Europe’s banks identify another €100bn in non-performing loans October 28, 2013 EUROPE’S banks are sitting on more than €1.2 trillion (£1 trillion) in non-performing loans (NPLs), and the level is set to increase as they comb through their portfolios next year, PwC analysts said today. The consultancy recorded an additional €100bn added to banks’ portfolios across Europe in the last 12 months, driven by rising volumes [...]
Bank bonuses to face fresh curbs March 13, 2014 BANK bonuses could become a thing of the past as a result of a series of aggressive new rules which would see financiers forced to wait 16 years before they can fully enjoy their pay. The Bank of England’s prudential regulation authority (PRA) yesterday revealed plans which threaten to claw back bonuses up to six years [...]
UK moves up ranking of competitive tax regimes November 19, 2013 THE UK is climbing the ranks of the most business-friendly tax regimes in the world, behind only three other countries in the western world. Only Ireland, Canada and Denmark beat the UK in Europe and North America, and the UK comes 14th overall, in a table of 189 tax jurisdictions worldwide. According to the newest [...]
City Moves for 11 December 2013 | Who’s switching jobs December 10, 2013 Colliers International The real estate services firm has recruited Andrew MacKenzie as a consultant in its retail team. He was most recently chief executive of Jaeger. MacKenzie has previously held senior director positions at Allders, First Restaurant Group and Matisse Holdings. Towry The wealth management firm has hired Mehdi Douali as an analyst in its [...]
The fluid society: SMEs can grow by tearing down walls May 21, 2014 Flexible working and “flat” firms are thriving thanks to the growth of collaborative technology Developments in communication technologies are transforming modern businesses, leading to more fluid, less hierarchical workplaces. The archetypal office of the 20th century was filled with long, straight rows of desks and meeting rooms. As John McRae of ORMS Architecture Design writes, [...]
Finance firms contribute £65bn to UK tax coffers December 16, 2013 THE UK’S financial services contributed £65bn in taxes during 2012-13, rising £2bn from last year to make up more than one tenth of all revenues. Taxes borne by and collected from financial institutions rose to 11.7 per cent of all Her Majesty’s Revenue and Customs (HMRC) in 2012-13, according to research by PwC and the [...]
City Moves for 16 December 2013 | Who’s switching jobs December 15, 2013 Fladgate The law firm has made two appointments. Ian Brent (right) joins as a corporate partner. He was previously head of corporate at Davies Arnold Cooper and head of London corporate at Halliwells. Melissa Needham joins as a corporate associate from DAC Beachcroft. BDO The accountancy firm has recruited Neil Williams as a director in [...]
Fraud squad launches criminal probe into G4S and Serco billing November 5, 2013 THE UK’s fraud squad yesterday said it has opened a criminal investigation into G4S and Serco, which experts say could leave individuals facing prison sentences of up to 10 years if convicted. The Serious Fraud Office’s (SFO) probe centres around the electronic prisoner-monitoring contracts awarded to the two FTSE 100 outsourcing firms by the government, [...]
Fraud squad launches criminal probe into G4S and Serco billing November 4, 2013 THE UK’s fraud squad yesterday said it has opened a criminal investigation into G4S and Serco, which experts say could leave individuals facing prison sentences of up to 10 years if convicted. The Serious Fraud Office’s (SFO) probe centres around the electronic prisoner-monitoring contracts awarded to the two FTSE 100 outsourcing firms by the government, [...]
RSA biggest FTSE faller in early trading after news of Irish probe November 11, 2013 Shares in insurance group RSA plummeted sixteen per cent this morning, taking it to the top of the FTSE 100 fallers, following its announcement of the launching of an independent review of its Irish business. RSA have said that the issues go back at least two years. At the beginning of last week, the FTSE [...]