Savers lose out from low rates June 17, 2012 UK savers are facing losses of £18bn per year thanks to ultra-low interest rates and above-target inflation, according to new research out today from UHY Hacker Young. The Bank of England’s 0.5 per cent base rate and £325bn of quantitative easing is in part to blame, the accountancy firm said, while a lack of competition [...]
Building firms going under June 17, 2012 BUILDING firms are more than twice as likely to go into liquidation as those in other sectors, according to Graydon UK’s insolvency predictor for this quarter. “Construction firms are being hit hard as many long term capital expenditure projects, particularly those funded by the government, are coming to an end,” said Graydon UK’s Gordon Skaljak.
Merchant Secs chief Claridge leaves the firm June 17, 2012 PATRICK Claridge has relinquished the reins of Merchant Securities, the financial services firm he has led since 2006, it emerged yesterday. Claridge vacated his office on Thursday, he told City A.M. last night, insisting that his departure was on friendly terms and “was always part of the plan”, following Sanlams’s buyout of Merchant last February. [...]
East London cable car due for launch by the end of the month June 17, 2012 BRITAIN’S first cable car spanning the Thames is set to open to the public in time for the Olympic games, Transport for London confirmed today. The £50m project has been subject to safety tests in recent weeks but TfL said it was on course to open on 28 June, a month ahead of the Games. [...]
Ex-BlackRock co-head Tubbs joins Mirabaud June 17, 2012 DANIEL TUBBS, former co-head of BlackRock’s global emerging markets team, has been hired by Swiss asset manager Mirabaud, the company revealed today. Tubbs, who left BlackRock in March, will join Mirabaud’s London office where he will manage a long-only Ucits-registered investment fund focussing on emerging market equities. An Exeter University graduate and a qualified chartered [...]
Business world wins praise in the honours list June 17, 2012 CARPHONE Warehouse founder Charles Dunstone was the sole business leader awarded a knighthood in the Queen’s birthday honours for 2012, announced over the weekend, in a year that saw industry and economic leaders garner just 12 per cent of accolades, down more than a full percentage point from 2011. However, Sir John Parker, chairman of [...]
It is not all just about Greece as the G20 meets in Mexico June 17, 2012 NEW Democracy may have eked out a victory in Greece last night, but that won’t make Europe’s crippling solvency problems go away. It pays to take a look at history: Greece was the very first country to default on its debt in recorded history, going back to 377BC. Moreover, since its independence in 1829, Greece [...]
Wealth funds interested in Snam June 17, 2012 Italian oil and gas major Eni has received expressions of interest from sovereign funds for a 22.5 per cent stake in Snam that it must sell to exit investment in the gas grid operator, an Eni source said yesterday. “Several sovereign funds have expressed a preliminary interest that Eni will evaluate,” the source said.
Low-paid lose benefits during strikes June 17, 2012 Workers who go on strike will forfeit benefits that top up their wages, work and pensions secretary Iain Duncan Smith said yesterday. Employees can claim benefits such as working tax credits if their income falls below £13,000, even if this drop is caused by strikes. “Striking is a choice, and in future benefit claimants will [...]
Shell looks into improved offer for Cove Energy June 17, 2012 THERE WAS growing speculation over the weekend that Royal Dutch Shell will raise its offer for energy explorer Cove, after the firm extended its bid deadline for the second time. Shell said last week that shareholders in Aim-listed Cove now have until 27 June to accept its £1.12bn or 220p per share offer, but the [...]
