Italian banks lead new euro credit crunch November 30, 2014 BANK lending fell again in the Eurozone this year, and analysts at EY expect a renewed crunch across much of the currency union in 2015. Business lending fell 1.4 per cent this year, even though it is eight years since the financial crisis struck. And consumer lending slid another 0.8 per cent. Overall the Eurozone [...]
Vijay Patel: How I made it as an entrepreneur – the five key attributes you need to succeed November 23, 2014 Global Entrepreneurship Week, last week, provided an opportunity to celebrate British enterprise and to assess how we can stimulate new business creation further. The more entrepreneurs we have, the stronger our economy will be. I am a British entrepreneur who has, over the last 40 years, built a global business from just one small pharmacy [...]
New computer games like Assassin’s Creed Unity prompt inflation to edge up in October November 18, 2014 Inflation edged up in October, but is still expected to fall over the coming months. The headline measure of prices – the consumer prices index (CPI) – rose to 1.3 per cent for the year to October, up from 1.2 per cent in September, according to figures released by the Office for National Statistics yesterday. [...]
UK £1bn Rugby World Cup lift November 18, 2014 BRITAIN’S economy is set to receive a boost totalling close to £1bn from hosting the 2015 Rugby World Cup, a report commissioned by the tournament’s organising committee revealed yesterday. An economic impact study undertaken by accountancy firm EY predicts the showpiece event, which will be staged at 13 stadia in 11 cities across England in [...]
2014 City A.M. awards: It’s always good to toast the best of the City – Editor’s Letter November 13, 2014 In a matter of weeks, during the first few days of January, I will be calling people to invite them to next year’s City A.M. awards. The event, the latest of which was held last night, has become a fixture in the City calendar and has grown in stature since its inception. Last night, [...]
Inflation set to stay low for up to three years November 12, 2014 THE BANK of England (BoE) yesterday shifted its expectations of a first rate hike to late 2015 as it forecast inflation to stay below target until 2017. The UK’s economic growth was predicted to slow in 2015 to 2.9 per cent after forecasting 3.5 per cent growth for the whole of 2014. Weak growth in [...]
City Moves for 13 November 2014 | Who’s switching jobs November 12, 2014 Pinsent Masons The law firm has announced the appointment of Meriam Alrashid as an international arbitration partner in its global construction practice in London. A fluent Arabic speaker, she joins from Crowell & Moring and has particular experience in the Middle East and North Africa. Hermes Investment Management Vincent Nobel has been appointed head of [...]
Drinks giant Diageo drops KPMG for PwC as new rules come in November 11, 2014 Diageo announced yesterday that it had replaced its auditor KPMG with rival PwC, to bring it in line with new regulations compelling companies to consider changing their accountants every decade. The alcoholic drinks giant – which produces Guinness – said PwC’s appointment would take effect for Diageo’s financial year ending 30 June 2016, subject to [...]
With new global rules for banks unveiled, are we nearing the end of too big to fail? November 10, 2014 Dr Thomas Huertas, a partner at EY and head of its global regulatory network, says Yes. Tougher regulation reduces the likelihood that banks will fail – but it can still happen. In that event, yesterday’s rules assure that the bank will have enough funding from investors to absorb even extreme losses. So investors, not taxpayers, [...]
HSBC boss attacks gay City leaders who stay in the closet November 10, 2014 Antonio Simoes, the chief executive of HSBC's UK operation, has criticised gay City leaders who stay in the closet. Speaking at a conference hosted by Deutsche Bank in the City today, Simoes, who spoke openly about his sexuality for the first time in a video message to his employees last year, said business leaders have [...]