US abandons tax deal talks with Swiss July 17, 2011 THE United States has ended talks with Switzerland aimed at settling a row over investigations into Swiss banks accused of helping Americans dodge taxes, it is understood. The US sent Berne a letter two weeks ago saying it had no interest in a global settlement to end the tax dispute. An announcement on Friday that [...]
Banks need ring-fencing rules to be clarified July 17, 2011 WITH the scandals at News International and the latest threats of European economic meltdown dominating the headlines, the responses of UK-based banks to the Independent Commission on Banking’s interim report came in under the radar. But even in a quiet news week, I doubt that these responses would have made the front pages – and [...]
Barclays to axe jobs in India July 17, 2011 Barclays has cut jobs in India as a result of merging the client relationship teams of its commercial and investment banking units, a company spokeswoman said yesterday. Barclays Capital, the investment banking unit of the UK-based bank, and the company’s commercial banking division, are combining the teams that focus on servicing corporate clients in India, [...]
House prices fall in London and rest of UK July 17, 2011 House prices have dropped for the first time this year, according to a well-regarded Rightmove index released this morning. Prices fell 1.6 per cent across the UK in July, with even London’s houses experiencing a 1.4 per cent dip, the figures showed. In June, the average residential property in the capital hit an all time [...]
Public sector set for wave of employment appeals July 17, 2011 GOVERNMENT sector employees are far more likely to launch legal appeals against their employers than workers in the commercial sector, according to new research released today. While only one in four British workers are employed by the state or in the non-profit sector, they account for around 42 per cent of all legal claims. And [...]
UK growth hit by doubt in Eurozone July 17, 2011 WORRIES over the Eurozone debt crisis are holding back business investment in the UK, prompting the Ernst & Young Item Club to lower its growth forecast for this year and next. Item expects growth of 1.4 per cent this year, sharply down from its April forecast of 1.8 per cent. The group’s forecast for 2012, [...]
Wage growth levels out in manufacturing sector July 17, 2011 PAY growth in Britain’s factories remained steady at 2.5 per cent in the three months to June, industry group EEF announced today. “Whilst there is undoubted pressure to give higher settlements, there is an equal dose of realism amongst companies and their employees in response to economic uncertainty and competitive pressures,” commented EEF’s chief economist [...]
Mobile phone internet searches more than treble, boosting UK’s retail sector July 17, 2011 SHOPPERS’ internet searches from mobile phones and tablets more than trebled in the second quarter of the year, as booming online sales offer some hope to the UK’s retail sector. Mobile retail searches were up 216 per cent annualised, driving the total number of retail searches up by 27 per cent. “Volumes were down in [...]
OBAMA SEEKS GRAND DEBT COMPROMISE July 17, 2011 US PRESIDENT Barack Obama will hold out for a “grand compromise” over the country’s deficit reduction and debt ceiling talks this week, despite ongoing disagreements. White House budget director Jack Lew yesterday moved to reassure markets there was still time for a comprehensive resolution between Democrats and Republicans. Lew is confident that “responsible” members of [...]
CITY MOVES | WHO’S SWITCHING JOBS July 17, 2011 Anesco The energy efficiency solutions firm has appointed Hedley Major as chief financial officer to oversee all financial operations of the company. Hedley previously worked for software company System C, where he negotiated the firm’s acquisition by McKesso. Prior to that, Major was finance director at Octopus Investments. Anesco’s principal investors are Scottish & Southern [...]
