Fears that new rules may push banks out of US December 9, 2012 EUROPEAN banks fear incoming US capital requirements could drive their costs up to unsustainable levels and force them to leave the country, industry sources said yesterday. New proposals on capital and leverage limits for foreign banks are likely to be unveiled at the end of this week. Federal Reserve governor Daniel Tarullo last month warned [...]
UK employment figures likely to show a rise in claimants last month December 9, 2012 UK employment figures are this week predicted to remain steady, in line with the weak economic background. “We forecast the October unemployment rate unchanged at 7.8 per cent and the November claimant count to increase by 6,400,” said Blerina Uruci from Barclays. Investors will this week be looking to America, where the Federal Reserve is [...]
Why you shouldn’t put off saving for your retirement December 9, 2012 AT A time when people are failing to save enough for their retirement, George Osborne’s move – announced in last week’s Autumn Statement – to reduce the tax relief on pensions is unwelcome. The chancellor cut the annual tax relief for wealthy earners from £50,000 to £40,000, and reduced the lifetime allowance from £1.5m to [...]
Barclays unveils final plan to combine African banking units December 6, 2012 BARCLAYS yesterday announced African bank Absa is taking over its banking operations in the continent, while the British bank is increasing its majority shareholding in Absa. The consolidation is worth 18.33bn rand (£1.3bn) in shares and increases Barclays’ stake in the bank from 55.5 per cent to 62.3 per cent. The combined firm will be [...]
Former FSA boss Sants mulls bank move December 6, 2012 HECTOR Sants may head up Barclays’ regulation and compliance operations, it emerged yesterday, as another major firm vies to win the former Financial Services Authority chief executive’s services. Professional services firm Deloitte is also thought to want to hire Sants.
UK becomes second-largest EU car market December 6, 2012 BRITAIN is now the second-biggest car market in the EU, according to industry figures released yesterday. UK new car registrations rose 11.3 per cent year-on-year to 149,191 units in November, thanks to increased demand from private purchasers. Total car sales are now on track to top 2m in 2012, according to the Society of Motor [...]
London’s Tech City gets £50m from Cameron December 6, 2012 DAVID CAMERON yesterday unveiled a £50m government project in east London’s “Tech City” alongside a host of new investments from the likes of Microsoft and KPMG. The Prime Minister said the money would be put towards a new showcase building on Old Street roundabout – the junction that has become an icon of the growing [...]
Who’s switching jobs December 6, 2012 Robin Simon The law firm has appointed Darren Hannison partner and head of its reinsurance practice. He joins from Plexus Law. Hannison has over 19 years’ experience in the insurance and reinsurance sector, and has also served as an assistant general counsel at AIG in New York. Deloitte Angus Wildblood has been appointed analytics partner [...]
UK firms have had mixed fortunes in the United States December 5, 2012 CADBURY SCHWEPPES Bought Dr Pepper/Seven Up in 1995. Then in 2000 bought the Snapple Group. Combined the two, but had to demerge its US fizzy drinks business by May 2008, so spun off Dr Pepper Snapple Group in a listing on the New York Stock Exchange. MARKS & SPENCER Bought the 155-store male outfitter Brooks [...]
Who’s switching jobs December 4, 2012 Aon Hewitt The human resources consultancy has appointed Andrew Woolnough as client development director in its flexible benefits team. He was most recently head of flexible benefits at Enrich Reward, and has also held senior roles at Jelf Group. JP Morgan Private Bank The private bank has announced two new appointments to its London-based South [...]