New CBI head backs UK membership of Europe December 19, 2010 THE INCOMING president of the CBI has said Britain would lose out if it were to quit the European Union. Roger Carr, president-elect of the CBI and chairman of Centrica, said: “Economic conditions in Europe are challenging but it remains a major UK trading partner. “Britain must strive to be more competitive and continue to [...]
FSA pay code throws firms into confusion December 19, 2010 FIRMS are scrambling to comply with a raft of new regulations on bonuses after the Financial Services Authority gave some just eight days to adjust to a revised remuneration code brought out on Friday. The FSA was responding to a finalised set of rules published by the Committee of European Banking Supervisors (CEBS) on 10 [...]
Half of bank staff say they will quit if their bonuses are reduced December 19, 2010 ALMOST half of bank employees expect their bonus to be bigger this year than last, according to a survey – even as regulators impose draconian new bonus rules. Around the same proportion (48 per cent) say they will consider quitting if their variable remuneration is cut. Meanwhile, basic pay has gone up by an average [...]
Simon tries to charm Capital shareholders December 19, 2010 SIMON Property will begin an international push to lure Capital Shopping Centres’ shareholders into accepting a takeover this week, after regulators imposed a 12 January deadline for a formal offer. Simon’s advisers on the deal – Citigroup, Lazard and Evercore – are set to meet with CSC shareholders in the UK and South Africa to [...]
Apprentices turn to drink in closely fought final December 19, 2010 THE Apprentice final and emotions are running high. “I’m just ecstatic,” mumbled Chris, with the enthusiasm of someone who’s agreed to take part in a telemarketing survey. Summoned to The Langham hotel, Lord Sugar did his best to be warm and welcoming to Chris and Stella, before the inevitable return of the former candidates. Stella [...]
Property start-up close to buying Centre Point from administrator December 19, 2010 NEW property developer Almacantar is on the verge of buying the Centre Point skyscraper in the West End, according to sources close to the firm. Almacantar, which was set up by former Land Securities executive Mike Hussey in 2009, is set to announce as soon as today that it has entered talks with administrator Deloitte [...]
CBI: Rate rise in spring 2011 December 19, 2010 BRITISH GDP will expand by two per cent next year before accelerating to 2.4 per cent growth in 2012, the Confederation of British Industry (CBI) said today. Rising inflation will force the Bank of England to increase rates as early as spring, the CBI predicts. “The persistent strength of energy and commodity prices is a [...]
Inflation fears grow before publication of Bank minutes December 19, 2010 CONCERNS over inflation at the Bank of England will come to the fore this week, when the Monetary Policy Committee releases minutes of its December meeting on Wednesday. Forecasts for inflation levels in 2011 need to be revised upwards again, financial consultants Fathom said. “On balance, we still think the inflation overshoot will prove temporary [...]
Government guarantees on loans create ethical perils, report says December 19, 2010 GOVERNMENT guarantees of bank creditors warp incentives and damage the “ethical foundations of capitalism”, according to a report out today. State guarantees create a system in which “the poor pay taxes to keep the rich rich, regardless of how foolish or lazy the loans they have made might be”, said the influential think tank Policy [...]
ECONOMIST VIEWS: HOW DO YOU EXPECT THE ECONOMY TO FARE IN 2011? December 19, 2010 GEORGE BUCKLEY | DEUTSCHE BANK “As in past recessions, flat periods could follow bouts of growth. Yet I expect economic data will break out on the upside over the coming months, and interest rates will slowly increase from mid 2011.” HOWARD ARCHER | IHS GLOBAL INSIGHT “I expect GDP will grow by 0.3 per cent [...]
