Green investment bank will invest in renewables March 24, 2010 AMONG the more eye-catching proposals in the Budget was the plan for a £2bn state-backed investment bank to develop infrastructure and renewable energy projects. Chancellor Alistair Darling confirmed the widely-trailed idea, which will be half-funded by the sale of the government’s interest in the Channel tunnel and in half with private cash. The bank will [...]
UK must learn from Australia’s error June 3, 2010 IT is not just Britain that is about to shoot itself in the foot with a crippling and destructive tax hike on investors. In our case, it is capital gains that are being targeted; in Australia’s case, however, it is the mining industry that is the being subjected to a weird experiment in irrationality. It [...]
CITY MOVES | WHO’S SWITCHING JOBS May 11, 2010 Defence Industries Council Ian King, the chief executive of BAE Systems, is to become chairman of the DIC following industry elections. The council represents the UK defence industry in discussions with the MoD, helping to ensure that the best possible equipment and services are provided to the UK armed forces. In his new role, King [...]
Ex KPMG exec jailed for fraud September 15, 2009 A FORMER KPMG finance director who stole over £500,000 to fund his wife’s lavish lifestyle was yesterday sentenced to four years in jail. Andrew Wetherall, 49, started to abuse the global accountancy firm’s expenses scheme in 2002 after his wife’s previous partner reduced maintenance payments. Wetherall claims he was driven to crime by fears his [...]
Ex KPMG exec jailed for fraud September 15, 2009 A FORMER KPMG finance director who stole over £500,000 to fund his wife’s lavish lifestyle was yesterday sentenced to four years in jail. Andrew Wetherall, 49, started to abuse the global accountancy firm’s expenses scheme in 2002 after his wife’s previous partner reduced maintenance payments. Wetherall claims he was driven to crime by fears his [...]
Clegg in row over donations April 21, 2010 NICK Clegg last night denied any wrongdoing after it was revealed that party donations were paid directly into his personal bank account. Three donors paid up to £250 a month into the Liberal Democrat leader’s bank account in 2006, when he was the party’s home affairs spokesman. The arrangement came to an end after he [...]
E&Y rocked by slide in profits April 14, 2010 PARTNERS’ profits at Ernst & Young fell last year as the accountancy firm invested heavily to close the gap on its rivals. The smallest of the “Big Four”, its average profit per partner fell from £737,000 to £678,000. This compared with £883,000 at Deloitte, £777,000 at PricewaterhouseCoopers and £671,000 at KPMG. The highest paid partner [...]
CITY MOVES | WHO’S SWITCHING JOBS March 28, 2010 Principal Global Investors The asset management firm has appointed Andrea Muller as chief executive of its east Asian operations and managing director for the Asia ex-Japan region, effective from tomorrow. Muller has over 23 years of experience with large multinational firms and was most recently the head of the Fitch ratings agency in the Asia [...]
MUSIC STARS BID FAREWELL TO UNIVERSAL BOSS LUCIAN GRAINGE June 16, 2010 A rapturous reception on Tuesday evening for Lucian Grainge, the current head of Universal Music’s international division, who is moving to New York next month to become chief executive of the group as a whole. Grainge, on crutches owing to a recent leg injury, stood near the stage area in a room at the Knightsbridge [...]
Ocado beefs up board for IPO March 21, 2010 Online retailer Ocado will boost its plans to float today when it announces it has reinforced its board with David Grigson, former finance director of Reuters and Ruth Anderson, the former vice-chairman of KPMG UK as non-executive directors. The 10-year-old internet firm will also say gross sales grew by a quarter to £427.3m in the [...]