Hannam adds to his top team at Strand January 28, 2014 IAN Hannam, the former JP Morgan banker, has recruited another senior executive to join his thriving independent advisory bank, Strand Partners. Hannam confirmed last night that Giles Fitzpatrick, the former chief executive of Fox-Pitt Kelton, will be joining his team, which includes chief executive Neil Passmore and Tim Hoare. Strand has been advising on a [...]
Vimpelcom slashes its dividend January 28, 2014 Vimpelcom, Russia’s third biggest mobile operator, said it plans to slash its dividend to pay down debt piled up in an aggressive expansion drive, marking an unexpected policy shift that spooked shareholders and sent its shares down 13 per cent. Vimpelcom’s expansion into Africa, Asia and continental Europe left the group with more than $20bn [...]
The grave crises facing Putin’s Russia lay bare its fundamental weaknesses January 28, 2014 CHAOS in Kiev must feel uncomfortably close to Russian President Vladimir Putin. The Ukrainian parliament yesterday annulled laws that sought to clear the streets of protesters against Ukraine’s increasingly authoritarian pro-Russian President Viktor Yanukovych. Ukraine’s prime minister and government have quit, and the country stands perilously on the edge of deeper conflict – prompted initially [...]
Letters to the Editor – 28/01 – Labour tax plans, Small business, Best of Twitter January 27, 2014 Labour tax plans [Re: The Labour party’s war on the better off is dreadful economics, yesterday] Let us not forget the damage that the 50p tax rate would do to the global mobility of top talent. Many of these individuals are “tax equalised” – their net salary is delivered, and the employer meets the tax [...]
The law firm leaders joining the global dots January 26, 2014 Baker & McKenzie’s jet-setting duo tell Elizabeth Fournier how they stay ahead FOR A law firm that is less than 70 years old, Baker & McKenzie has an impressive global footprint. From humble beginnings at the hands of co-founders Russell Baker and John McKenzie in Chicago in 1949, the firm now employs more than 4,000 [...]
Investor access to UK boosted by wealth visas January 26, 2014 THE NUMBER of UK visas issued for foreign investors swelled by a quarter in 2012-13, with high-net worth Chinese visitors making up the largest share of applications. International law firm Pinsent Masons reveals today that 530 investor visas were issued in 2012-13, up from 423 in 2011-12. The number of visas issues has nearly doubled [...]
The Mints are falling apart: It’s time to reassess our view of emerging markets January 26, 2014 TO PARAPHRASE Antony in Julius Caesar, I come to bury the Mints idea, not to praise it. True, as with its Brics ancestor, former Goldman Sachs Asset Management head Jim O’Neill has hit upon something vitally important by identifying Mexico, Indonesia, Nigeria and Turkey as future economic giants. With the Brics, it was that the [...]
Partnerships may be the big trend in 2014 January 26, 2014 Annabel Palmer talks to MediaCom’s Karen Blackett WHEN Karen Blackett, UK chief executive of MediaCom, got her first big break in 1993, it was over a year before Wired magazine launched the first ever ad on the World Wide Web. She talks to City A.M. about her career, adapting to a rapidly-changing industry, and the [...]
Petropavlovsk’s production on track but low gold price weighs January 23, 2014 THE CHAIRMAN of Petropavlovsk yesterday warned that there might be more job cuts and that management bonuses would be cancelled once again, as the Russia-focused gold miner prepares for another challenging year. Peter Hambro, who founded the FTSE 250-quoted company, told City A.M. that “life is not easy for any of the miners” and that [...]
2 more gold miners slash production – What will 2014 bring for them? January 23, 2014 Last year gold prices tumbled 28 per cent – the worst fall in thirty years – and the slump in the price of the yellow metal is hitting this year’s output. Production costs are flooring and, in response, miners around the world have slashed costs, delayed new work and hedged. Today, two Russian gold miners – [...]