EU states’ debt equals €21,000 for each citizen December 12, 2012 GOVERNMENT debt across the European Union has bloated to the equivalent of around €21,000 (£16,972) per person, according to calculations released this morning by PwC. Total EU government debt has smashed past the €10 trillion mark, the big four audit group says, with the UK still in an unhealthy position. “At a time of slow [...]
Who’s switching jobs December 19, 2012 Kleinwort Benson Nick Bennett has been appointed head of private wealth management in the private bank’s Guernsey office. He joins from Schroders Private Banking, where he was most recently head of private banking in the Channel Islands. Bennett has also held roles at Lloyds TSB. Development Securities The property investment firm has appointed Marcus Shepherd [...]
Europe’s IPO hopes for 2013 boosted by LEG’s plan to list January 7, 2013 GERMAN residential property group LEG is planning to list its shares on the stock market within six months in a sign that a recent pick up in IPO activity in Europe is likely to continue. The share sale, which could be worth around €1bn (£814m), would be a positive step for an IPO market which [...]
PwC shuffles top UK staff May 9, 2012 PwC has picked Kevin Ellis as its new UK managing partner, replacing Richard Collier-Keywood as he moves to oversee the firm’s global strategy. Ellis, head of the advisory business for the last four years, joined the firm in 1984 and became a partner in 1996. Global deals leader John Dwyer and head of consulting Ashley [...]
Russian freight train firm looks for London IPO January 15, 2013 FREIGHT train operator NefteTransService (NTS) is set to become the first Russian firm to join the London stock market this year. NTS Holding announced its intention to float on the main market yesterday, and a source said the firm expects to raise up to $500m (£311m) for 25 per cent of its global depository receipts. [...]
Sun European takes a shine to packaging January 2, 2013 SUN EUROPEAN Partners has snapped up two packaging companies including Lincolnshire-based Paragon Print & Packaging in a £400m spending spree. Sun European, an arm of US private equity firm Sun Capital, yesterday said it had bought a 49 per cent stake in Paragon from Equistone and LDC for an undisclosed sum. Sun European also completed [...]
£63bn: What finance firms pay in UK tax December 18, 2012 THE FINANCIAL services sector generated £63bn in tax receipts in the year to March, figures out today show. The industry’s companies and staff paid 11.6 per cent of the country’s tax, while making up 3.8 per cent of the workforce. The level of tax is flat on a year ago, though the percentage has fallen [...]
City Moves for 8 January 2013 | Who’s switching jobs January 7, 2013 UBS Global Asset Management Roz Amos has been appointed head of European consultant relations at UBS’s asset management business. She joins after 15 years at Towers Watson, where she was most recently senior investment consultant with responsibility for overseeing its indexation research and new ideas research teams. Vanguard Asset Management Axel Lomholt has been appointed [...]
High inflation is denting recovery: The Bank of England must act now February 13, 2013 IT’S official. The Bank of England has confirmed in its latest Inflation Report that it is unlikely to get inflation back to target in the next couple of years. On its central forecast, the Bank is not expecting inflation to be back around the 2 per cent level until late 2015 or early 2016. As [...]
BDO and PKF agree to merge as they eye more mid-cap clients December 11, 2012 PARTNERS at BDO and PKF yesterday approved a deal to merge the UK operations of the two firms, giving the enlarged group extra firepower to compete in the mid-tier accountancy and advisory markets. The new firm, operating under the BDO brand, has 3,500 people working across the country, with revenues close to £400m a year. [...]