UK owes £1bn extra on PFIs July 27, 2010 PUBLIC spending came under fresh scrutiny yesterday, after new figures suggested taxpayers will shell out up to £1bn extra over the next 30 years to pay for PFI projects, while the state struggles to reverse a decline in productivity. The running costs of Private Finance Initiatives (PFI) agreed during the credit crisis will be between [...]
Cable immigration blunder overshadows PM’s India trip July 27, 2010 THE Prime Minister’s visit to India got off to a shaky start last night, after Vince Cable made off-message comments about the coalition’s immigration policy, which has become a hot-button issue in the emerging superpower. Cable, the business secretary, said the government was not willing to negotiate on plans for an immigration cap, but admitted [...]
Labour spent £500m on PR and advertising despite slump July 27, 2010 THE Labour government spent a staggering £500m on advertising campaigns and PR in 2009-10, even as the public finances were spiralling out of control. The Central Office of Information?– which is responsible for government marketing and communications – made the admission in its annual accounts yesterday. Francis Maude, minister for the cabinet office, seized on [...]
AirFrance is back in profit July 27, 2010 AIRFRANCE-KLM returned to quarterly profit yesterday, thanks to a €1.34bn (£1.1bn) gain from its stake in newly-listed travel booking firm Amadeus. Europe’s biggest airline reported a net profit for the three months to the end of June of €736m, compared to a loss of €426m in the same period a year ago. Operating profit remained [...]
Connaught caught up in FSA probe over reporting speed July 27, 2010 SHARES in housing repair firm Connaught remained in the doldrums yesterday as details of the reported Financial Services Authority investigations emerged. The FSA is thought to be focusing on whether the beleaguered company was prompt enough in telling the stock market about its worrying financial state. Its profit warning on 25 June led to shares [...]
Goldman Sachs and Credit Suisse snap up stakes in Bank of Moscow July 27, 2010 MAJOR international banks Goldman Sachs and Credit Suisse have bought small stakes in state-run Bank of Moscow, an encouraging sign for Russia as it considers a broader sale of the state’s financial assets. As part of a $29bn (£18.6bn) fund-raising effort to plug gaps in the budget, Russia is looking at the sale of minority [...]
Investment banking drags on Deutsche July 27, 2010 DEUTSCHE Bank yesterday trod the same beaten path as its large US rivals as it revealed a jump in second quarter profits had been dampened by weakness in its investment bank. Deutsche said pre-tax profits came in at €1.5bn (£1.25bn) for the three months to June, up 16 per cent on the €1.3bn it reported [...]
Liberum profits buoyed after new client wins July 27, 2010 LIBERUM Capital saw revenues surge in the first half of the year as the boutique investment bank landed its first major mandates advising companies joining the full list of the London Stock Exchange. Earlier this month, Liberum acted as co-manager to Vallar, the cash shell set up by financier Nat Rothschild, on its admission to [...]
UBS manages £1bn profit in tough quarter July 27, 2010 SWISS bank UBS said it would resolve tax haven disclosures with US authorities by the autumn as it announced consensus-beating second quarter results and slowing outflows yesterday. The world’s second largest wealth manager is due to honour its agreements with the US Department of Justice and the Securities and Exchange Commission by October. UBS hopes [...]
Aldermore to open a bank in Reading July 27, 2010 NEW UK lender Aldermore will open another office to fuel its rapid expansion. The new facility in Reading will enable the bank to roll out its operations providing SMEs with funds to invest in business assets. The bank has gone from 24 staff to 300 in its first year of trading, in which time it [...]
