RBS fined £2m by watchdog January 18, 2012 THE Financial Services Authority (FSA) has issued a £2.17m fine to Direct Line and Churchill Insurance – both owned by Royal Bank of Scotland (RBS) – after the firms tampered with files in an attempt to pass an inspection. The FSA asked to review fifty customer files in April 2010 as part of an investigation [...]
Joblessness up again with weak growth January 18, 2012 UNEMPLOYMENT in the UK increased again in the three months to November, according to data published yesterday by the Office for National Statistics, leading economists to predict a gloomy 2012. Joblessness rose by 118,000 to 2.69m from September to November – the highest number since 1994. The rise takes the headline rate up to 8.4 [...]
Freeze on pay begins to hit public sector January 18, 2012 THE PAY freeze implemented in 2010 is beginning to have some effect on public sector pay, the Office for National Statistics revealed yesterday. Average weekly pay was 2.1 per cent higher in November 2011 than in the same month of 2010, standing at £464. Meanwhile consumer price inflation in the twelve-month period stood at 4.2 [...]
Marketing spend up even as sentiment takes a hit January 18, 2012 BUSINESS buoyancy has descended to a recent low as marketing executives admit financial prospects for their companies have deteriorated for the first time since early 2009, according to the IPA Bellwether report out today. Business optimism plunged 45 per cent in the fourth quarter of 2011, down from the 23 per cent dip seen in [...]
Man to swing the axe after assets plunge January 18, 2012 THE GLOOM surrounding the hedge fund industry deepened yesterday when Man Group said it would slash costs by another $75m (£48.6m) amid global market turmoil. The world’s largest listed hedge fund manager will shave about 10 per cent from its cost base after reporting a second consecutive quarter of heavy client outflows, with total assets [...]
PR advisers take tiny bite out of dairy merger fees January 18, 2012 ADVISERS to Müller and Robert Wiseman Dairies have charged more than £8m for their assistance in putting together the £280m agreed deal, according to documents issued in connection with the takeover. The bulk of the fees are being paid to the legal and banking advisers. The documents disclose the fees paid to the financial public [...]
Things could turn a corner quickly January 18, 2012 MAN Group has had a torrid time since September, when it lost 20 per cent of its market value in a single day following massive investor redemptions. It has continued to bleed funds ever since, with assets under management falling another $6bn over the last three months. AHL Diversified, the quant fund that accounts for [...]
Moelis turns to Japanese January 18, 2012 MOELIS, the boutique investment bank, has agreed a $93m (£60.4m) cash injection from Sumitomo Mitsui, the Japanese bank, in a deal that will give it extra firepower in the far east. According to industry sources, the investment will give Sumitomo a stake of around five per cent in Moelis, valuing the group at more than [...]
BANKERS NET £1.2M IN EIGHT MINUTES January 18, 2012 THERE WAS some rapid number crunching at last night’s IFR Awards for the investment banking community at Grosvenor House. The multimillion-pound question: could the 1,000 assembled investment bankers between them find £1.2m to take the total raised for Save the Children over the event’s 17-year history to £20m? And all in eight minutes, which was [...]
Canary Wharf to expand its East End estate with a brand new site January 18, 2012 CANARY Wharf Group is set to radically expand its east London estate after taking full control of Wood Wharf, a semi-derelict site adjacent to its existing estate. The company bought the 75 per cent stake it doesn’t already own from partner British Waterways and Irish property company Ballymore in a deal worth £90m. The site, [...]
