G4S loses out as coalition rows back on prison deals November 8, 2012 OUTSOURCING giant G4S has lost its contract to run Wolds prison and failed to make the shortlist to oversee several other jails, as the government backtracked on plans for more competitive justice operations. The Ministry of Justice revealed yesterday that G4S will hand over the category C jail in Hull in July 2013 after 21 [...]
End of quantitative easing will stop mad monetary recycling November 8, 2012 IT is time for George Osborne to start worrying. The Chancellor will be the biggest loser from the Bank of England’s right and proper decision to halt quantitative easing, at least for the time being. The biggest problem with QE – apart from its increasing lack of impact and the pain inflicted upon savers and [...]
What the other papers say this morning November 8, 2012 FINANCIAL TIMES Panmure hires team from Matrix Panmure Gordon has returned to the investment fund business by hiring a team from Matrix Corporate Capital, as the broker seeks to build on its return to profitability without inflating its cost base. Most of Matrix’s existing investment funds team, which includes market makers, specialist analysts and sales [...]
Priceline to buy Kayak Software in $1.8bn deal November 8, 2012 ONLINE travel agency Priceline.com said yesterday it will buy Kayak Software Corp in a friendly deal that values the company at $1.8bn (£1.13bn). Priceline is offering $40 a share for Kayak, a 29 per cent premium on the company’s closing price of $31.04 yesterday. Kayak shares jumped 27 per cent to more than $39 in [...]
Obama to address fiscal cliff November 8, 2012 Newly re-elected President Barack Obama will make a statement on the economy today, the White House said, setting the stage for a showdown with congressional Republicans over contentious tax and spending issues. The president is likely to discuss looming tax increases and government spending cuts – the so-called fiscal cliff that would go into effect [...]
US closes in on tax evaders November 8, 2012 In a step toward reining in offshore tax evasion, the US Treasury Department yesterday said it was close to finalising tax information-sharing pacts with countries ranging from Canada to islands such as Guernsey and the Isle of Man. Treasury listed 47 jurisdictions, from India to Sint Maarten, that are in various negotiation stages on agreements [...]
Bank trade body wants Libor cull November 8, 2012 Most Libor interest rates should be scrapped by April to restore trust in what remains of the rigged benchmark, the British Bankers Association (BBA) said. It said only 30 of 150 variations of the London Interbank Offered Rate should stay under a proposal it published for consultation. The government has asked the FSA to make [...]
Parliamentary bank probe to retain Welby November 8, 2012 A FORMER City oil executive widely tipped to be unveiled as the new Archbishop of Canterbury this morning is expected to keep his position on a Parliamentary commission into banking standards. Bishop of Durham Reverend Justin Welby, an Old Etonian who currently helps scrutinise banking standards as part of his role as a member of [...]
SNR Denton set for three way merger to create legal giant November 8, 2012 CITY law firms SNR Denton, Salans and Canadian outfit Fraser Milner Casgrain yesterday announced plans to merge the practices to create the seventh largest law firm on the planet. In an explicit challenge to the dominance of the Magic Circle law firms in the City, the new business will become the biggest energy and mining [...]
Small firms attack banks’ push for widest possible ringfence November 8, 2012 BANKS advising the government on the industry’s new ringfencing rules are misleading regulators on the kind of products small firms want, and wrongly promoting inappropriately complex products, a leading campaigner told City A.M. Small firms only want a handful of very basic products, and nothing else should be within the ringfence, the Federation for Small [...]
