Arbuthnot still expanding at a steady pace October 18, 2012 PRIVATE BANK Arbuthnot Latham expanded loans and deposits in a “controlled manner” in the third quarter, according to its trading update published yesterday, allowing it to take on more staff including a new head of private banking. The group prides itself on keeping traditional banking standards, allowing it to avoid the excesses of the boom [...]
Tax gap shrinks but higher VAT limits revenues October 18, 2012 THE TAX gap narrowed as a proportion of total tax liabilities in the 2010-11 tax year, Her Majesty’s Revenue and Customs (HRMC) said yesterday (see graph, below), despite widening in absolute terms. The proportion of total estimated tax liabilities the taxman missed slipped from 7.1 per cent to 6.7 per cent, which HMRC touts as impressive compared to [...]
BP weighs the risks of contamination from Russian oil October 18, 2012 MONEY isn’t everything. As the elaborate negotiations over TNK-BP’s ownership continue, BP finds itself in a sticky strategic position, despite a generous offer for its stake. The apparent $28bn bid from Rosneft for BP’s 50 per cent TNK-BP stake looks attractively priced and would enable the UK oil major to extricate itself from a less-than-ideal [...]
City Views | Do you think Spain should ask for a bailout? October 18, 2012 DARIN BURROWS RULLION BUILD There must be some help given to countries like Spain. Countries need to get together and see how everyone can come out of a bad situation with minimal losses. JAMES GRIBBON MONTAGu EVANS Yes. I don’t think they have a choice. I have properties in Spain. I have witnessed the decline [...]
Firms forced to state number of female workers October 18, 2012 COMPANIES will be required to publish the number of women and men they employ in an attempt to weed out sexism and ensure women are not excluded for top jobs, the government announced yesterday. The rule change – due to be introduced in October 2013 – is part of a wide-ranging set of reforms to [...]
Haldane hits back at accountability critics October 18, 2012 THE BANK of England is more transparent and accountable now than at any time in its 318-year history, executive director Andrew Haldane said yesterday. “Think back twenty years. Then, there were no quarterly Inflation Reports, no six-monthly Financial Stability Reports and certainly no press conferences to accompany both,” he said, hitting back at critics who [...]
SABMiller loses its fizz in crucial growth markets October 18, 2012 LAGER giant SABMiller’s progress in key emerging markets has slowed in recent months, taking the shine off strong growth in Europe, the company said yesterday. The Peroni and Grolsch maker said the amount of beer it has sold rose four per cent year-on-year in the company’s last six months. However, more significant was that lager [...]
Bumi will reinforce the need for better governance October 18, 2012 While London continues to struggle to create an attractive environment for companies in search of fresh equity, the last thing it needs is a daily diet of allegations and counter-allegations about a deal, lauded as a triumph by banks such as JP Morgan, Credit Suisse and Evolution (before its sale to Investec) only two and [...]
Analyst Views | Has Sabmiller’s update made a difference to your recommendation? October 18, 2012 PHIL CARROLL SHORE CAPITAL Whilst Europe volumes appear strong, we note the mention of growth in the economy segment, increased promotional spend and resetting of price points, which to us, means the mix is negative and therefore margins will be lower. We downgrade from ‘buy’ to ‘hold’. DIRK VAN VLAANDEREN JEFFERIES While the company is [...]
Olympic effect weighs heavy on Ladbrokes October 18, 2012 THE OLYMPICS resulted in less money being wagered at high street betting shops, Ladbrokes said yesterday, as more people stayed at home to watch the coverage of the Games. The company said amounts spent in its betting shops fell 4.9 per cent in the three months to October on the same period last year, a dip [...]
