EU to impose gender quotas on boardrooms September 3, 2012 EU RIGHTS and justice vice-president Viviane Reding plans to force boards to put more women in top positions, after significant but slow voluntary progress, a European Commission source confirmed last night. The proposals will require national governments to impose penalties – such as fines or a loss of government contracts – if more than 60 [...]
Canaccord boss leaves months after merger September 3, 2012 MARK Brown is leaving his position as chief executive of Canaccord Genuity in the UK, Europe and Asia Pacific, just months after putting together the merger with Collins Stewart Hawkpoint, the firm he formerly led, City A.M. has learned. The Canadian bank Canaccord will today announce a replacement for Brown, whose early departure was not [...]
What the other papers say this morning September 3, 2012 FINANCIAL TIMES New regulation takes up execs’ time Top executives at UK financial firms are spending the equivalent of one day a week dealing with changing global and local regulatory requirements – much more than they did three years ago. Frenesius drops hospital chain bid Frenesius has buried its ambition to become the largest private [...]
Surveys reveal factory slump eased in August September 3, 2012 BRITAIN’S manufacturing sector declined at its slowest rate in four months in August, a widely-regarded survey revealed yesterday. Yet many analysts remained downbeat over the industry’s prospects. A purchasing managers’ index (PMI) conducted by Markit and the Chartered Institute of Purchasing and Supply edged up to a score of 49.5 last month, from 45.2 in [...]
Retailers unhappy with Olympic failure to stop sales from diving September 3, 2012 RETAIL sales recorded their second worst month of the year in August with the Olympic Games failing to lift activity in the UK’s shops, an industry group said this morning. Like-for-like retail sales sank by 0.4 per cent last month compared to the same time in 2011, the British Retail Consortium (BRC) said. And separate data [...]
Nomura’s City credibility takes a knock as Vereker moves aside September 3, 2012 WILLIAM Vereker, one of the City’s best known dealmakers, is stepping down as joint head of investment banking at the Japanese bank Nomura, it emerged yesterday. Vereker, who is one of the advisers to Xstrata on its proposed but faltering mega merger with Glencore, will become vice-chairman and focus on client relationships, an internal memo [...]
Minister backs First but warns of more delays September 3, 2012 TRANSPORT minister Theresa Villiers yesterday defended her department’s decision to award the West Coast rail franchise to FirstGroup, but could offer no update on when the contract will be signed, raising fears of further delays. Villiers told MPs in a written statement that First’s bid for the 13-year franchise “represent[s] significant improvements for passengers and [...]
Top law firm profits smash through £5bn September 3, 2012 COMBINED profits at the UK’s 100 biggest law firms have topped £5bn for the first time, as the legal sector’s recovery continues to outpace the rest of the economy. Total billings by the UK’s 100 largest law firms hit £17.67bn in the 2011-12 financial year, sending profits eight per cent higher to £5.39bn, according to [...]
City Views | What do you make of the coalition’s growth plans?* September 3, 2012 CHRIS OULTON CORE TREASURY SOLUTIONS Infrastructure projects must be ones that people are going to want with some legacy benefit. It can’t be just paying one lot of people to make the holes and another lot to fill them in. That sounds Keynesian. ROSA SHAW DEUTSCHE BANK It’s difficult but I think they need to [...]
Direct Line Group severs ties with RBS ahead of float September 3, 2012 DIRECT Line Group yesterday gave the strongest indication yet that the firm is ready to float on the London Stock Exchange as it declared its independence from current owner RBS. “Other than some transitional services provided by RBS Group, we have essentially achieved the goal of operating as a standalone insurance company,” said chief executive Paul Geddes. [...]
