Car scrappage scheme boosts sales by 280,000 January 13, 2010 NEARLY 290,000 cars have been sold through the government’s scrappage scheme. The Society of Motor Manufacturers and Traders (SMMT) said yesterday that 284,479 new cars were registered through the scrappage scheme between May and December. The scheme, which rewards consumers trading in their old vehicle for a new, fuel-efficient one with a £2,000 subsidy, accounted [...]
Travelex hires Lloyds man as CEO January 13, 2010 TRAVELEX, the world’s largest foreign exchange provider, has lured Peter Jackson from Lloyds Banking Group to become its new chief executive. The 34-year-old will take the helm at Travelex early in the spring when he leaves Lloyds, where he heads up the consumer banking division. Jackson’s appointment fuelled speculation that the company, which is 56 [...]
CITY MOVES | WHO’S SWITCHING JOBS January 13, 2010 Smith & Williamson The professional services group has appointed Vivienne Oliver as an associate director in its restructuring and recovery services team. An 18-year veteran of Ernst & Young, where she worked on formal appointments, divestments, restructurings and wind-ups of investment trusts and funds, Oliver also formerly worked as a director at Baker Tilly. She [...]
Insider trading: the crime no-one will discuss January 13, 2010 ASK any market participant where they stand on insider trading and you’re likely to be met with an awkward silence – particularly if you’re a financial journalist. As a criminal offence it is obvious that no-one in their right mind is going to publicly admit to trading on inside information. Yet City watchdog the Financial [...]
Start-up numbers stall January 13, 2010 THE number of new businesses being set up around the world has dipped in the global recession, a report published yesterday revealed. Start-ups were down 10 per cent last year in 20 of the world’s richest nations, according to the annual Global Entrepreneurship Monitor (GEM). It found that the decline was the most severe in [...]
Infosys boosts hopes of a revival in sales for outsourcing industry January 13, 2010 INDIAN outsourcer Infosys yesterday raised its annual sales forecast boosting hopes of an industry recovery. The company, a trendsetter for the $60bn (£36.9bn) Indian outsourcing sector, expects spending on outsourcing to go up. Its quarterly results showed quarterly earnings fell for the first time but were still above market forecasts, sending its shares up four [...]
Bank results set to reveal 2009 leaders January 13, 2010 JPMORGAN will kick off the most controversial earnings season in Wall Street’s history tomorrow when it unveils a sharp rise in pre-tax profits. Having used the recession as an opportunity to consolidate Bear Stearns and Washington Mutual, the investment and retail banking titan is in an enviable position. Analysts forecast a rise in net income [...]
CITY HEAVYWEIGHTS GET THE URGE TO SLOG IT OUT IN THE BOXING RING January 13, 2010 THE High Court case rumbling on and on between BGC Partners and Tullett Prebon might not have exactly brought the City’s main money broking camps closer together, but at least it’s helped forge some more playful liaisons between those on the same side. Tullett’s boss, City veteran Terry Smith, is well known for his prowess [...]
Sell-off in bank and mining shares rocks the FTSE 100 January 13, 2010 BRITAIN’S leading share index shed 0.5 per cent yesterday as weakness in commodity and banking issues countered gains in selected defensive stocks, reflecting fading risk appetite among some investors. At the close, the FTSE 100 was 25.23 points lower at 5,473.48, having lost 0.7 per cent on Tuesday following China’s decision to tighten banks’ reserve [...]
Financial bonanza hopes boost Dow January 13, 2010 US stocks rose yesterday as investors bet on recently weakened technology and financial shares ahead of earnings from bellwethers Intel and JPMorgan Chase & Co, taking the Dow industrials to a fresh 15-month high. A brokerage upgrade of drugmaker Merck & Co and an upbeat outlook from Kraft Foods gave an extra boost to the [...]
