City’s recovery drives finance firms’ tax bill up to £65.6bn December 1, 2014 Finance firms paid a total of £65.6bn in taxes in the last financial year, up £600m on the previous 12 months, the City of London Corporation and PwC revealed today. The sector pays 11.5 per cent of all government tax receipts, and increased its contribution by 0.9 per cent in the 2013-14 tax year. Taxes [...]
Canary Wharf owner Songbird keeps Rothschild as Qatari takeover bid adviser despite conflicts spat December 1, 2014 Canary Wharf owner Songbird yesterday categorically refused to drop Rothschild as its adviser on a takeover bid, despite claims that there is a conflict of interest at play. The Qatar Investment Authority (QIA) wants to increase its stake in Songbird and the Canary Wharf Group in a full takeover bid. Its representatives have [...]
Axiom fund bets on euro bank recovery December 1, 2014 A NEW debt fund is seeking to bet on a recovery in Europe’s banks, by investing in assets it believes are hugely undervalued. Axiom European Financial Debt announced its intention to float on the London Stock Exchange yesterday, and hoped to raise £100m to £200m in its first round of fundraising. One of the strategies adopted by [...]
Watchdog to shame worst bank auditors December 1, 2014 THREE banks and three auditors have failed a set of tests set by the Financial Reporting Council (FRC), which reviewed their audits, it said today. The audit watchdog fears banks are failing to consistently measure and report loan-loss provisions. Four of the seven auditors reviewed have improved the quality of their work, making sure they [...]
Virgin Money snaps up £363m of credit card assets from MBNA December 1, 2014 Challenger bank Virgin Money yesterday bought another portfolio of credit card assets from MBNA, continuing its acquisition spree as the lender bulks up. Virgin Money paid £363m for the assets, 11 months after it bought a similar book for £1bn. The lender snapped up the good bank part of Northern Rock to fully launch itself [...]
Watchdog tells credit brokers to be more open with borrowers December 1, 2014 CREDIT brokers will have to give more information to customers on the fees they charge and from whom they are borrowing, under rules laid out by the Financial Conduct Authority (FCA) yesterday. Brokers are a gateway to lenders, and are particularly used by borrowers who go to payday lenders. But the City watchdog said the brokers [...]
Societe Generale banker Eric Litvack to head up International Swaps and Derivatives Association December 1, 2014 Societe Generale’s Eric Litvack is to head the derivatives and swaps industry body, it was announced yesterday. The International Swaps and Derivatives Association (ISDA) leads the sector’s response to regulation and co-ordinates changes in the structure of the industry. ISDA has been chaired by Stephen O’Connor since 2011, and became a full-time chairman 18 months [...]
Working couples get chance to share parental leave from April November 30, 2014 Parents will be able to split their maternity and paternity leave from 5 April 2015, the government announced today. The hope is that the changes will increase flexibility for families, and remove the assumption that women will do more child rearing than men. Under the new rules, parents will be able to split up to [...]
Italian banks lead new euro credit crunch November 30, 2014 BANK lending fell again in the Eurozone this year, and analysts at EY expect a renewed crunch across much of the currency union in 2015. Business lending fell 1.4 per cent this year, even though it is eight years since the financial crisis struck. And consumer lending slid another 0.8 per cent. Overall the Eurozone [...]
Business bosses happier if they take a break to go volunteering November 30, 2014 Senior executives report greater job satisfaction and improved skills if they volunteer for charity, according to a study today from Pilotlight. Two-thirds of those surveyed found volunteering boosted their job satisfaction. And 85 per cent said it improved their coaching skills. “There is a wealth of research pointing to the personal benefits of altruism – [...]