Pension funds look to invest November 27, 2011 TALKS are beginning to work out how the government can harness tens of billions of pounds in pensions funds’ cash to boost infrastructure spending, the Treasury and pensions industry announced yesterday. A memorandum of understanding was signed by the Treasury, the National Association of Pension Funds (NAPF) and the Pension Protection Fund (PPF) signalling that [...]
Thomas Cook aims to reassure clients November 27, 2011 THOMAS Cook has launched a publicity offensive aimed at reassuring customers of its future as its incoming chairman, Frank Meysman, arrives to review the business, which is expected to involve a boardroom clearout. After being saved from collapse on Friday by a £100m bailout from its banks, Thomas Cook’s interim chief executive Sam Weihagen published [...]
CITY MOVES | WHO’S SWITCHING JOBS November 27, 2011 Mayer Brown The global law firm has hired Bernd Bohr as a partner in the corporate and securities practice. Bohr is relocating from the New York office of Allen & Overy to support the expansion of Mayer Brown’s US M&A and capital markets practice in Europe. He specialises in SEC-registered securities offerings, public and private [...]
FTSE slump continues as Germany digs in November 25, 2011 THE FTSE 100 continued to fall this morning as Germany’s refusal to agree to a common Eurozone bond to shore up the bloc’s finances further drained investor confidence. London’s blue chip index posted its ninth successive day of falls yesterday and has dropped 7.5 per cent in the period – the longest losing streak since [...]
Becker: Scrap unfair tax or more stars will shun UK November 24, 2011 FORMER Wimbledon champion Boris Becker has called on the government to scrap “unfair” tax laws for foreign players, or risk more of the world’s top sportsmen boycotting British events. Tennis star Rafael Nadal has already cancelled his annual appearances at Queen’s Club in protest at the controversial levy, while Olympic sprint champion Usian Bolt has [...]
Power play sees Tsonga overcome tired Nadal November 24, 2011 FRANCE’S Jo-Wilfried Tsonga confirmed his place among the sport’s elite with an epic three-set win over Rafael Nadal to seal a spot in the semi-finals of the Barclays ATP World Tour Finals. Tsonga was in inspirational form as he beat Nadal for only the third time in his career, recovering from the blow of having [...]
Last German spurt as the economy slows into 2012 November 24, 2011 GERMAN business confidence rose in November, defying economists’ predictions that the economy was weakening rapidly, the IFO business index revealed yesterday. The Federal Statistical Office also confirmed that GDP grew at a healthy 0.5 per cent in the third quarter, boosted by strong consumer spending. However, the economy is set to be hit by falling [...]
Banks and miners stem tide of FTSE losses November 24, 2011 The FTSE 100 was solid this morning as banks and miners stabilized the index which has taken a battering from the confidence sapping Eurozone crisis. Germany – seen as the kingpin in the bloc – yesterday sold just €3.6bn (£3bn) worth of 10-year bonds, from €6bn euros on offer. That sent shockwaves through markets which [...]
Dexia rescue fears spark stocks slump November 23, 2011 EUROPEAN banking stocks were spooked yesterday over fears the €90bn (£77bn) deal to rescue Franco-Belgian bank Dexia could be about to unravel. Financial stocks fell in Britain, France and Belgium after a report that Paris and Brussels were at loggerheads over short-term funding guarantees designed to allow Dexia’s “bad bank” to come off emergency liquidity [...]
Lending on plastic drops November 23, 2011 CONSUMERS are repaying credit card balances more than they are borrowing on plastic, with many Brits “simply going without” new goods instead of adding to their debts. While £7.2bn was bought on credit cards in October, £7.4bn was repaid, according to data released yesterday by the British Banking Association (BBA). Across six months to October [...]