Legal eagle: how London’s top law firm retained its grip on the City February 20, 2011 The head of law firm Slaughter and May is two minutes late for his interview with City A.M., for which he immediately apologies. The first thing is surprising; the second is not. The partners in this blueblooded City institution have spent a lifetime doing things correctly. Even among other Magic Circle outfits, this firm manages [...]
Government eyes new levy on non-doms February 6, 2011 THE government is considering plans for a fresh crackdown on non-doms, which could see the existing levy extended at the Budget in March. In April 2008, the Labour government introduced a £30,000 annual charge for non-doms who had been living in the UK for seven years or more. Non doms are people resident in the UK [...]
Submissions to Vickers January 26, 2011 BARCLAYS Said a forced split would harm the stability of the system. “There is little empirical evidence to suggest that material structural change would enhance financial stability,” it said, warning that the UK economy would also suffer if the financial sector is curtailed. RBS RBS sought to quantify the benefits of the universal model, estimating [...]
Food crisis moves up agenda January 24, 2011 GENETICALLY-MODIFIED crops could help meet the rising demand for food amid growing populations, the government’s chief scientific adviser said yesterday. “If there are GM organisms that solve problems that we can’t solve in other ways, and are shown to be safe from human health and environmental points of view, then we should use them,” said [...]
The pensions chief who says that investors are no longer a soft touch January 23, 2011 It is easy to see why the chairman of the National Association of Pension Funds (NAPF) looks more relaxed these days – this coalition government is less keen on beating shareholders over the head. Lindsay Tomlinson is lounging on a sofa in a bright modern office in the NAPF’s headquarters on Cheapside, opposite the recently-opened [...]
Credit fears for HMV send shares lower January 19, 2011 SHARES in HMV Group plunged yesterday after the music and book retailer confirmed some of its suppliers have had levels of credit insurance cut. A shadow has been cast over HMV since it issued a profit warning earlier this month with store closures ordered in an attempt to cut costs. The share price sank by [...]
Japan to buy a fifth of euro bonds at sale January 11, 2011 JAPAN says it will buy a fifth of the gilts on offer at a planned auction of region-wide Eurozone bonds (or “e-bonds”) later this month. The comments, made by finance minister Yoshihiko Noda, sparked a rally in the euro versus the yen, with traders speculating that Japan would have to load up on the single [...]
A big week ahead for Portugal and the Euro January 9, 2011 WILL this be the week that Portugal becomes the latest Eurozone country to call in the EU and the IMF to bail it out? The answer to that question will become clear on Wednesday when Lisbon taps the bond market for the first time in 2011. If last weeks T-Bill auction is anything to go [...]
Why 2011 won’t be too bad after all January 3, 2011 FORECASTING may be a mug’s game but it is unavoidable at this time of the year. So here are a few of my predictions for 2011, together with some key themes to look out for and some lessons from last year. I was right to be sanguine about 2010’s UK growth prospects; the daily warnings [...]
The City is back but under new management December 21, 2010 BRITAIN’S financial landscape has been transformed since we last shone a light on the City’s most powerful figures two years ago. The City A.M./CityJet Power Hundred 2011 list ranks the most influential figures in UK finance as we head into the new year. It should be no surprise that it is very different from 2009. [...]