RBS builds on hiring in Asia October 25, 2009 Royal Bank of Scotland (RBS) the part-nationalised bank, is hiring in Asia to build up its status in the region, in a controversial move which could lead to questions on its strategy on hiring. The Edinburgh-based group – part-owned by the taxpayer – has hired at least four bankers who will work in its Asian [...]
Facebook frenzy costs businesses October 25, 2009 Twitter and Facebook are costing businesses an estimated £1.4bn every year in lost productivity, as over half of office staff said they spend 40 minutes a week on the social networking sites, according to a survey. Research from IT services provider Morse found 57 per cent of workers said they had used the websites while [...]
Deutsche edges closer to deal for Sal Oppenheim wealth unit October 25, 2009 DEUTSCHE BANK looks set to take over private bank Sal Oppenheim this week, following weeks of negotiations. The move, which would give Deutsche more access to European – specifically German – wealth management clients, is expected to leave the bank owning 75 per cent of Sal, but would leave the private bank with a blocking [...]
Lloyds deal to exit APS hits further delay October 25, 2009 LLOYDS Banking Group will not be able to thrash out a deal with the Treasury to allow it to exit the government’s asset protection scheme (APS) before next week at the earliest, sources close to the talks say. Speculation in the City has been rife that Lloyds will reach agreement on the planned exit this [...]
Women’s role will be fund’s focus October 25, 2009 Cherie Blair, wife of former Prime Minister Tony Blair, and the ex-prime ministers of Canada and New Zealand will launch one of the first funds to focus its attentions on investing in firms with women executives. The Women’s Leadership Fund, which was initiated by Zurich-based group Naissance Capital, is seeking to invest up to $2bn [...]
Lloyds eyes CPA Global for 400m October 25, 2009 Lloyds Banking Group’s private equity unit LDC is in talks to take on CPAGlobal – the patent and legal services group – for £400m, in a move which shows how the private equity branch of the part state-owned bank now overshadows the UK’s ailing buy-out market. The majority of private equity groups have been pushed [...]
WHAT THE OTHER PAPER SAY THIS MORNING October 25, 2009 THE SUNDAYSThe Sunday TelegraphHOUSEHOLDS LOSE 13PC OF WEALTHThe huge impact of the economic turmoil on the British public has been revealed by new figures that show household wealth in Britain fell by £844bn between 2007 and 2008, driven by sharp falls in house prices and the collapse of the stock market. It is expected to [...]
Madoff friend in drowning October 25, 2009 JEFFRY PICOWER, a Palm Beach millionaire and a lifelong friend of disgraced banker Madoff, was found dead at the bottom of his own pool yesterday. The 67-year-old, who was being sued over $7.2bn (£3.9bn) of alleged bogus profits made from the pyramid scheme of the disgraced financier – who is serving 150 years in prison [...]
Slump in tax receipts proof of deep crisis October 25, 2009 THE quality of Britain’s official statistics isn’t as bad as it used to be. But I wouldn’t be surprised if the 0.4 per cent decline in GDP reported on Friday is eventually revised upwards – time and again, the Office for National Statistics has rewritten economic history, sometimes radically, with the benefit of hindsight. There [...]
Banks near to FSA deadline October 25, 2009 THE UK’s biggest banks have just a week left until they are forced to submit intricate details of their remuneration policies to the Financial Services Authority (FSA), in a drive to reduce risk in the sector. As part of the regulator’s new code of practice on remuneration, the 26 largest British banks have been given [...]
