Britain: a case study in low-growth economic mediocrity February 22, 2013 BRITAIN is stuck in a rut. No wonder that investors and credit rating agencies are losing patience: the coalition doesn’t have the guts or decisiveness needed to jolt the UK out of its present mediocrity, while the opposition is busy dreaming up new taxes, thinks that a slightly looser fiscal policy would transform our prospects [...]
Finance execs’ pay squeezed by regulations February 22, 2013 EXECUTIVE pay in financial services is barely creeping up this year and will come in well below inflation, according to new forecasts from Mercer. Average salaries will rise by just 2.2 per cent, they survey indicates, well down on the 2.9 per cent rise last year and firmly below consumer price inflation – currently running [...]
City Moves for 22 February 2013 | Who’s switching jobs February 22, 2013 Withers The law firm has announced the appointment of Matthew Feargrieve as a partner. Feargrieve will be responsible for establishing a pan-European investment funds practice. He joins from Appleby, where he was a partner and team leader for funds and investment services. He has also held senior positions at Mourant du Feu & Jeune and [...]
Watchdog backs Libor fine cuts February 21, 2013 BARCLAYS deserved a multi-million pound reduction in its Libor manipulation fine because it worked hard to cooperate with the investigation, the Financial Service Authority insisted today. Defending itself against questions from the Parliamentary Commission on Banking Standards, the FSA said it is vital to encourage banks to be open with information. Barclays received a 30 [...]
Plans to force firms to switch auditors don’t go far enough February 21, 2013 BANKS, ratings agencies, now auditors: the firing line of financial sub-industries being dragged kicking and screaming into a post-crisis world continues to lengthen. As soon as tomorrow, the Competition Commission will pave the way for an overhaul of the Big Four accountants with a proposal to enforce mandatory rotation of their major audit clients at [...]
Best of the Brokers February 21, 2013 BARCLAYS Goldman Sachs yesterday removed the bank from its pan-European buy list and downgraded it to a “neutral” rating, with a 12-month target price of 340p, down from 350p. The broker thinks Barclays’ latest operational targets contain a significant execution risk, and leave the bank with the lowest medium-term return on equity target of its [...]
How to make the most of your Isa February 21, 2013 It is much easier to transfer your account than you may think MANY consumers are aware of the benefits that come with an individual savings account (Isa). You won’t pay capital gains tax on your Isa investments, nor will you pay income tax on your Isa savings, and you don’t have to mention Isas on [...]
Tantrums and tyres as Square Mile go-karting contest returns February 19, 2013 WHILE a game of squash or round of golf are the more traditional City pastimes for the competitively inclined among us, a new sport seems to be ruffling a few feathers within the Square Mile. Yes, the City Slickers Grand Prix is back for a third year. With go- kart racers from Morgan Stanley, Barclays, [...]
IHG unveils rise in profits led by US growth February 19, 2013 INTERCONTINENTAL Hotels Group reported an 11 per cent jump in full-year operating profits yesterday, driven by a strong performance in the US and its expansion in developing markets. The owner of the Crowne Plaza, Holiday Inns and InterContinental brands made an operating profit of $614m (£387m) in 2012, while revenue rose five per cent to [...]
City Moves for 20 February 2013 | Who’s switching jobs February 19, 2013 Broadwalk Asset Management Mark Shepperd will join the asset management firm as a senior analyst. He was most recently a senior adviser in the investment banking division at UBS, and previously spent 20 years running its support services team Scipion The African commodities investment firm has appointed Georgina Fleming to oversee product management and development. [...]