United Arab Emirates to stop jailing ex-pats for bad cheques January 1, 2013 THE United Arab Emirates will stop imprisoning expatriates for writing cheques that bounce, Abu Dhabi daily The National reported yesterday, citing a senior official. The UAE’s tough penalties for defaulting on loans, which is a criminal offence in the Gulf Arab monarchy, were relaxed for Emirati citizens in October after a royal decree. “In line [...]
Hollande vows to find a way to tax top earners January 1, 2013 FRENCH President Francois Hollande has vowed to stick to plans to raise the tax rate for top earners after his scheme to set a 75 per cent tax rate for those with €1m (£812,000) a year incomes was rejected. In a New Year’s Eve national address Hollande said the law would be redesigned to “ask [...]
LA Times owner rebuilds as TV company as it enters new era January 1, 2013 THE OWNER of some of the US’s most historic newspapers is set to refocus on its television business as it emerges from bankruptcy after four years. Tribune, the owner of the LA Times and Chicago Tribune, is expected to sell most of its newspaper holdings after new loans and stock issues allowed the company to [...]
Pope criticises unregulated capitalism January 1, 2013 UNFETTERED capitalism is a cause of conflict that damages the world, Pope Benedict said yesterday in his New Year mass. The head of the Roman Catholic church decried “hotbeds of tension and conflict caused by growing instances of inequality between rich and poor”. He also denounced “the prevalence of a selfish and individualistic mindset which [...]
Ex-KPMG retail head takes up BRC leadership January 1, 2013 THE British Retail Consortium, the retail lobby group, yesterday handed over its leadership to a new director general amid increasing turmoil on the high street. Helen Dickinson, a former KPMG retail consultant, officially took up the post, replacing former director general Stephen Robertson, who stepped down last month after five years at the helm. Dickinson, [...]
Investment bank earnings fall in 2012 as bond markets boom January 1, 2013 INVESTMENT bank earnings fell slightly in 2012 as the bond markets became the main source of income for the industry, according to figures from data provider Dealogic. Total worldwide fees dropped 3.6 per cent to $67.1bn (£41.3bn), still well down on the pre-crash peak of $90bn in 2007. A third of investment banking revenue now [...]
German Dax rally outpaces FTSE in 2012 January 1, 2013 GERMAN blue chip companies roared ahead of their UK counterparts in 2012 after the Dax market index posted an increase almost five times the rise of the FTSE 100. The German list of premier companies reported its biggest jump in almost a decade in 2012, up 29 per cent, despite continued bartering over the Greek [...]
Lenders predict bridging loan spree in 2013 January 1, 2013 A DIFFICULT mortgage market will lead to an explosion in the use of short-term bridging loans, mortgage brokers said in a survey out this morning. Though mortgage lending is set to expand some 8.3 per cent in 2013, according to Council of Mortgage Lenders (CML) predictions, the market will remain tight. This tightness will drive [...]
Banks already bouncing back from a disastrous year January 1, 2013 LAST year will be remembered as a terrible one for the banking industry. In previous articles I have described the wider impact scandals such as Libor-rigging had on the reputation of the industry as a whole. However, 2013 is a new year and consumer perception could be looking up for the likes of Barclays and [...]
Employment boom steams on into 2013 January 1, 2013 THE STEAM in the jobs market showed no signs of dissipating by the end of last year, according to data out this morning. UK jobseekers faced more job opportunities in the final three months of 2012 than at any point since records began three years ago, recruiter Reed said, with 81 per cent of sectors [...]
