Lawyers’ pay slows as services firms join banks in City slump November 12, 2012 LAWYERS and accountants have seen pay slip behind that of the rest of the workforce through the financial crisis, according to data out yesterday from Randstad Financial and Professional. Pay in law rose by 8.1 per cent while accountancy earnings increased 7.5 per cent – well below the 11.4 per cent UK average and illustrating [...]
Vickers says Bank reforms were too tough November 12, 2012 SIR JOHN Vickers yesterday acknowledged his widely welcomed banking reforms were too heavy handed, hurting banks unnecessarily in some areas, including on capital levels. And he praised the government’s tweaks to his proposals, despite initial fears from the Labour opposition that the coalition has watered down the reforms excessively. Sir John led the Independent Commission [...]
Spain’s Banco Popular sees its shares rise after capital increase November 12, 2012 BANCO Popular shares rose yesterday after Spain’s sixth biggest bank secured a €2.5bn (£2bn) capital increase, averting the need to seek state aid. At a special meeting in Madrid on Saturday, large shareholders backed the plan, seen as a key test of Spanish banks’ ability to tap markets. Shares rose around five per cent yesterday [...]
Cameron heaps praise on City’s contribution to the UK economy November 12, 2012 DAVID Cameron cheered the central role the City plays in the UK economy, in a wide-ranging speech to the Lord Mayor’s banquet last night. The Prime Minister highlighted the huge contribution the City makes through taxes, trade and employment – though he lamented “utterly terrible mistakes” made and promised to crack down on law-breaking, boost [...]
Greeks may get extra time to hit deficit goals November 12, 2012 EUROZONE leaders will grant Greece’s government the extra couple of years it requested to reach its deficit targets, a key document proposed last night. Yet ongoing disagreements over the next tranche of Greek bailout cash caused crunch meetings to spill into the rest of this week. Greece’s parliament voted through an austerity budget for 2013 [...]
Merkel showers Portugal with praise for austerity November 12, 2012 ANGELA Merkel yesterday sang her praises for Portugal’s resilience in tackling the debt crisis that required a €78bn (£62bn) bailout. Speaking during a six-hour visit to Lisbon, the German Chancellor hailed the country’s commitment to austerity and pledged solidarity. Despite the praise, Merkel was greeted by hundreds of protestors who blamed cuts for worsening economic [...]
Italy accuses S&P and Fitch November 12, 2012 ITALIAN prosecutors are seeking trial for seven current and former employees at rating agencies Standard & Poor’s and Fitch over downgrades of Italy, paving the way for the first European court case over sovereign rating cuts. Prosecutors in the southern town of Trani, launching a case which bigger Italian courts have refused to back, probed [...]
Lamprell picks new CFO November 12, 2012 Rig maker Lamprell yesterday appointed Frank Nelson as interim chief financial officer with immediate effect. Nelson, who joins from housebuilder Galliford Try, has over 25 years of experience in construction and energy. Last month, Lamprell axed three execs after its fourth profit warning since the spring, with chief exec Nigel McCue, CFO Jon Cooper and [...]
Safeland uncovers more fraud November 12, 2012 Property developer Safeland yesterday said it has unearthed more fraudulent transactions at the firm after first discovering cases of fraud last month. The group told investors it has been a victim of another £265,000 of frauds in the year to 31 March.
Victoria struggles to break even November 12, 2012 Carpet firm Victoria said yesterday it hoped to “break even at best” in the year to April as the war-torn retailer attempts to regroup following a six-month power struggle between the directors. The group said it has launched a detailed review of the business and that trading in Australia and the UK remained “weak and [...]
