Bankers warn of brain drain as rules loom August 15, 2010 BANKERS have renewed warnings of a talent exodus from the UK as the financial watchdog begins consulting the City on a tough set of bonus and pay rules drafted in Europe. The Financial Services Authority (FSA) is engaging with institutions and shareholders over plans to cap the upfront cash portion of large rewards at 20 [...]
Carlyle aims for £350m from Britax August 15, 2010 PRIVATE equity firm Carlyle Group has appointed investment bank NM Rothschild to sell Britax, the maker of child car seats, for up to £350m. Carlyle is understood to have put the business on the block after receiving interest from rival private equity firms and trade buyers. A sale at its target price would net Carlyle’s dealmakers [...]
BT has signed up as few as 60,000 to its sports package, say insiders August 15, 2010 BT’S offering of Sky Sports 1 and 2 was hailed as a lynch-pin of the firm’s transformation into a big player in the pay-TV market. But industry insiders estimate that it has only signed up around 60,000 sports customers, despite spending tens of millions promoting the service. BT Vision has struggled to compete with the [...]
Dyke snubs top job at Channel Five August 15, 2010 GREG Dyke has snubbed a move to Channel Five, which is undergoing a major shake-up under new owner Richard Desmond, according to industry sources. City A.M. understands Desmond had sounded out Dyke for the top job after chief executive Dawn Airey announced she would quit the broadcaster. But Dyke, who helped launch Five in 1997, [...]
GE looks to move in on UK bank sector August 15, 2010 US CONGLOMERATE General Electric (GE) is planning to launch an internet bank in the UK. The financial arm of the firm, GE Capital, has already set up an internet bank in Germany, titled GE Direkt, and is hoping to join the ranks of the newcomers on the UK banking scene within 18 months. US-backed Metro [...]
Russian grain ban fuels fears of food price inflation August 15, 2010 CONCERNS over sharply rising food prices were stoked yesterday as Russia, the world’s third largest wheat seller, brought in an emergency ban on grain exports. Experts said the price of bread could shoot up by ten per cent after Prime Minister Vladimir Putin said the government had banned grain exports until 31 December. Putin said [...]
CITY MOVES | WHO’S SWITCHING JOBS August 15, 2010 Sacker & Partners The pensions law firm has promoted Emily Forrest and Zoë Lynch to partner and Arshad Khan to associate director. Forrest has been at the firm since 2002, while Lynch joined in 1998. Khan, pictured, is a member of the dispute resolution unit, including trustee applications for directions, rectification actions and claims for [...]
C Hoare clocks up record profits August 15, 2010 Private bank C Hoare & Co reported a jump in profits of 62 per cent last year to £24m. The bank’s deposits rocketed 13 per cent to £1.9bn as it bounced back strongly from the financial crisis. Chairman Lord Wilson of Dinton said: “As a policy matter the bank chooses not to enter into a [...]
Rok chief dismisses Connaught parallel August 15, 2010 THE chief executive of beleaguered construction firm Rok hit back at the weekend at comparisons between his company and social housing group Connaught, which has seen its share price collapse in recent weeks after a shock profits warning. Rok boss Garvis Snook told a Sunday newspaper that the two firms’ respective woes are “two totally [...]
Property price slide starts to feed through to companies August 15, 2010 RENEWED weakness in the housing market pushed more real estate services companies to the brink in July, according to the latest monthly City A.M./Begbies Traynor health monitor for the Square Mile. As economists look to September as the “crunch time” for Britain’s struggling property sector, our survey shows 945 firms across London including estate agents, [...]
