Boris begs Prudential to stay March 5, 2012 BORIS Johnson has written to the chief executive of Prudential in a bid to convince the insurance giant to keep its headquarters in London, City A.M. has learned. The Mayor sent the letter to Tidjane Thiam last Friday, following the revelation that Prudential was considering moving its headquarters to Hong Kong to avoid tough new [...]
Retail sales on the rise March 5, 2012 RETAIL sales grew strongly in February, continuing the revival seen in recent months and adding to hopes that UK consumer confidence is returning, according to industry figures published today. Numbers from the British Retail Consortium (BRC) revealed total sales rose 2.3 per cent compared with February 2011, an acceleration from the 2.1 per cent rise [...]
US bonuses down 25pc March 5, 2012 WALL Street bonuses fell by a quarter last year, according to the latest official estimate by US regulators. That is twice the rate American officials had suggested only last week, and is set to be followed by 4,300 job cuts on the Street this year, according to New York City’s Independent Budget Office (IBO). The [...]
Greece: deal is only option March 5, 2012 A DOZEN of Greece’s private creditors said yesterday that they plan to participate in the country’s debt swap as Athens’ finance minister warned others that they will not get their money back no matter what. Evangelos Venizelos gave a stark warning to any hold-outs that Greece cannot pay its debts and is fully prepared to [...]
War on Britain’s aspirational classes March 5, 2012 THERE is something very wrong with Britain’s tax system. Imagine you are an aspiring, successful hard-working individual; after several years putting in the hours, you now earn £42,475 a year. You’re already a victim of the tax system: you pay no tax on your first £8,105, but then face 20 per cent tax on the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING March 5, 2012 FINANCIAL TIMES REGULATORS CONSIDER AN OVERHAUL OF LIBOR UK regulators and global banks are discussing a potentially far-reaching overhaul of the calculation and regulation of interbank lending rates, amid claims that the benchmark for $350 trillion contracts worldwide may have been subject to manipulation. STARBUCKS TAKES COFFEE WARS TO NESPRESSO Coffee capsule wars are set [...]
Russia criticised over vote March 5, 2012 RUSSIAN police arrested hundreds of protesters yesterday as Vladimir Putin faced questions over the legitimacy of his election as president. Putin was criticised by international election observers a day after claiming victory on 64 per cent of the vote. The Organisation for Security and Co-operation in Europe (OSCE) raised serious questions about the election’s validity [...]
US rivals close in on Super Tuesday March 5, 2012 Rivals Mitt Romney and Rick Santorum made their final pitch for support in the battleground US state of Ohio yesterday, the day before 10 states hold Super Tuesday nominating contests that could be pivotal in an unpredictable Republican presidential race. Romney has been gaining on Santorum in Ohio polls all week, erasing a double-digit lead [...]
FSA brings £1bn fraud case March 5, 2012 Seven men were accused in court yesterday of a £1m fraud using confidential bank documents in the largest insider dealing case ever brought before court by the UK financial regulator. A lawyer for the Financial Services Authority told Southwark Crown Court that the men used inside information to place spread bets on companies shortly before [...]
Misys battle heats up with third entrant March 5, 2012 SHARES in Misys jumped six per cent to 335p yesterday as a third suitor entered the race for the software company just hours before Temenos’ deadline to confirm or withdraw its interest. ValueAct, Misys’ largest shareholders with a 21.5 per cent stake, has joined forces with private equity group CVC Capital Partners and is considering [...]
