FSA AND TORIES AT WAR OVER BONUSES August 12, 2009 THE FINANCIAL Services Authority (FSA) and the Tories were at loggerheads last night over the regulator’s plans to reform bank bonuses. The FSA, which published its final remuneration code yesterday, faced claims that it had watered down its proposals in the face of pressure from City bankers. But the City watchdog hit back, saying it [...]
City up in arms over academics’ calls for a windfall tax on banking bonuses August 12, 2009 LEADING City figures yesterday slammed the idea of a windfall tax on bonuses floated by a group of university professors, labelling it “gratuitous”, “impossible” and “absurd”. The 14 business school academics, writing in a letter to The Guardian newspaper, said money raised should be injected into public services, to reimburse taxpayers for the billions used [...]
The firm that has risen above the Magic Circle August 4, 2009 THE Magic Circle model is in need of a re-engineering.” In light of recent revelations about the impact of the economic downturn on City law firms, that statement might not qualify as controversial. However, it’s noteworthy because it is a view espoused by Nigel Knowles, co-chief executive of DLA Piper, the newly-anointed “biggest law firm [...]
Virgin Galactic to launch satellites August 2, 2009 Virgin Galactic, the space tourism venture being developed by Sir Richard Branson, is to offer a satellite launcher on its WhiteKnightTwo spacecraft as an extra revenue stream. The company, that plans to offer low-earth orbit excursions for the ultra-rich, is working with UK-based firm Surrey Small Satellites to offer the ability to put a 200kg [...]
MPs: Darling’s big reform bid has no depth July 30, 2009 THE INFLUENTIAL group of MPs investigating the banking crisis will today dismiss chancellor Alistair Darling’s White Paper bid to reform financial regulation as “largely cosmetic”, in a devastating final report. The Treasury Committee will say Darling’s efforts to lead the City into a new rules era are based on “merely re-branding” the regulatory system, and [...]
Darling’s dressing down of banks met with indifference July 27, 2009 CHANCELLOR Alistair Darling urged bank bosses to increase credit to small firms in a meeting at the Treasury yesterday, but found his efforts dismissed as a PR stunt by City figures and politicians alike. Darling summoned the chief executives of the UK’s major banks to Whitehall, as part of ongoing meetings aimed at resolving the [...]
Darling urges banks to lend July 26, 2009 CHANCELLOR Alistair Darling will today put bank bosses in the dock over concerns that they are not lending enough. In a meeting at the Treasury, Darling will urge lenders to reward taxpayers for their support of the banking system by offering loans at more competitive rates. Speaking in a television interview, the chancellor said he [...]
ANALYST VIEWS: WHAT’S ON THE HORIZON FOR GLAXOSMITHKLINE? July 22, 2009 SAVVAS NEOPHYTOU PANMURE GORDONWe are encouraged by good gross margins and strong revenue growth across GlaxoSmithKline’s portfolio, particularly in vaccines. GSK is building towards a diversified business model that will be attractive to risk-averse investors and, although we are not fans of conglomerates, we remain buyers. JAMES KNIGHT COLLINS STEWARTPharma companies have a proven ability [...]
ARE YOU SATISFIED WITH CONSERVATIVE PROPOSALS ON REGULATION? July 20, 2009 ANGELA KNIGHT CHIEF EXECUTIVE, BBAWe’re pleased to see the highlighting of the European dimension within these proposals. There has to be a higher degree of engagement at a senior level with European authorities. We want to see a proportionate and stable regulatory framework that ensuresthe industry can compete.RICHARD LAMBERT DIRECTOR GENERAL, CBIThis is a very [...]
Its hip to be in the square, whether that’s in London or outside the city July 16, 2009 IN residential stakes, it’s pretty hard to top the London square. An emblem of elegance, a coveted enclave for the rich, famous and private, a square is where people who have reached the top go for a house. And despite the property market slump, those with cash still can’t get enough of them. Howard Elston, [...]