Government caps planned rail fare rise October 7, 2012 COMMUTERS will be hit by smaller than expected fare rises in January, after the Department for Transport yesterday lowered the planned price hikes to an average of 4.2 per cent. The DfT cut the planned increases to one per cent above the retail price index (RPI) rate of inflation for the next two years, down [...]
City Moves | Who’s switching jobs October 7, 2012 Coutts Michael Mount has been appointed managing director, Coutts International UK at the wealth division of RBS. He joins from HSBC, where he was most recently a managing director in its UK private banking business. Mount has 27 years’ experience in international markets, and has also led business development at HSBC Private Bank, and served [...]
India’s long journey towards reform holds lessons for the City’s future October 7, 2012 LOOKING back at Europe from New Delhi – and the City delegation’s business visit to India – it is clear that reform tops the agenda in both places. Whether it is Vickers, Liikanen or Singh, the detailed reasons behind reform may be different. But the desired overall outcome is the same: to create stable jobs [...]
What the other papers say this morning October 3, 2012 FINANCIAL TIMES End to Russian petrodollar surplus Russia’s petrodollar surplus is poised to vanish as early as 2015 as import revenues overtake those from oil exports, according to its central bank. The forecast is the first official acknowledgment that the economic model which has characterised Vladimir Putin’s leadership – a country buttressed by oil money [...]
Third largest bank from Russia prices stock for London listing October 3, 2012 PROMSVYAZBANK took another big step towards listing shares in London yesterday, setting the price range for its initial public offering. Russia’s third largest bank is joining the flood of firms from the country rushing to the UK, following larger compatriot Sberbank which listed in London last month, and coming ahead of VTB, another bank looking [...]
Rapid Responses October 3, 2012 Attack on property I’m a chartered surveyor working in London, and I was recently informed that Newham Council has decided to introduce mandatory blanket licensing of all rental properties in the borough. Letting agents or private landlords must pay £150 if they apply for a license by the end of the year. Afterwards, a five-year [...]
Ed Miliband’s populist policies will make the UK’s bad position worse October 1, 2012 OUR political climate currently mirrors our economic situation – bleak and shockingly uninspiring. At a recent breakfast for business leaders in London, a veteran newspaper journalist spoke of the challenge faced across the West as one of “unpopular governments and unconvincing oppositions”. The polls in Britain bear this out. A ComRes poll for the Independent [...]
UBS poaches Nomura exec September 25, 2012 SWISS bank UBS has hired Shaun Treacy from Nomuraas co-head of its all industries group in Asia, according to an internal memo. In June the bank appointed Nick Hassall as global head of its consumer products and retail group, moving him from Hong Kong to London to take advantage of non-Asian companies’ interest in the [...]
UK banks are facing a battle with diminishing returns September 25, 2012 AS LONDON’S top bankers meet for their annual Merrill Lynch conference, upbeat public pronouncements can’t conceal the cloud hanging over the sector’s future. The news that Singapore investment fund Temasek is mulling offloading its £6bn stake in Standard Chartered is a typically gloomy indicator. Standard Chartered, after all, thanks to its exposure to Asian growth, [...]
Hornby runs out of steam after Olympics models fail to travel September 25, 2012 SHARES in Hornby plunged 34 per cent yesterday after poor sales of its London 2012 branded goods prompted the iconic toy maker to issue a surprise profit warning. The company had hoped its Olympic-branded model trains, taxis, buses and Scalextric sets would drive an increase in profits. But lower than expected sales meant major retailers [...]