IDS defiant on welfare payments October 3, 2011 Welfare and pensions secretary Iain Duncan Smith swore to defy an EU ruling on British welfare payments yesterday. Speaking at the Conservative Party conference in Manchester, Duncan Smith took a hard line against the European Commission’s order that Britain continue to pay welfare to foreigners who have only just arrived in the UK. “At a [...]
Osborne outlines carbon plans October 3, 2011 The UK will abandon its targets for reducing carbon emissions if other countries fail to meet theirs, chancellor George Osborne has promised. “We’re not going to save the planet by putting our country out of business,” he told an audience of Tory party members in Manchester yesterday, adding that Britain will “cut our carbon emissions [...]
CONFERENCE WHISPERS October 3, 2011 Boris for Tory leader? If his conference schedule is anything to go by, the Mayor certainly fancies his chances. Before his speech this morning, he met workers at a factory in Manchester, ostensibly because the plant makes axles for London buses. But it is almost unheard of for a Mayor of London to visit to [...]
Numis chief’s warning over low growth October 3, 2011 THE CHIEF executive of stockbroker Numis yesterday warned that Britain faces two further years of little or no economic growth. Oliver Hemsley told City A.M. he was “not hugely optimistic” the performance of the square mile would be bolstered by better market conditions. He was speaking as chancellor George Osborne told Conservatives the coalition would [...]
Charles Stanley stock slumps October 3, 2011 SHARES in stockbroker Charles Stanley plunged nearly nine per cent yesterday after it said interim profits had fallen. The firm said “increasingly strong macro economic headwinds” meant commission levels and corporate finance fees at its securities division were down for the six months to 30 September. Its investment management fees and financial services revenues have [...]
Global turmoil hits asset manager City of London October 3, 2011 GLOBAL volatility meant assets run by City of London Investment Group fell by more than a fifth for the four months to the end of September. City of London said funds under management fell to $4.5bn (£2.9bn) from $5.8bn (£3.5bn), a 22 per cent fall in dollar terms. The firm, which provides emerging market asset [...]
Robertson joins the board of Hargreaves Lansdown October 3, 2011 INVESTMENT adviser Hargreaves Lansdown yesterday announced that British Retail Consortium (BRC) director general Stephen Robertson would be joining as a non-executive director. Robertson’s career has spanned 14 years on the boards of major UK retailers, including previous management roles with Mars, Unilever and Alberto-Culver. He also served for seven years as marketing director at B&Q [...]
Deadline passes for Axa PE bids October 3, 2011 The deadline for first-round bids Axa’s private equity arm closed yesterday with a series of private equity houses interested in a deal. US giant KKR and 3i, the UK-listed buyout vehicle, were believed to be mulling a bid but did not comment last night. City A.M. understands BlackRock has not pursued its early interest. Axa [...]
Icap reshuffles Japan operation October 3, 2011 Broking giant Icap has announced a shake up of its Japanese operation as it seeks to expand its government bond business and its growing derivatives business. Icap Totan Securities, 60 per cent owned by Icap, is selling its JGB business to Central Tanshi Securities. It will also take a 20 per cent stake in Central [...]
LME deal not seen before 2012 October 3, 2011 Any potential deal to sell the London Metal Exchange is unlikely to be concluded before the end of the first quarter next year, LME chief executive said yesterday. Martin Abbot told the annual LME Metals Seminar that “if and when the board is satisfied” that there is a viable bid to show shareholders, they will [...]
