NEWS | IN BRIEF January 3, 2010 Ski breaks hit by the recession Almost 20 per cent of UK consumers intend to sacrifice their annual winter sun or ski break this year to combat the financial pressures of the recession, research from accountancy firm PricewaterhouseCoopers has shown. But consumers will balance their winter thriftiness with a travel spending spree in the summer, [...]
SUITOR LIES IN WAIT AS HOODLESS PLANS FOR A CHANGE OF SCENERY December 17, 2009 THINGS are hotting up over at broker Hoodless Brennan, which I hear is currently in the final throes of negotiating a move from its current Canary Wharf HQ back to the quainter environs of the Square Mile. The brokers at Hoodless, which plans to shack up on Finsbury Pavement some time early next year, are [...]
Proposals out on living wills December 16, 2009 EMPLOYEES will be guaranteed the option of working out a notice period and clients promised swift access to their money in the event of a future high-profile investment bank failure, under the terms of proposed government legislation unveiled yesterday. City minister Lord Myners launched the consultation paper on so-called “living wills” – measures for an [...]
City firms in fresh attacks on bonus tax December 15, 2009 STEPHEN Hester, chief executive of Royal Bank of Scotland, warned yesterday that the politicisation of bankers’ bonuses could wipe billions of pounds off the taxpayer’s stake in RBS. Treasury plans to levy a one-off 50 per cent tax on bank bonuses have added to woes at the Scottish institution, whose directors were already at loggerheads [...]
KPMG turnover falls 1.6pc as M&A weakness cuts tax take December 15, 2009 SERVICES giant KPMG saw UK revenues slip 1.6 per cent for the year to September as a decrease in corporate activity took its toll. The firm blamed fewer mergers and acquisitions for the marginal fall in turnover to £1.6bn. Operating profit was down 1.3 per cent to £382m in a tough year that began with [...]
Nat Ex woos Tube boss for driving seat December 7, 2009 TUBE LINES boss Dean Finch found himself in demand yesterday, as struggling transport group National Express tried to secure his services as its next chief executive. But the tube maintenance group, which looks after the Jubilee, Northern and Piccadilly lines, is eager to hold on to Finch. “He will now be having talks with the [...]
Mittal daughter buys Escada UK December 3, 2009 The UK subsidiary of German womenswear brand Escada was yesterday bought by Subco Limited, the wholly-owned subsidiary of the Mittal Trust. KPMG was appointed administrator of Escada UK and immediately sold it to the Mittal Trust. Escada the parent company was sold to Megha Mittal, daughter-in-law of steel magnate Lakshmi Mittal last month. The sale [...]
Unite seeks 150m for investment arm December 1, 2009 UNITE GROUP, the student housing developer and manager, said yesterday its investment arm USAF was raising £150m to expand its property portfolio, in the latest indication that the student property market is thriving despite the downturn. The group has already secured £133m of its target from investors, it said, and has also received applications for [...]
Advisers head to the Gulf as rumours swirl November 29, 2009 Aidan Birkett is beginning a week of intense negotiations as the full implications of Dubai World’s debt problems emerge. The managing director for corporate finance at Deloitte is leading the process to shore up Dubai World’s crippled finances. The state-owned property and financial conglomerate announced last week it needed a six-month respite from its debt [...]
JPM Caz still leading FTSE adviser pack… November 29, 2009 BLUE-blooded City brokerage JP Morgan Cazenove is still proving its mettle as the City’s dominant corporate broking player, topping the adviser leaderboard again over the past quarter despite uncertainty caused by its imminent takeover by JP Morgan. The latest Hemscott adviser rankings guide, published today, shows that the firm advises a total of 240 broking [...]