Tax issues prompt 26pc of large firms to consider leaving the UK July 17, 2011 OVER a quarter (26 per cent) of large businesses are considering a full or part relocation abroad, with Britain’s high and complex taxes remaining their main cause for complaint. More than half (58 per cent) of the businesses eyeing a move to foreign shores cited tax issues as a leading factor, according to research by [...]
Stress tests leave cloud of uncertainty July 17, 2011 UK BANKS would see €92.8bn wiped off the value of their loan books under the stress scenario devised by the European Banking Authority (EBA) – but the tests do not give a clear indication of how much of that would be due to sovereign debt problems and did not test the effect of a default [...]
Watchdog fails even on the basics July 17, 2011 Odd” was how one analyst described a set of modelling decisions by the European Banking Authority (EBA) in its latest round of stress tests. Or, as another summed up: “I’m glad none of the UK banks have failed, but what has it really told me about the risks they face?” After a weekend that analysts [...]
Ireland supportive of euro-bonds to solve debt crisis July 17, 2011 THE EU should issue region-wide euro-bonds in order to solve the debt crisis, Irish deputy prime minister Eamon Gilmore said yesterday. Eurozone leaders will meet for an emergency summit on Thursday under growing pressure from markets to clarify their message after months of dithering and divergent signals. Some observers now view fiscal union and a [...]
City says Italy needs a bailout before the end of year but EU and IMF will not be able to afford it July 17, 2011 ITALY will need a financial rescue this year but the Eurozone and IMF do not have the financial clout to put a bailout package together. That is the stark conclusion of the City A.M./PoliticsHome Voice of the City Panel. Of those panellists who expressed an opinion on whether Italy would need a bailout, 60 per cent said [...]
Goldman to see pay and revenues fall July 17, 2011 GOLDMAN Sachs is expected to reveal a sharp drop in revenues and a gentler decline in pay in its second-quarter results tomorrow. Analysts have estimated that the bank’s ratio of total compensation to revenues will jump as slow trading volumes eat away at the top line. Sandler O’Neill analyst Jeff Harte forecasts revenues of $8.7bn [...]
Cowdery tables first-round bid for 630 Lloyds branches July 17, 2011 ENTREPRENEUR Clive Cowdery, founder of insurance consolidator Resolution, has lodged a first-round bid for 630 Lloyds Banking Group branches being sold to appease competition regulators, it is understood. He is pursuing the branches through a Guernsey-based company which advises London-listed Resolution on acquisitions, rather than through Resolution. Resolution declined to comment. Cowdery, who has a [...]
French socialists turn hawkish July 17, 2011 France’s two top Socialist leaders cast themselves as tough on public finances and the Eurozone debt crisis yesterday, in a challenge to President Nicolas Sarkozy ahead of an election next year. Martine Aubry and Francois Hollande, both candidates to run for the Socialists in the 2012 presidential election, called for radical action to deal with [...]
C&W Worldwide boss faces revolt July 17, 2011 Cable & Wireless Worldwide boss John Pluthero is bracing himself for a stormy showdown with shareholders at the troubled telco’s annual meeting on Thursday. Pluthero, formerly chairman, recently became chief executive after Jim Marsh resigned following a string of profit warnings and a plummeting share price. But by making the switch, Pluthero is entitled to [...]
Correction July 17, 2011 In our edition dated Friday 15 July we quoted somebody we wrongly labelled as Stuart Forbes of Lloyds Banking Group in our City Views feature. The person pictured was not Mr Forbes and the comments did not reflect his views. We apologise for the error.
