How the King of the UK back office plans to keep his business growing June 21, 2009 IT is fascinating to listen to David Andrews talk about his business. For most of us, back offices may seem deadly boring – but when you discover Andrew’s passion for Xchanging, the FTSE 250 back office outsourcing giant he founded 10 years ago, you suddenly realise just how true it is that finance and corporate [...]
Positive jobs data boosts Wall Street June 18, 2009 US STOCKS gained yesterday after a recent small pullback as data on the jobs market and regional manufacturing revived hopes that the recession-hit economy is stabilising. Government data showed that while the amount of workers filing new claims for jobless benefits rose last week, the number of people collecting aid after the first week fell [...]
King crushes Darling at Mansion House June 17, 2009 ON the face of it, last night’s Mansion House dinner was a typical, formal City occasion, with the black tie-clad great and good of the business community turning up in their usual numbers. But there was little of the good-humour and wry amusement that usually accompanies such occasions; many of last year’s guests hadn’t been [...]
Q & A : OBAMA’S REGULATORY PROPOSALS June 17, 2009 Q. WHAT IS THE KEY MEASURE?A. Perhaps the most radical reform is that the Federal Reserve will adopt the role of a systemic risk supervisor with responsibility for the oversight of large firms that could pose a threat to financial stability, even those which do not own banks. Q. HOW DO THE REFORMS AFFECT CAPITAL [...]
CRACKDOWN June 17, 2009 THE US financial system is headed for a groundbreaking period of reform, after President Obama unveiled his vision of a regulatory regime designed to avert new financial crises. Outlining a raft of measures he termed a “transformation on a scale not seen since the reforms that followed the Great Depression”, Obama blamed a “culture of [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 14, 2009 THE SUNDAYSThe Sunday Telegraph RBS INVESTORS SAY PAY CHIEF EXEC MORERoyal Bank of Scotland chairman Sir Philip Hampton has had to overhaul the planned incentive package for chief executive Stephen Hester after institutional investors raised concerns that it was not generous enough. INEOS DEBT SPARKS WORRIES OVER ITS FUTUREAuditors to Ineos, Britain’s biggest private company, [...]
CITY MOVES WHO’S SWITCHING JOBS June 14, 2009 Barnett WaddinghamThe actuaries and consultants firm has appointed four new partners: Alison Hamilton, Sarah Brown, Paul Houghton and Matt Tickle. Hamilton, pictured, joined the firm in 2006 and specialises in public sector actuarial and consulting. Brown and Houghton are scheme actuaries, providing actuarial and consulting advice to employers and trustees of corporate pension schemes, while [...]
CREDIT REPORT June 8, 2009 SOVEREIGN debt markets dominated headlines yesterday after recession-torn Ireland saw its issuance downgraded by Standard & Poor’s (S&P) for the second time in under three months. The ratings agency cut Irish bonds to “AA” from “AA+”, after removing its top “AAA” rating in March, on fears the Eurozone nation may be unable to meet the [...]
S&P chops Irish rating June 8, 2009 STANDARD and Poor’s (S&P) yesterday cut Ireland’s sovereign credit rating for the second time in three months and warned it could fall further because of concern about the soaring cost of bailing out the country’s banking sector. Ireland is now rated at “AA” with a negative outlook, S&P said. It was previously “AA+” and the [...]
Board reshuffle puts pressure on BoA’s Lewis June 7, 2009 BANK of America (BoA) has appointed four outside directors to bolster its board’s banking and financial expertise, after US regulators pushed the nation’s largest bank to improve governance after a federal bailout. The shake-up increases pressure on chief executive Ken Lewis, who was stripped of his role as chairman in April after a surge in [...]