CYCLISTS AND SUITS NEED NOT BE AT WAR WITH EACH OTHER July 24, 2011 TENSIONS between the City’s suits and its many cyclists – from couriers to tourists – have reached boiling point, The Capitalist hears. One disgruntled cyclist pulled over recently on Bishopsgate has been in touch to relay exactly why it is that City of London cops are out in force, lurking under trees and behind lamp-posts, [...]
Microsoft profits up 30pc but market frets over PCs July 21, 2011 MICROSOFT posted a 30 per cent rise in its fourth-quarter profit yesterday, smashing market forecasts, as sales of its Office software and Xbox games consoles continued to soar. Revenues hit a record high of $17.4bn (£10.8bn), up eight per cent from the same quarter in 2010, while net profit was $5.9bn, up from $4.52bn in [...]
BofA falls to worst loss in its history July 19, 2011 BANK of America yesterday reported its biggest-ever quarterly loss – $8.8bn (£5.46bn) – as low interest rates squeezed lending margins at the largest US bank. The loss was widely expected after the bank said in June that it settled with mortgage bond investors for $8.5bn and was taking more than $14bn of other home loan-related [...]
Miners lead FTSE up as China injects confidence July 13, 2011 The FTSE 100 bounced back today despite the deepening Eurozone crisis which has seen Ireland’s credit rating downgraded to junk by ratings agency Moody’s. Miners led the fight back on the blue chip index while investors across Europe were given a boost by positive economic data from China. Its GDP rose 9.5 per cent in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 12, 2011 FINANCIAL TIMES MANAGERS STRUGGLE TO WOO THE WEALTHY Private banks across the world are still struggling to attract new clients, as the wealthy continue to shun professional investment managers in the wake of the financial crisis, according to a report published today. New money paid into private banks by clients fell nearly 19 per cent [...]
CITY MOVES | WHO’S SWITCHING JOBS July 7, 2011 Pensions First PensionsFirst Group has appointed David Norgrove, who was chairman of The Pensions Regulator from January 2005 until December 2010, as chairman. Norgrove is currently chairman of the Low Pay Commission and the Family Justice Review Panel and deputy chairman of the British Museum. Prior to this, he spent 16 years with Marks & [...]
HOW TO DRESS SMARTLY FOR WARMER DAYS July 7, 2011 FOUNDERS OF ROUS ILAND MEMBERS’ BOUTIQUE, WWW.ROUSILAND.COM Q.Earlier this week it got too hot for wearing a suit. What alternatives to a suit and shirt do you recommend? A.FOR women, with a few key pieces, summer office dressing can be a breeze. Elegant separates are just as acceptable as a suit and are perfect for [...]
WHAT THE OTHER PAPERS SAY THIS MORNING July 6, 2011 FINANCIAL TIMES SPOTIFY SIGNS DEAL WITH VIRGIN Spotify and Virgin Media on Wednesday announced a deal that could help the music streaming service boost numbers of paying customers and reach a wider audience. By the end of the year, Virgin Media’s 4m UK customers will be able to access Spotify’s catalogue of 13m songs through [...]
HSBC PLAYS MUSICAL CHAIRS IN M&A ROLES July 6, 2011 CHANGE at the top at HSBC. The Capitalist has learned that rising star Maged Latif, who joined the bank from Goldman Sachs two years ago, has been fast-tracked from deputy head of M&A to co-head of global financial institutions group (FIG) advisory. Latif, who made his mark advising the government on taking Northern Rock into [...]
Allen & Overy posts rises in its profits and revenues July 6, 2011 ALLEN & Overy was the latest magic circle law firm to release its financial results yesterday, posting a seven per cent rise in revenues alongside a six per cent hike in profits. Turnover at the firm, which has 487 equity partners across 37 offices, rose to £1.12bn in the year to 30 April, climbing from £1.05bn [...]