Tower 42 owner Kirsh donates £10m to London Business School September 3, 2013 NATHAN Kirsh, the South African owner of the Tower 42 skyscraper, has become the London Business School’s biggest donor after handing it £10m to spend as it chooses. Professor Andrew Likierman, the dean of LBS, said the money was “a real game-changer”, boosting the school’s endowment funds by 40 per cent. “Nurturing future leaders is [...]
Aberdeen fined £7.2m by watchdog for client cash failures September 3, 2013 THE MARKETS watchdog has fined Aberdeen Asset Management £7.2m for failing to protect client money properly over three years to 2011. Regulators have been on alert since the collapse of Lehman Brothers bank in 2008 highlighted the difficulties customers can face in getting their money back if it is not kept separate. Under Financial Conduct [...]
Cuadrilla submits new application for Balcombe September 3, 2013 ENERGY firm Cuadrilla yesterday admitted that its plans to drill in Balcombe, West Sussex may be legally ambiguous, so it has decided to withdraw its application and submit a new one with revised boundaries. A spokesperson told City A.M. it had nothing to do with the protests.
No rise in Spain jobless figures for sixth month September 3, 2013 A TINY dip in the number of Spanish unemployed people in August means that the struggling Mediterranean country has not seen unemployment rise for six months. The number of people without jobs seeking work in Spain fell by 61 from July, with the rate of unemployment holding at 26.3 per cent, second only to Greece [...]
Warning skilled Brits are moving abroad due to stifling UK costs September 3, 2013 HARD pressed skilled workers are deserting the UK in droves to work overseas due to declining job prospects and high prices, a survey showed yesterday. The poll of 5,600 Brit emigrants working overseas shows a large proportion – almost 40 per cent – are working as skilled technicians with a further 23 per cent classed [...]
Shop prices still falling at fastest pace since 2007 September 3, 2013 PRICES of goods at the UK’s retailers are still shrinking, down by 0.5 per cent in the year to August – the joint-fastest rate since early 2007, six and a half years ago. According to the British Retail Consortium (BRC) and Nielsen, deflation is still in swing, the 0.5 per cent drop being the same rate [...]
Euro uncertainty sends merger and acquisition deals tumbling September 3, 2013 MERGER and acquisition (M&A) volumes plunged in the second quarter of the year, official figures showed yesterday, as uncertainty over the strength of the economic recovery put off buyers. Just 111 deals were done in the three-month period, the Office for National Statistics (ONS) said yesterday, down 42 per cent on the same period of [...]
Barclays to sell retail banking arm in the UAE September 3, 2013 BARCLAYS’ review of retail operations in Dubai has found they do not generate sufficient returns to remain part of the group and so will be sold. The lender reviewed all of its business units earlier this year to see how they fit into its group, and repeated the process after the Bank of England said [...]
McBride hit as competition knocks profits September 3, 2013 MCBRIDE, the household products manufacturer, yesterday reported a sharp fall in sales and profits, blaming weak European consumer demand and fierce competition among branded product makers. The company, which issued a profits warning earlier this year, said pre-tax profits tumbled 21 per cent to £9.5m, down from £12.1m the previous year. Sales fell 6.5 per [...]
Analyst Views: What was your reaction to McBride’s full-year results? September 3, 2013 DAMIAN MCNEELA PANMURE GORDON Although the operating environment is unlikely to improve materially in the near term, this announcement of a re-focused senior management team should allow the business to accelerate the revenue momentum generated in the second half and improve operating margins. NICOLA MALLARD INVESTEC McBride has delivered full year 2013 results in line [...]
