How the result might affect UK companies November 7, 2012 As the dust settled on President Obama’s second-term victory, share prices were quick to react yesterday to the impact of another four years of his reign. Financial shares lost ground as any hopes the Volcker rule, part of the Dodd-Frank reforms, curbing proprietary trading by Wall Street banks in securities and derivatives, would be repealed [...]
4G bidders to be outed as hopes rise for windfall December 17, 2012 OFCOM is this week expected to reveal the bidders for an auction of 4G spectrum, in the next step of a process that could earn the Treasury far more than originally expected. George Osborne pencilled in a sum of £3.5bn in his Autumn Statement, but recent auctions in other countries have beaten forecasts, as the [...]
Who’s switching jobs October 25, 2012 McCarthy & Stone The construction firm has appointed Mark Elliott as its new chief executive. He previously worked for Arena Leisure, the hotel and race course operator, where he oversaw its merger with Northern Racing in March 2012. Elliott was also formerly chief executive of Wembley. Otkritie The Russian financial services firm has appointed Ruben [...]
Lehman Europe plans creditor payout in November October 12, 2012 The European arm of Lehman Brothers is to return cash to unsecured investors at the end of November, its first since the investment bank fell four years ago. Administrator PricewaterhouseCoopers is yet to announce the size of the payment. So far, it has agreed around £3.9bn worth of claims with unsecured creditors. These investors typically [...]
What the other papers say this morning October 7, 2012 FINANCIAL TIMES Austerity squeeze to last until 2018 George Osborne is set to be told this autumn by the Office for Budget Responsibility he will have to plug another large hole in the public finances, extending austerity until 2018 and throwing the coalition’s deficit reduction strategy into doubt. Regulator warns on Big Four alumni The [...]
Investors call for audits of market updates September 12, 2012 INVESTORS and analysts would like to see companies’ preliminary financial statements audited, according to a report released today by PwC. More than half of those interviewed by the accountancy firm said they would like to see interim results reviewed by third parties due to the important influence they had on deciding investment strategies. There were [...]
Treasury expecting £3.5bn 4G auction windfall December 5, 2012 THE GOVERNMENT expects to raise £3.5bn from next year’s auction of the mobile airwaves needed to run high-speed 4G services, George Osborne said yesterday. The windfall will boost the Treasury’s coffers, and will flatter this year’s deficit figure, but will be far less than the £22.5bn raised in 2000’s 3G auction. In fact, the £3.5bn [...]
HP’s staggering accusations drag in City’s largest firms November 20, 2012 THIS paper does its best to avoid editorial hyperbole, but when a firm takes an $8.8bn writedown on an $11bn acquisition barely 12 months after the deal I might just make an exception. It’s completely flabbergasting. Analysts and shareholders alike may have baulked at the steep price that Hewlett-Packard shelled out for UK tech darling [...]
Former Bank of England rocker plucks his way to charity stardom November 5, 2012 REGULAR readers of this page will be familiar with ex-Bank of England MPC member and now PwC economist Andrew Sentance’s second career as a part-time rock star. He has been putting his musical credentials to good and public use, making a charity appearance with his band Revelation. The concert, which Sentance told The Capitalist raised [...]
Quilter bolts on Cheviot Asset Management November 13, 2012 PRIVATE equity owned wealth manager Quilter yesterday confirmed it had bought investment firm Cheviot Asset Management to create one of the biggest independently owned wealth managers in the UK. Quilter, owned by mid market European private equity firm Bridgepoint, will acquire Cheviot using cash provided by Bridgepoint. The amount paid for the firm was not [...]