Extreme weather costs UK business November 13, 2011 NEARLY two thirds of British businesses suffered disruption to their supply chain because of last winter’s bad weather, a high-level panel led by insurance firm Zurich has found. The panel, which included officials from the government’s department for Business Innovation and Skills and the Association of British Insurers, was brought together to create a green [...]
Stelios makes series of demands to EasyJet board as fight rolls on November 13, 2011 SIR STELIOS Haji-Ioannou has upped the ante in his long-running battle with the board of EasyJet, the airline he founded, issuing a string of demands and claiming the firm had tried to turn his brother against him. The colourful businessman, who still owns 38 per cent of EasyJet, demanded a doubling of the firm’s dividend, [...]
BANKER GETS MORE BANGS FOR HIS BUCKS AT MAYOR’S SHOW WEDDING November 13, 2011 NO NEWS is good news, says the City of London Corporation, which yesterday breathed a sigh of relief after the St Paul’s protesters decided to respect the fact the Lord Mayor’s Show is a “community event”. “There was no disruption, not even shouting,” said a City of London spokesperson on Saturday’s “walking, marching pageant of [...]
BILL OF THE WEEK November 13, 2011 ONCE absorbed in the oriental-inspired boudoir, “there is no choice but to succumb to the infectious concept that is Kumo”, claims the PR fripperie for the new Knightsbridge sushi bar. For once, the froth merchants may have a point, judging by the antics of six brokers who got sucked in by the low-lit Japanese den [...]
Cuts loom as Ermotti set to win UBS post November 13, 2011 UBS is widely expected to name interim head Sergio Ermotti as its permanent chief executive when it updates investors this week. It is also set to present plans to cut the size of its investment bank, where alleged rogue trader Kweku Adoboli worked, in order to focus on less risky wealth and asset management. The [...]
More Evolution jobs to go after Investec’s takeover November 13, 2011 EVOLUTION is preparing to axe more staff once its takeover by South African investment group Investec is completed next month. The broker-turned-wealth manager has made around 60 staff redundant in the last 10 days and City A.M. understands more job cuts are planned, although no decision on numbers has been made so far. The £210m [...]
HMRC’s use of powers to seize business assets grows four-fold November 13, 2011 HMRC has massively increased its use of powers, allowing it to seize the assets of late-paying businesses in an urgent effort to increase its tax take, a new report has revealed. Data obtained by law firm McGrigors shows that the number of times HMRC has used its powers of distraint to seize assets of late-payers [...]
Markets hoping for economic decisions November 13, 2011 WEDNESDAY’S sharp sell-off across major global stock indices showed just how skittish markets are currently. The slump in Italian bond prices did the damage as yields flew higher. The situation calmed down towards the end of the week as the political situation in Greece and Italy became clearer. Former ECB vice president Lucas Papademos was [...]
CITY MOVES | WHO’S SWITCHING JOBS November 13, 2011 Crest Nicholson The house builder has appointed Trevor Selwyn as managing director of a newly formed London division. The new division will have an annual turnover of £100m, developing mid-range sites in and around the capital. Selwyn was formerly at Countryside Properties, and spent his last seven years there as land director for subsidiary Copthorn [...]
BEST OF THE BROKERS November 13, 2011 REXEL Nomura rates Rexel, the French-based electrical supplies company as “buy” against a sector rating of “neutral”, with a target price of €18.00 (£15.00). The bank views Rexel as “a high quality company with the potential to grow organically through specific growth drivers in the market” and notes its solid cash flow. However, the broker [...]
