Bahrain hit by unrest as calls mount for Libyan no-fly zone March 13, 2011 PROTESTERS in Bahrain barricaded themselves around the financial district of the capital Manama yesterday, bringing the banking hub to a grinding halt. Police fought back, firing tear gas at the crowds in the most violent clashes in the country since the military killed seven protesters on 17 February. One demonstrator showed a round red mark [...]
Top 300 RBS executives to share £350m March 13, 2011 RBS will unveil pay-outs totalling nearly £350m to its top 300 executives this week, even as deputy Prime Minister Nick Clegg has warned that he wants to “wring the necks” of bankers who take home “unearned wealth”. It is understood that RBS’s remuneration report, which is due for release on Friday, will for the first [...]
KPMG: UK banks must double capital for new Basel rules March 13, 2011 BANKS need to double their core capital in order to comply with Basel III, according to KPMG’s annual benchmark report on UK banks. The report warns that despite a recovery in profits (see chart above) and a marked drop in impairments across the board, new capital and liquidity requirements will throw up barriers to better [...]
Troubled EU nations trading austerity for aid March 13, 2011 WHY is it that the Eurozone’s leaders will only make a decision when they have their back to the wall? Friday night’s deal in Brussels was only made possible by sovereign downgrades and skyrocketing bond yields that still have the potential to push the periphery over the edge. So what kind of a deal did [...]
First could axe Western route March 13, 2011 Transport operator FirstGroup could hand back its First Great Western rail contract three years early in a bid to save £800m. The company, whose rail unit operates the £1.1bn franchise which runs into central London from Wales and the west of England, is looking at activating a break clause in the contract allowing it to [...]
Vodafone steps up Verizon deal March 13, 2011 Vodafone and its US partner Verizon plan to step up their partnership by combining more parts of their businesses and sharing some equipment costs. They are examining plans to pool parts of their enterprise divisions and buy network equipment together. However, sources close to the firm said no immediate changes will be made.
Jimmy Choo hires advisers for £500m bid March 13, 2011 THE FOUNDER of the Jimmy Choo fashion brand has hired bankers to advise him on buying back the company he set up. Jimmy Choo, the Malaysian-born shoemaker who founded the eponymous brand with Tamara Mellon in 1996, could lodge a £500m bid for the company. He has appointed Daniel Stewart to advise on his options [...]
JJB eyes £65m share issue to stave off debts March 13, 2011 DEBT ridden retailer JJB Sports is plotting a further £65m fundraising in an effort to reverse its recent financial woes. The Wigan-based firm will tomorrow announce details of a share offering to raise the cash, which is expected to come from existing investors. It will use the funds to give it working capital as it [...]
Morale at UK factories hits record high March 13, 2011 CONFIDENCE among British manufacturers has hit a record high, business consultancy KPMG said today. Over two thirds (68 per cent) of surveyed manufacturers expect business activity to increase, leading to the highest positive balance (60.4 per cent) since the survey began in 2002. And morale in the service sector is also improving, the report showed. [...]
City property vital to London’s world standing March 13, 2011 LAST week I joined 15,000 leading practitioners from across the property industry at MIPIM, the international property conference hosted in Cannes every year. Contrary to what you may have read, I can assure you it is not all sun, champagne and parties on yachts. Throughout the week, I spoke publicly about the challenges facing the [...]
