Chancellor Rachel Reeves delivered Labour’s first Budget in 14 years, announcing £40bn of tax rises, Central London Alliance comments
Banks welcome China-UK talks on forex trade January 15, 2012 TWO OF Britain’s biggest banks have welcomed government efforts to establish the City as the world’s biggest centre for trading China’s currency outside Hong Kong. Standard Chartered chief executive Peter Sands and his counterpart at HSBC, Stuart Gulliver, have both committed to send senior representatives to bi-annual lobbying meetings with the Bank of China, Barclays [...]
CITY MOVES | WHO’S SWITCHING JOBS January 2, 2012 Bank of Ireland Bank of Ireland has appointed Patrick Mulvihill and Pat Butler as non-executive directors. Butler (pictured), who will join the bank’s risk committee and the nomination and governance committee, is a partner at Resolution Group and a former senior director of McKinsey & Co. Mulvihill, who will join Bank of Ireland’s risk committee [...]
CITY MOVES | WHO’S SWITCHING JOBS January 2, 2012 Bank of Ireland Bank of Ireland has appointed Patrick Mulvihill and Pat Butler as non-executive directors. Butler (pictured), who will join the bank’s risk committee and the nomination and governance committee, is a partner at Resolution Group and a former senior director of McKinsey & Co. Mulvihill, who will join Bank of Ireland’s risk committee [...]
FTSE seesaws lower on banks and retailers December 21, 2011 BRITAIN’S top share index fell back after a volatile session yesterday, swinging back from early strong gains in low volumes, with banks seeing gains eroded, although Lloyds was boosted by a broker double upgrade. At the close, the FTSE 100 index was down 29.86 points, or 0.6 per cent at 5,389.74, reversing a chunk of [...]
FTSE seesaws lower on banks and retailers December 21, 2011 BRITAIN’S top share index fell back after a volatile session yesterday, swinging back from early strong gains in low volumes, with banks seeing gains eroded, although Lloyds was boosted by a broker double upgrade. At the close, the FTSE 100 index was down 29.86 points, or 0.6 per cent at 5,389.74, reversing a chunk of [...]
HSBC gets loophole in Vickers proposals December 19, 2011 HSBC scored a major lobbying victory yesterday after the government inserted a loophole into the Vickers Commission proposals that could exempt the bank from its most onerous capital requirements. The bank had warned that issuing a swathe of new debt instruments as per the Vickers recommendations could cost it $2.1bn extra a year. In response, [...]
2011 saw an Arab Spring and the euro in crisis – get ready for even more drama in 2012 December 19, 2011 IT’S been quite a year: the Eurozone is in crisis and the US lost its AAA credit rating from S&P. But economists warn that next year could be worse. There might be a repeat of 2008 – a credit crunch and another recession. Worse, the head of the IMF Christine Lagarde warns of a “lost [...]
HSBC hopes for Vickers relief December 18, 2011 THE TREASURY will kick off a consultation on the Vickers Commission banking reforms today that could deliver a major lobbying victory for HSBC after its tough talking on capital rules. Chancellor George Osborne will today unveil an 85-page document laying out the Treasury’s current thinking on each part of Vickers. But as City A.M. reported [...]
Port out, starboard home for yachting December 18, 2011 AS LEHMAN Brothers was filing for bankruptcy in September of 2008, Stephen White was sitting in Monaco on the back of Bad Girl, one of the most expensive superyachts in the world, owned by a top New York financier. White was then its highly respected captain. The financier, who had predicted the financial crisis, was [...]
WPP expands in Singapore December 15, 2011 ADVERTISING giant WPP has acquired a majority stake in Qais Consulting, the Singapore-based digital marketing agency, for an undisclosed amount. VML, the digital marketing arm of WPP, will be joined with Qais, which boasts Standard Chartered, the Singapore Ministry of Defence and Sony among its clients. Qais’ revenues for 2010 were S$4m (£2m) with gross [...]