EU lenders cut back to boost performance in stress tests March 31, 2014 BANK lending will not rise as fast as hoped this year as cautious European institutions cut back in risky lending, EY forecast today. The Eurozone lenders, facing an asset quality review (AQR) and stress test, are being careful with their lending to make sure their balance sheets appear in good shape. EY expects lending will [...]
Three things you didn’t know about… March 31, 2014 EY partner Maryam Hussain 1 She had a narrow escape when travelling from Madrid to Tehran in 1980. Her pilot landed 20 minutes early, meaning she was safely watching from the airport building as minutes later, the plane was bombed and destroyed in an Iraqi air force attack. 2 Three years ago, she took up [...]
Changes to bank levy will cost firms £400m per year March 28, 2014 THE BANK levy will rise to £2.9bn from its previous target of £2.5bn per year, under plans in a consultation out yesterday, as the Treasury looks to fix the amount of money it raises from the industry. In 2010 the plan was to tax banks based on the size of their balance sheet, aimed at [...]
Letters to the Editor – 28/03 – Crossrail 2, Virtual future, Best of Twitter March 28, 2014 Crossrail 2 [Re: London will come to a standstill if we delay Crossrail 2, yesterday] Far from demonstrating a lack of political will on Crossrail 2, the mayor has long been the driving force behind getting this vital project moving. He strongly believes it is critical to boosting capacity and galvanising economic growth, which is [...]
City Moves for 27 March 2014 | Who’s switching jobs March 26, 2014 Hanson Asset Management The asset management firm has announced the appointment of Jonathan Arthur as head of investment management. He was previously head of UK equities at UBS Private Wealth. KPMG The professional services firm has appointed Dan Roman to lead its UK hedge funds practice. He joined the hedge funds tax practice three years ago from EY, [...]
Falling inflation signals end of wage squeeze March 25, 2014 REAL wages for average UK workers look set to finally begin rising once again, with earnings ticking upwards and inflation down to the lowest level in more than four years. The consumer price index (CPI) rose by only 1.7 per cent in the year to February, according to the Office for National Statistics (ONS) yesterday. Inflation [...]
Alfresco v Aldesco March 25, 2014 With the sun out, it’s time to eat alfresco, says Alex Dymoke – but for those poor souls stuck to your desks, we have some special take away options as well… THE CITY (NORTH)The Water Poet9-11 Folgate Street, E1 6BX The Water Poet pub is located at the very northern tip of the Square Mile. [...]
Banner Homes snapped up by Cala for £200m March 24, 2014 CALA Homes has made a further push into the more affluent south of England after buying luxury housebuilder Banner Homes yesterday for around £200m. The Edinburgh-based housebuilder, which develops upmarket properties in Scotland and in the Midlands has been looking to grow its presence in the south on the back of rising demand and said [...]
City Moves for 24 March 2014 | Who’s switching jobs March 24, 2014 Herbert Smith Freehills The law firm has announced the appointment of Justin D’Agostino as global head of dispute resolution. He is currently a partner, and has spent his entire legal career at the firm. Legal & General Property James Lidgate has joined Legal & General property as head of residential. He has over 14 years’ [...]
Clampdown on profit transfers from UK firms March 19, 2014 A CRACKDOWN on tax avoidance in yesterday’s Budget will extend a scheme to limit avoidance through transferring profits internationally. Chancellor George Osborne said that HM Revenue & Customs would try to net more firms that it suspects are moving profit overseas to avoid UK tax, extending a move taken in December’s Autumn Statement. The change comes [...]