Autumn Statement 2014: Chancellor bids to get banks to pay tax quickly December 3, 2014 Britain's biggest banks will have to pay their taxes more quickly under new accounting rules brought in by the chancellor yesterday, bringing in an extra £3.5bn over the next four years. Lenders which made huge losses in the financial crisis are still offsetting current profits against those costs. The chancellor said he does not [...]
Bank lending down despite fund injection November 27, 2014 BANK lending to businesses dived again in the third quarter, the Bank of England said yesterday, despite the economic recovery. Institutions drew down almost £2bn from the Funding for Lending Scheme (FLS) in the three-month period – cheap funds intended to spur the provision of credit to businesses. But net lending to firms fell by [...]
City Moves for 27 November 2014 | Who’s switching jobs November 26, 2014 Silicon Valley Bank The bank has appointed Wibke Pendse as managing director of private equity finance and banking for the UK. She transfers from Silicon Valley Bank in the US, which she joined in 2010. Pendse has also held roles at Square 1 Bank and Comerica Bank. Old Mutual Global Investors The asset manager has [...]
JD Sports sells Bank to Hilco November 25, 2014 SHARES in JD Sports surged 3.7 per cent yesterday after the group said it had sold its loss-making fashion business Bank to focus on its other sportswear brands. The retailer said restructuring specialist Hilco Capital had bought Bank for an undisclosed sum via one of its subsidiaries. The sale should help to recover a substantial [...]
Investec bank profits surge as legacy of financial crisis fades November 20, 2014 Anglo-South African bank Investec reported strong profits for the six months to September yesterday, overcoming a fall in the rand. Impairments fell by more than 20 per cent on the year, and are down to one-fifth of their £320m level seen three years ago, as the bank moves on from the financial crisis. Pre-tax operating profits [...]
From Gotham City to Fidelity and Canaccord: The unfortunate tale of Quindell’s share price November 18, 2014 You'd be forgiven for forgetting the full detail behind the story of Quindell – here, we wrap up the last seven months of headache-inducing stories that kept the insurance outsourcer in the headlines. April 23 – Mysterious short seller Gotham City Research publishes a 74-page dossier, claiming Quindell had “magical… paper profits” and raising [...]
Quindell share price falls as chairman Rob Terry steps down November 18, 2014 Chairman Rob Terry and non-executive director Steve Scott are leaving Quindell with immediate effect, while Laurence Moorse will remain at the company for 12 months after the 2015 annual meeting, the company confirmed this morning. Quindell investors appeared flummoxed by the news, with shares rising as much as 15 per cent on opening, but [...]
Rob Terry departs Quindell: How Gotham City got its man November 17, 2014 Quindell, the London stock-market listed group targeted for months by a short-selling research group Gotham City, was yesterday forced to part company with its chairman in an effort to restore investor confidence. The decision that Rob Terry should leave came hours after it was announced that broker Canaccord Genuity had quit on 21 October, ahead [...]
City Moves for 18 November 2014 | Who’s switching jobs November 17, 2014 Barclays Andrea Delay has been appointed head of professional services at the bank. She has held several senior positions at Barclays, including head of industry for the facilities management sector. Delay has also held corporate banking roles at Wachovia Bank and Commerzbank. Deutsche Asset & Wealth Management Munish Varma has been appointed head of structured [...]
Inflation likely to remain well below 2pc mark – London Week Ahead November 16, 2014 Inflation figures released today are likely to show that price rises, as measured by the consumer prices index (CPI), remained far below the Bank of England’s two per cent “target” in October. Most economists expect inflation to remain unchanged at 1.2 per cent, although September’s fall from 1.5 per cent in August means there is [...]