BBA plans to clean up industry with new register of bankers October 16, 2012 BANKERS could be forced to gain approval from a professional body to work in the City under proposals being put forward by trade association the British Bankers’ Association (BBA). The lobby group’s chief executive Anthony Browne said last night that the BBA may push for an independent sector regulator “with teeth” that would be able [...]
Cost cuts aid State Street profit October 16, 2012 GLOBAL custody bank State Street yesterday reported a strong rise in profits despite falling revenues, as it kept a tight cap on expenses. Profits hit $654m (£406m), up 20 per cent from $543m in the same quarter of last year. Revenues slid 2.9 per cent, coming in at $2.36bn, down from the $2.43bn a year [...]
Chanel rescues Scottish Cashmere firm October 16, 2012 CHANEL yesterday announced it has acquired the Barrie Knitwear, the Scottish cashmere manufacturer, following the collapse of its owner Dawson International in August. The fashion house said the deal with administrator KPMG will safeguard the jobs of all 176 staff at the mill. It will also continue to make knitwear for other brands as well [...]
Inflation drops but above 2pc for 30th month October 16, 2012 INFLATION dived in September, data revealed yesterday, bringing it closer to the Bank of England target is has exceeded for 30 consecutive months. Yearly inflation, as measured by the consumer prices index (CPI), slid to 2.2 per cent in September, the Office for National Statistics (ONS) said, down from 2.5 per cent in August. Driving [...]
Intel and IBM fail to impress October 16, 2012 IBM and Intel last night got the US tech earnings season off to a gloomy start, with the former missing revenue forecasts and the latter spooking investors with a downbeat forecast. IBM reported a five per cent drop in quarterly revenues to $24.7bn, compared to forecasts of $25.4bn, but repeated its outlook for the year. [...]
Audit probe to report in 2013 October 16, 2012 THE COMPETITION Commission has given itself two extra months to investigate anti-trust concerns in the audit market, in a move that could delay plans for new EU laws. The commission has now penciled in January for revealing its preliminary findings, from November as first planned. The past month has seen a flurry of hearings and [...]
City Views | Is inflation going to fall back to Earth? October 16, 2012 NAVEEN SHARMA RBC Market conditions are very weak – business is doing poorly – and commodity prices across the world are rising. No one can be absolutely sure, but I think inflation is on its way back up. MOHAMMAD FARHAN KYNETIX Inflation is set to rise, based on rapidly rising fuel and food prices around the [...]
Wheatley’s new City watchdog shows its teeth October 16, 2012 THE FINANCIAL Conduct Authority (FCA) yesterday unveiled its plan to regulate behaviour in the City, pledging to force companies to “put consumers at the heart of their business”. Martin Wheatley, who will be chief executive of the FCA when it is spawned from the disbanding Financial Services Authority (FSA) next year, outlined its approach. New [...]
Building society boss attacks BofE October 16, 2012 THE BANK of England should face more direct democratic oversight and take action to become more accountable and transparent, the Building Societies Association (BSA) said yesterday, voicing concern over powers the Bank is being given. Its Financial Policy Committee (FPC) is set to gain wide ranging macroprudential tools, allowing it to determine the levels of [...]
Float of Direct Line is official October 16, 2012 DIRECT Line Group yesterday completed its first day as a full listed company, marking the official completion of the largest London float in 2012. All 1.5bn shares in the firm were added to the official list of the UK Listing Authority, while it began unconditional trading under the “DLG” ticker. The share price has been relatively stable, [...]
