New retail bank targets SMEs October 16, 2011 SHAWBROOK Bank, a new retail savings bank, is targeting £250m in new gross lending to small and medium-sized enterprises (SMEs) this year, the bank’s managing director Philip George told City A.M. The bank, bought by RBS Equity Finance in January and relaunched under the Shawbrook brand today, also plans to mop up £350-400m in new [...]
Manufacturing body in call for carbon tax relief October 16, 2011 THE manufacturers’ organisation EEF has added its name to the growing list of bodies calling on the chancellor to introduce a package of tax reliefs for companies who are about to be hammered by the government’s £3.2bn stealth tax on carbon. In a set of demands ahead of George Osborne’s autumn statement next month, the [...]
Mayor’s plea to Cameron over airport October 16, 2011 BORIS Johnson has risked a fresh row with David Cameron by warning that Britain will become a “bit part player” in the global economy unless a new hub airport is built in the south-east. The Mayor of London said Britain risks becoming an “aviation backwater” and losing out in the battle for emerging markets contracts [...]
Adam Werritty could face fraud probe over Fox business card October 16, 2011 FOREIGN secretary William Hague has dismissed claims that Liam Fox and his best man were trying to run their own foreign policy operation as it emerged that Adam Werritty could be investigated for fraud. Hague told the BBC it was “fanciful” to suggest one minister could run a separate policy. It came as police confirmed [...]
WHO’S WHO: CABINET RESHUFFLE October 16, 2011 JUSTINE GREENING TRANSPORT SECRETARY PHILIP HAMMOND DEFENCE SECRETARY CHLOE SMITH ECONOMIC SECRETARY SAJID JAVID GEORGE OSBORNE’S PPS Promoted to the cabinet from the junior economic secretary role, Greening faces several challenges. She has to continue the high-speed rail argument, tackle London’s airport problems – having opposed a new Heathrow runway – and establish her place [...]
BlackBerry brand seriously hurt by outages, according to our panel October 16, 2011 THE BlackBerry brand has been seriously damaged by the recent outages that left users with no data services for three working days, according to the City A.M. / PoliticsHome Voice of the City Panel. More than half of the 355 people surveyed said it will take longer than six months for BlackBerry to restore its [...]
M&B restarts the hunt for new Blood October 16, 2011 JEREMY Blood is planning to step down from the helm of Mitchells & Butlers following the aborted £940m takeover by billionaire Joe Lewis, it is understood. Blood was appointed as interim chief executive in March to replace Adam Fowle, who left “by mutual consent” after two years in the post. City A.M. understands the former [...]
Dealmakers set for worst fourth quarter since ‘02 October 16, 2011 ADVISORY firms and investment banks face another troubling few months, after the worst start to the fourth quarter for M&A and equity fundraisings since 2002. Global M&A activity since the start of the fourth quarter earlier this month has reached just $58.9bn (£37.4bn), down from $99.2bn at this point a year ago, data from Dealogic [...]
Clock is ticking on plan to stop a euro break-up October 16, 2011 OVER three weeks ago during the IMF, World Bank meetings, George Osborne suggested Eurozone leaders had just six weeks to come up with a substantive plan to solve its crippling debt crisis. The deadline is the G20 leaders summit in Cannes on 3 November. The German Chancellor Angela Merkel says there’s no “big bang” miracle [...]
Cosmetic surgery tax hike October 16, 2011 CHANCELLOR George Osborne is planning a new tax on plastic surgery which would boost the price of some treatments by 20 per cent. New guidelines call for doctors performing more invasive treatments – such as facelifts, breast enhancement, liposuction and tummy tucks – to charge VAT. Until now, that charge has only applied to minor [...]
