PREMIER TAX EXPERT STILL IN THE LEAGUE July 1, 2009 IT WAS au revoir (but not goodbye) last night at a leaving party at City restaurant Manicomio for PricewaterhouseCoopers’ John Whiting, the popular tax adviser who’s often been dubbed “Britain’s most quoted accountant”. Whiting – who’s known as “Mr T” on his regular stints on the BBC 2 Working Lunch sofa – has already started [...]
CITY EYE July 1, 2009 THE sun glints off the glass facades of the Gherkin and the Lloyd’s and Willis insurance buildings yesterday as the City enjoyed yet another day of glorious weather. Looks like that summer-to-beat-all-summers is finally here, folks…
BISCHOFF TO CHAIR LLOYDS June 30, 2009 SIR Win Bischoff, the ex-Citigroup chairman and veteran banker, is set to be named the next chairman of Lloyds Banking Group, it emerged last night. UK Financial Investments has asked the 67-year-old, who stepped down from Citi in February, to take the reins at the bank and lead it through the integration of HBOS, the [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
INVESTMENT BANK PROFITS BOUNCE BACK June 30, 2009 THE WORLD’S best investment banks have clocked up bumper second quarter profits, reaping the benefits of a renewed focus on trading and capital markets underwriting, as well as the implosion of many rivals. While many institutions – such as RBS and Citigroup – are still finding conditions tough, a group of six is emerging as [...]
US consumer cheer dives June 30, 2009 CONFIDENCE among US consumers dived unexpectedly low in June, despite encouraging signs the worst of the housing slump may be over. The Conference Board’s sentiment index fell to 49.3 in June from 54.8 in May, suggesting the economy is still firmly in the grip of recession. The lack of consumer confidence reflects a weak labour [...]
US consumer cheer dives June 30, 2009 CONFIDENCE among US consumers dived unexpectedly low in June, despite encouraging signs the worst of the housing slump may be over. The Conference Board’s sentiment index fell to 49.3 in June from 54.8 in May, suggesting the economy is still firmly in the grip of recession. The lack of consumer confidence reflects a weak labour [...]
Let’s celebrate a better second quarter June 30, 2009 IT is now clear that the first quarter of this year was utterly, devastatingly bad for the British economy. Revised figures yesterday showed that it shrank by 2.4 per cent between 1 January and 31 March. At an annualised rate, that was a drop of 10 per cent, the sort of implosion last seen during [...]
Arcandor to get bailout June 30, 2009 ARCANDOR, the biggest shareholder in tour operator Thomas Cook, is set to receive €50m (£40m) of state aid, it emerged yesterday. The German government agreed with state ministers from Bavaria and Saxony to provide the bailout for the Quelle mail order unit of the company, which will see €25m come from the federal government, and [...]
Tesco Finance linked to bid for Northern Rock June 30, 2009 TESCO has emerged as a potential bidder for nationalised bank Northern Rock. Britain’s biggest retailer has shown provisional interest alongside private equity funds and Richard Branson’s Virgin Group. Tesco is eager to cash in on growing disillusionment with traditional banks and in March announced plans to open bank branches in 30 of its stores. Buying [...]