Audit watchdog hikes business levy by 8.5pc January 22, 2013 THE UK’S audit watchdog has announced plans to hike levy rates by 8.5 per cent. The Financial Reporting Council (FRC)’s move was criticised by firms yesterday but the regulator said the increase was necessary as it attempts to clear a backlog of cases and deals with extra regulation. The FRC is upping its budget by 10 [...]
Rajat Gupta seeks reversal of conviction for insider trading January 22, 2013 LAWYERS for former Goldman Sachs Group board member Rajat Gupta are urging a federal appeals court to reverse his insider trading conviction, arguing that a judge shouldn’t have allowed wiretaps to be heard at trial. In a brief filed Friday at the 2nd US Circuit Court of Appeals in New York, Gupta’s lawyers argued wiretaps [...]
Manufacturing orders dip hits growth hopes January 22, 2013 THE ECONOMIC recovery has been put on hold as manufacturers reported demand is lower than expected in an industry survey published yesterday. New orders fell in the last quarter according to 28 per cent of firms questioned by the Confederation of British Industry (CBI), outweighing the 25 per cent who reported rising orders and disappointing [...]
Minister to ease rules on turning offices into flats January 22, 2013 THE GOVERNMENT will remove barriers on converting office buildings into residential flats in the hope of easing the housing crisis, it was revealed yesterday. Planning minister Nick Boles is due to announce the move later this week, which will permit developers to convert many office buildings into domestic residences without needing planning permission. But the City of [...]
Adam Posen warns Sir Mervyn King is being worked too hard January 22, 2013 THE TOP brass at the Bank of England are so overworked that it is harming their ability to work well – and the situation will only get worse as the Bank takes on more regulatory responsibility, former Monetary Policy Committee member Adam Posen warned yesterday. “The governor and his two deputies work 18 hour days, [...]
UBS names wealth man as operating boss January 22, 2013 UBS has named private banker Andre Cronje as the chief operating officer of its investment bank. “Andre’s experience from investment banking, wealth management and corporate centre, as well as his international perspective, is a major asset as we seek to reposition ourselves,” UBS said in a memo. Cronje replaces Sam Molinaro, an ex-Bear Stearns financial [...]
Government hires banker for Royal Mail January 22, 2013 THE GOVERNMENT has hired an investment banker, formerly of Deutsche Bank, to work on the affairs of Royal Mail, which is being primed for privatisation. Jonathan Berger is said to have joined the Shareholder Executive, part of the Department for Business, Innovation and Skills. His appointment will increase speculation that a listing of Royal Mail [...]
Global jobs market struggling to recover January 22, 2013 THE JOBS market in wealthier countries is struggling to grow after the financial crisis, figures from the Organisation for Economic Co-operation and Development (OECD) think tank showed yesterday. The share of working age people in jobs in the world’s wealthier nations was 1.5 percentage points below the 2008 watermark in the third quarter of 2012, [...]
New London head at Baker & McKenzie January 22, 2013 PARTNERS at City law firm Baker & McKenzie have chosen intellectual property partner Paul Rawlinson as the next head of the London office, replacing Gary Senior who will step down this summer after 10 years in the role. Rawlinson, a Bakers lifer who joined the firm as a trainee in 1986, is serving his second [...]
Citi’s European rainmaker to lead Takeover Panel January 22, 2013 SENIOR Citigroup banker Philip Robert-Tissot was yesterday named as the incoming head of the UK’s Takeover Panel, putting him in a key position to decide the outcome of acquisitions and influence policy in the area. Robert-Tissot, who made no public comment on his appointment which takes effect on 1 April, succeeds Robert Gillespie, a senior [...]
