A destructive surge of hiring and firing July 26, 2011 AFTER an over-optimistic hiring binge last year, UBS has been left with a lot of bored traders on its hands, as the slated uptick in activity failed to materialise. Cue a full-scale retreat: hundreds, if not thousands, of job cuts are in the pipeline and the bank’s earnings targets have been kicked into the long grass. Admittedly, the [...]
CITY FIGHTS FOR SEATS AT KEYNES VS HAYEK July 26, 2011 FORGET silk shorts, gum shields and sweatbands, the only kit needed for last night’s big fight in the City was a thinking hat firmly on your head and a grasp of twentieth century economic theory. At “Keynes vs Hayek”, the latest in a series of public debates hosted by the London School of Economics, some [...]
Finance hubs make €170bn a year for EU July 26, 2011 EUROPE’S eight biggest financial hubs contributed more than €170bn (£150bn) to their countries’ GDP last year and employed nearly a million people, according to new research. These financial centres – Amsterdam, Dublin, Frankfurt, London, Luxembourg, Madrid, Milan and Paris – play a vital role supporting governments, companies and societies across all 27 EU member states, [...]
IS THE CITY OF LONDON’S CONTRIBUTION TO THE ECONOMY UNDERESTIMATED? July 26, 2011 HENRY SMITH | MARKEL INTERNATIONAL “Yes of course. The City is the insurance capital of the UK and I don’t think people appreciate that the largest proportion of service exports in Britain derives from the London insurance market.” JULIAN HAMMERTON | THREADNEEDLE “Yes, there is always a lot of negative press circulating about the banking [...]
DMGT sees decline in ad sales improve July 26, 2011 DAILY Mail publisher DMGT has reported an improved outlook for its national newspaper division, with the decline in advertising revenue slowing from seven per cent in the last quarter, to three per cent in the first three weeks of this month. Overall, the company said its underlying revenues in the quarter to 2 July were [...]
Pace shares spike as its performance picks up speed July 26, 2011 SHARES in British television set-top box maker Pace shot up 8.7 per cent to 113.7p yesterday as the company revealed it was making good progress tackling the supply problems that prompted its profit warning in May. The company, which named City heavyweight Allan Leighton (pictured) as chairman last month, had revised its full-year profit guidance [...]
Former bookkeeper loses her unfair dismissal case against hedgie tycoon July 26, 2011 HEDGE fund tycoon Elena Ambrosiadou has won an unfair dismissal claim brought by her former bookkeeper in the latest twist in a scandal over alleged snooping on former employees of hedge fund Ikos. Nathalie Pratico, the ex-bookkeeper, had filed a claim for €5m (£4.4m), alleging she was fired from Ambrosiadou’s family accounting firm after being [...]
Charter profit rises July 26, 2011 TAKEOVER target Charter International yesterday stepped up its efforts to resist an approach from manufacturing buyout firm Melrose, setting new growth targets and reporting an increase in first-half profit. The group, which rejected a £1.4bn approach from Melrose earlier this month, said pre-tax profit rose by 3.1 per cent to £75.6m, as a strong performance [...]
Cobham wins Boeing contract July 26, 2011 International aerospace and defence technology company Cobham has been awarded two subcontracts by Boeing worth over $73m (£45m). Boeing has been commissioned to produce 179 KC-46 tanker aircraft for the US Air Force, and Cobham will develop the refuelling systems. Cobham has customers in more than 100 countries, and an annual revenue of £1.9bn. This [...]
Globo revenues up 56.5 per cent July 26, 2011 Globo, the mobile, telecom and e-business software products company, has reported revenues of €19.61m (£17.34m) in the first quarter, up 56.5 per cent from last year. The company has said that this strong financial performance reflects continuous expansion efforts, particularly in its software as a service (SaaS) and mobile SaaS products, whose revenues represent 48 [...]
