UK to probe bank covenants favouring big auditors March 23, 2011 The government has asked regulators to investigate whether banks help to entrench the “Big Four” auditing firms’ dominance through restrictive lending agreements with companies. Chancellor George Osborne’s Budget included a call to the Office of Fair Trading to probe whether bank covenants lock out smaller auditors. The Financial Reporting Council had expressed concern to lawmakers [...]
CITY VIEWS: DOES THE LOCAL BRITISH PUB HAVE A FUTURE? March 28, 2011 Save or Borrow peer to peer at RateSetter.com TOM JOY | PWC “Yes. This question has been asked since the smoking ban. But pubs will always have a future, especially in central London as they are a convenient hub for meeting people.” ANDREW SINCLAIR | CHUBB “I think the number of drinkers will fall significantly [...]
Ofcom unveils its spectrum auction plans March 22, 2011 OFCOM yesterday detailed its plans to host the largest ever auction of mobile spectrum in the first half of next year. The watchdog has included a number of coverage conditions it says will ensure mobile broadband will reach 95 per cent of the population – the same as the current 2G network – by 2017. [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? March 23, 2011 CATHERINE GANNON, 48 MANAGING DIRECTOR OF CITY LAW FIRM GANNONS LAW LLP Catherine is single with two children, earns a gross income of over £100,000 a year and pays a mortgage on her family home. She has a share portfolio and also has mortgages on various investment properties. She does not drink or smoke. She [...]
WHAT DOES THE CHANCELLOR’S BUDGET MEAN FOR YOU? March 23, 2011 CATHERINE GANNON, 48 MANAGING DIRECTOR OF CITY LAW FIRM GANNONS LAW LLP Catherine is single with two children, earns a gross income of over £100,000 a year and pays a mortgage on her family home. She has a share portfolio and also has mortgages on various investment properties. She does not drink or smoke. She [...]
Fund managers win larger pay packets January 30, 2011 PAY for fund managers is rising more quickly that profits, according to research by PricewaterhouseCoopers (PwC). Asset managers have been rewarding staff with increased bonuses in order to keep top talent from moving elsewhere, despite profits rising at a slower pace. Compensation costs as a percentage of net revenue have increased by four per cent over [...]
CITY MOVES | WHO’S SWITCHING JOBS January 31, 2011 HSBC HSBC today announces the appointment of Richard Jablonowski as managing director and head of investment counsellors to its private banking division. Based in London, he will report to Daniel Ellis, managing director and head of the investment group at HSBC private bank. Jablonowski joins from Merrill Lynch Global Wealth Management where he spent 11 [...]
Davies issues warning over female quotas February 24, 2011 LORD DAVIES of Abersoch’s report on getting more women into the boardroom stopped short of imposing immediate quotas yesterday, but some firms warned that demanding equality from the top will not improve businesses. Lord Davies’ study, commissioned by business secretary Vince Cable last August, called for FTSE 100 companies to “challenge themselves” to increase the [...]
CITY MOVES | WHO’S SWITCHING JOBS February 3, 2011 Savoy Investment Management The wealth management subsidiary of Syndicate Asset Management has hired James Bowles (pictured). Bowles will be responsible for providing tailored services for the north west of England. He was formerly with Anglo Irish Bank, where he had a similar regional brief, and Levi Solicitors in Yorkshire. The firm specialises in portfolios invested [...]
Hannam left out in the cold for Glencore IPO March 7, 2011 BANKERS are already salivating over the sizeable fees associated with the upcoming flotation of the Swiss-based commodities group Glencore. The IPO, if it goes ahead (some think it may yet stumble), will be listed in London and Hong Kong and will bring in fees of £300m-plus to a group of banks that is likely to [...]