Renowned City veteran Sir Mervyn Pedelty dies January 28, 2010 Sir Mervyn Pedelty, chairman of Friends Provident and a former chief executive of the Co-op’s financial arm, has died at the age of 61. After a long career in financial services, he passed away on Tuesday, after a long illness, just 10 days after his birthday. The former TSB executive was also an independent director [...]
Paradise complete with tax benefits January 28, 2010 WITH taxes for top earners sure to increase in the coming years, there has been much talk of City types moving abroad. Switzerland has been the country mentioned most often. The lure of Geneva, Zurich and Zug, it is supposed, will prove irresistible to London-based bankers because of the low tax regime. But will it [...]
When you liberate your employees, productivity and profit will follow January 27, 2010 FREEDOM INC BY BRIAN M CARNEY AND ISAAC GETZ Crown Business Publishing, New York, £18.99 **** WE LIVE in a society in which we’re always watched – not just by the state, but in the workplace, too. Keen to cut costs and direct workforce activities with precision, employers create ever more laborious internal rules and [...]
MYNERS: WE DON’T WANT OBAMA PLAN January 24, 2010 CITY minister Lord Myners yesterday poured cold water on President Barack Obama’s bid to overhaul the banking rules, warning that Britain would not be following the proposed US reforms. Myners told City A.M. that efforts by the US administration to curtail banks’ investments in hedge funds, private equity and proprietary trading were “in no way [...]
Spend £3m to live in a former youth hostel January 21, 2010 PROPERTIES at Wellgarth Manor, a luxury residential development in north London’s Hampstead Garden Suburb, start at a cool £3m. Cynicism might be your reaction – it’s a hefty price tag for a development in a former youth hostel who’s closest Tube station is scruffy Golders Green in Zone 3. But not every re-vamped youth hostel [...]
Why strategic downsizing is on the up these days January 21, 2010 EVERYBODY’S doing it. Not smoking or breaking their New Year’s resolutions – though there’s a fair bit of that going on too – but downsizing. Sue Laming, of Savills, says: “Finally, there’s decent value in the market. Nobody’s getting short-changed. Only 18 months ago there was virtually no downsizing, only distress sales. But now that [...]
Dow suffers worst 2010 trading drop January 20, 2010 THE Dow suffered its worst drop of 2010 yesterday day as US stocks succumbed to fears that China’s curbs on bank lending might jeopardize the global economic recovery, while IBM’s outlook sparked caution about the technology sector. Chinese authorities have ordered some major banks to curb their lending over the rest of this month after [...]
Shareholders in Cadbury to chew on offer January 19, 2010 CADBURY shares closed 3.6 per cent up at 836.5p yesterday after US food group Kraft announced its £11.7bn takeover bid had been recommended by the board. Under the offer, Cadbury investors will receive 500p and 0.1874 new Kraft Foods shares for every share, plus a special dividend of 10p. Shareholders have until 2 February to [...]
Morgan joins KP in IPL but Swann left on shelf January 19, 2010 ENGLAND batsman Eoin Morgan is set to join international team-mate Kevin Pietersen at Bangalore Royal Challengers after the Indian Premier League outfit snapped him up at auction. Bangalore paid £134,000 for the 23-year-old left-hander, but the seven other Englishmen on offer at yesterday’s sale were all overlooked, including in-form spinner Graeme Swann. England stars Monty [...]
Find value and beauty in an Austrian chalet January 14, 2010 SKIING down tree-lined snowy vistas in winter; hiking through lush green mountains by crystal blue lakes in summer. This is what’s on offer in Austria’s traditional Alpine towns. “Austria’s valley towns are proper year-round places,” says Giles Gale of Savills’ Alpine Homes. “In the summer they are filled with people mountain biking and hill-walking. And [...]