City banks in hiring spree June 12, 2011 BANKING and finance job vacancies in the City have risen by more than a third in the last three months compared to the same period in 2010, with equities desks leading the hiring drive. New equities positions jumped by almost 150 per cent over the year, with a steadier deal pipeline meaning that capital markets [...]
Sterling’s slump is costing us all dear June 12, 2011 WELCOME to price hike Britain. Wherever one looks, consumer goods and food are becoming dearer. Energy prices are rocketing. One fundamental reason for these increases is the collapse in the value of sterling since the recession, a development which has been insufficiently well understood by the UK’s political establishment. Sterling’s slump is a dramatic reversal [...]
Benefits cap to be axed June 12, 2011 THE coalition government is set to scrap the planned £26,000 per family annual state welfare cap amid fears families in London could be forced out of the city. The U-turn, which has been interpreted as a sop to the Liberal Democrats, was confirmed yesterday by Tory welfare reform minister Lord Freud. He told the BBC [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 12, 2011 FINANCIAL TIMES FOREIGN BANKS AND GOVERNMENTS IN DESPERATE ASSAULT ON US TAX LAW Banks and foreign governments are mounting an increasingly desperate push against a sweeping US tax law that will force overseas institutions to report their American clients to the Internal Revenue Service. The Foreign Account Tax Compliance Act was passed by Congress last [...]
Sovereign bond volumes slump June 12, 2011 Trading volumes in Eurozone government bonds issued by troubled states Portugal, Ireland and Greece have slumped to new lows as fears of default spook investors. The volume traded in Greek, Irish and Portuguese bonds was down to just €1.1bn in May – its lowest level since records began in 2001, said Tradeweb. Even pension funds [...]
Fight over spectrum intensifies June 12, 2011 Mobile phone operators have been warned not to derail the upcoming auction of radio waves allowing superfast next generation mobile internet. Rules published by communications watchdog Ofcom have angered some of the network providers, who believe they give an unfair bias to their rivals. O2 is the latest firm to complain, saying the rules could [...]
Lord Wolfson: don’t protect Broadgate June 12, 2011 NEXT chief executive Lord Wolfson has backed City A.M.’s campaign to allow the redevelopment of the Broadgate estate near Liverpool Street, warning that “unthinking bureaucracy is fossilising the economy” by giving the site listed status. Wolfson, who sits in the House of Lords as a Conservative peer, said English Heritage’s move to recommend the listing [...]
LSE rival recruits new firms in hostile approach for TMX June 12, 2011 FOUR more Canadian financial firms have joined the hostile bid to control Toronto bourse operator TMX Group, heaping pressure on an agreed merger with the London Stock Exchange. Desjardins Financial Group, Dundee Capital Markets, GMP Capital and Manulife Financial have joined the Maple consortium of Canadian banks and pension funds in its $3.6bn (£2.2bn) bid [...]
Ruling Turkish AK Party wins a third term with 50 per cent of vote June 12, 2011 TURKISH Prime Minister Tayyip Erdogan’s ruling AK Party won a parliamentary election with nearly 50 per cent of the vote yesterday, but failed to win enough seats to call a referendum on a planned new constitution. With 97 per cent of the vote counted, results showed the AK Party winning 50.3 per cent of the [...]
Ed Miliband: I applaud rich and wealthy June 12, 2011 ED Miliband will today say he applauds wealthy business people and entrepreneurs, as he seeks to cast off his “Red Ed” tag and appeal to the Blairite wing of the Labour party. Miliband will pay homage to Lord Mandelson, who famously said New Labour was “intensely relaxed about people getting filthy rich”. “I’m not only [...]
