enough to promote growth October 2, 2011 THE Tories are not doing enough to promote economic growth, according to the overwhelming majority of panellists on the City A.M./ PoliticsHome Voice of the City panel. Sixty-nine per cent of panellists said the Tories were not doing enough to promote growth in the economy, against just twenty-nine per cent who thought they were. Two [...]
CONFERENCE WHISPERS October 2, 2011 Second class MPs Journalists and MPs haven’t been the best of friends recently. So political hacks on the train to Manchester yesterday morning were more than happy to engage in a bit of petty one-upmanship. Virgin Trains were offering £10 upgrades to First Class, where passengers can use the WiFi connection for free. Allowing for [...]
Lloyds yet to see cut in red tape for SMEs October 2, 2011 BANKS have yet to see any progress on the government’s deregulation agenda for small businesses, according to the chairman of Lloyds Banking Group. During a fringe event of the Conservative Party conference in Manchester, Sir Win Bischoff (pictured) was asked whether he has seen an impact from government initiatives aimed at reducing red tape, like [...]
Increased minimum wage will cost jobs, say retailers October 2, 2011 THE NEW higher minimum wage will stifle job creation in the UK’s shops, the British Retail Consortium (BRC) has said. The national minimum wage was hiked by 2.5 per cent to £6.08 per hour, taking effect over the weekend. “This is a disproportionate rise which makes it harder for retailers to maintain and create jobs [...]
IoD: create jobs with 15pc tax on employers October 2, 2011 LOWER corporate taxes, lower state spending and protected infrastructure spending are among 15 measures proposed today by the Institute of Directors (IoD) which it believes would boost the economy. Launched by new director-general Simon Walker, the IoD’s 15-point plan to “return Britain to a growth trajectory” covers taxation, regulation, planning laws and education policy. The [...]
Confidence is low, says poll October 2, 2011 EXPECTATIONS of economic growth are weakening, according to 200 fund managers surveyed by Capital Spreads, City A.M. can exclusively reveal. Lloyds Bank Corporate Markets is reporting low business confidence in a separate study, also out today. Fund managers are 18 per cent more pessimistic than they were in May, according to Capital Spreads. At the [...]
ANALYST VIEWS: WHAT CENTRAL BANK DECISIONS DO YOU EXPECT? October 2, 2011 LUIGI SPERANZA | BNP PARIBAS “Despite Eurozone inflation rising sharply from 2.5 per cent to 3 per cent we remain of the opinion that the ECB will act boldly in the meeting this week. We expect a 25 basis point rate cut, the announcement of a 12-month LTRO and possibly a new covered bond purchase [...]
