Deutsche Bank September 12, 2010 In Friday’s edition we wrote that Deutsche Bank’s core Tier 1 capital had fallen from 12.6 per cent in December to 7.5 per cent in July. This was incorrect; the 12.6 per cent figure refers to the bank’s Tier 1 capital. The actual core Tier 1 capital in December was 8.7 per cent. Our apologies [...]
BAE eyes $2bn US assets sale September 12, 2010 BAE SYSTEMS, Britain’s largest defence contractor, has put parts of its US commercial aerospace operation on the block in a move that could raise up to $2bn (£1.3bn). In a step to trim its none-core operations ahead of government defence spending cuts in London and Washington, BAE is understood to be soliciting bids for segments [...]
Tax boss performs U-turn to apologise for PAYE blunders September 12, 2010 BRITAIN’S top tax official was forced into an embarrassing U-turn this weekend after initially refusing to apologise to more than a million people facing surprise bills. Dave Hartnett, permanent secretary for tax at HM Revenue and Customs (HMRC), said he was “deeply sorry” that administrative errors meant 1.4m people would have to pay an average [...]
Providence Equity mulls £800m Phones 4U sale September 12, 2010 PHONES 4 U, the high street mobile phone retailer, could be sold for up to £800m after its private equity owner received a series of approaches from potential buyers. American buyout giant Providence Equity is understood to be reviewing options for the company, which it bought from founder John Caudwell in 2006. Trade rivals keen [...]
Government fails business expectations September 12, 2010 THE government has failed to meet the expectations of entrepreneurs, according to a new poll. The survey of more than 390 business owners conducted by RSM Tenon reveals a ten per cent drop in the number of business owners who believe the government is supporting them. Two weeks after the general election, 52 per cent [...]
Terry Smith to launch an asset management firm September 12, 2010 STOCKBROKING veteran Terry Smith is expected to step down from Collins Stewart within the next few months to concentrate on launching an asset management business. The venture, entitled Fundsmith, will give both high street and professional investors the opportunity to invest alongside Smith. The tough-talking former analyst has ploughed several millions of pounds from his [...]
Simon Cowell in advanced talks with ITV over lock-in September 12, 2010 ITV is in advanced negotiations with Simon Cowell to tie in the X Factor and Britain’s Got Talent judge for a further three years. Last week, Cowell suggested to reporters that he might quit the UK broadcaster to focus on his US interests. But an ITV source told City A.M. Cowell had been in negotiations [...]
Gambler’s luck needed for investment advice September 12, 2010 With my job some assignments are more taxing than others. Take the Fund Forum in Monaco earlier this summer. My producer Rose managed to turn her €100 into €300 in half an hour on the casino’s blackjack table there. She said the result came from clear strategy and gut instinct. But that was in June [...]
CITY MOVES | WHO’S SWITCHING JOBS September 12, 2010 Bank of New York Mellon The bank has appointed Jas Hayre as a managing director in its financial markets and treasury services team. Hayre will be responsible for tax matters for the sector in the Americas, the EMEA region and Asia-Pacific. His particular area of expertise is product taxation and transfer pricing. He was previously [...]
Jim O’Neill to take new role at Goldman September 12, 2010 JIM O’Neill, chief economist at Goldman Sachs, has been appointed to the newly created role of chairman of the bank’s asset management division, the bank announced this weekend. O’Neill will advise clients on investment strategies but will also continue to comment on key economic issues. His appointment is subject to regulatory approval from the Financial [...]
