Brussels tries to ban prop trading in UK and Europe January 29, 2014 BANKS face a ban on proprietary trading in the UK from 2017 under European Commission proposals published yesterday, a major shock to lenders who had not expected an outright ban. The proposals will force big banks to set up separate arms for any activity which is not standard retail or commercial banking, and could even [...]
What the other papers say this morning – 14 March 2014 March 13, 2014 FINANCIAL TIMES Zuckerberg attacks US surveillance Mark Zuckerberg, Facebook founder and chief executive, has strongly criticised the US government for dragging its heels on plans to reform its mass surveillance programme. In a post on the social network, Zuckerberg said he had called President Barack Obama to express his “frustration” over the damage the government [...]
Inflation is a nasty stealth tax. We should celebrate its defeat April 15, 2014 INFLATION, as Milton Friedman used to argue, is a form of taxation without legislation. Wealth is taken from some people – for example, holders of cash – and given to others – such as those with large debts. The process is stealthy, opaque, unpredictable and undemocratic, badly understood by citizens, and one of many reasons [...]
Telecity slumps as 2014 forecast fails to inspire February 12, 2014 BRITISH data centre operator Telecity has forecast weaker than expected revenue growth this year, sending its shares down more than 10 per cent to a two-year low. The company, which targets the top end of the market from prime city-centre locations, said yesterday that demand from sectors such as e-retail and video streaming services remained [...]
Inside Track: Essar deal could hurt JP Morgan February 26, 2014 IN the ultra-polite language of the City, even the biggest failures among departing bosses often leave with good wishes and gratitude for their contribution ringing in their ears. So when blue-chip fund managers dispense with pleasantries and bandy words such as “cynical” around, it’s clear that somebody is seriously unhappy. Having bought Essar Energy shares [...]
Inside Track: London’s 2014 flotations get off to a promising start February 27, 2014 THERE have been weeks of anticipation. Now it’s time for early evaluation as the first London new issues of 2014 start trading. Which way the newly issued shares trade can set the mood for the rest of the year – or at least provide an indication of the appetite of the institutions for newly-listed stocks. [...]
Carphone Warehouse sticks to full-year guidance despite falling sales January 21, 2014 Carphone Warehouse announced today a 3.1 per cent like-for-like revenue increase in the third quarter. Europe's biggest independent mobile phone retailer suffered further losses in the pre-pay phone market but managed to achieve a sixth quarter of like-for-like revenue growth. The London-listed group's Virgin Mobile France saw revenue decline year-on-year by 15.6 per cent, reflecting [...]
London to see bigger property deals this year after City’s record quarter January 22, 2014 Not long ago there used to be a thing as too large a scheme in London, even for overseas investors and risk-takers in the property sector. But size, as demonstrated by Kuwaiti firm St Martins’s £1.7bn acquisition of More London last month, is no longer a hurdle. And this will become an even more apparent [...]
City & Gild: As the economy improves, a new battle between value and volume emerges January 31, 2014 What should the consumer make of the recent spat between Adidas and Sports Direct, and how will the unfolding saga affect each brand? At the end of last year, the German sportswear giant refused to supply the retail chain with Chelsea latest replica kit. From my perspective, there will no doubt be some turbulence in [...]
Net-a-Porter losses narrow as plans pay off January 6, 2014 NET-A-Porter, the luxury online retailer, said it narrowed its losses by around £4m last year as its investment in growing its presence overseas began to pay off. The group, which is owned by Swiss luxury conglomerate Richemont, made a loss before tax of £23.2m in the year to 31 March 2013. That compares with a [...]