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. [...]
Brussels’ plans to cap bonuses will be a disaster for London February 18, 2013 ONCE again, Britain is about to shoot itself in the foot. The latest proposals from Brussels – this time, to impose a cap on bank bonuses – look like they may shortly be nodded through, with George Osborne seemingly too frightened by anti-City sentiment to block them. Bonuses may have to be no more than [...]
European Report: Hangover from Carlsberg hits European stock February 18, 2013 EUROPEAN shares dipped for a third straight session yesterday, led by Danish brewer Carlsberg after disappointing earnings, and some analysts expected further weakness in the market in the near term. The world’s fourth-biggest brewer posted a weaker-than-expected quarterly profit as sales stalled in key market Russia and remained sluggish in western Europe, sending its shares [...]
Equistone exits UK energy firm at a premium February 18, 2013 EQUISTONE, the private equity group, yesterday exited its majority stake in oil and gas company Hydrasun after selling it to a Bahraini-listed investment company. The sale, which comes over five years after Equistone backed a management buyout of the firm, represents more than a 2.5x premium to the firm’s original money investment of £38m. The [...]
Rothschild heir backs launch of merchant bank February 18, 2013 EDMOND de Rothschild, the wealth manager chaired by an heir of the Rothschild banking dynasty, is to launch a UK merchant bank after winning regulatory approval for the plan. The new outfit, which was given consent to launch by the Financial Services Authority in mid-January, will be called Edmond de Rothschild Private Merchant Banking and [...]