Arab Bank’s earnings dip, deposits up October 31, 2010 JORDAN’S Arab Bank nine-month net profits dropped 19.7 per cent to $402.3m (£251m) against the same period last year, according to financial statements released yesterday that showed higher provisions. The bank saw a three per cent growth in assets to $52.12bn against $50.6bn at the start of the year, financial statements showed. Arab Bank Group, [...]
Swiss class indoors, Swiss snow outdoors make an iconic St Moritz hotel October 24, 2010 THE lift doors opened and, there, standing in the grand foyer of St Moritz’s Suvretta House, stood a woman who seemed to epitomise this luxurious Swiss hotel. Tall, elegant and effortlessly chic in her glossy fur coat paired with long, expensive black boots, she oozed European-style opulence. Behind her, the stunning alpine view glinted in [...]
WHAT THE OTHER PAPERS SAY THIS MORNING October 13, 2010 FINANCIAL TIMES F&C OPPOSES US POLITICAL DONATIONS BY NEWS CORPORATION F&C, the UK asset manager, will vote against the re-election of News Corp’s audit committee chairman at its upcoming annual meeting on Friday over the media group’s million-dollar political donations to the Republican Governors Association and the US Chamber of Commerce.“We are concerned to see [...]
Bonuses for hedge fund IT staff jump October 7, 2010 Hedge fund IT staff have seen their bonuses double in the last year, according to new research. ReThink Recruitment says software developers with experience in algorithmic trading platforms – a form of automated high volume trading – can now expect 50 per cent bonuses, up from around 25 per cent last year. High-flying IT staff [...]
Chi-X Europe haggles with FSA in bid to avoid Swiss Exchange fee October 6, 2010 CHI-X Europe, the continent’s largest share trading platform, is in talks with Britain’s Financial Services Authority (FSA) to find a way of avoiding new fees the Swiss Exchange will charge for using its price data. The SIX Swiss Exchange plans to impose a new fee of 100,000 Swiss francs (£65,200) on trading rivals, such as [...]
CITY MOVES | WHO’S SWITCHING JOBS August 26, 2010 McGrigors The law firm’s London office has appointed Karl Woolley as a partner in its finance practice. He is tasked with strengthening the firm’s relationship with the City’s banks and his experience in acquisition and funds finance is expected to aid this expansion. Woolley joins from SJ Berwin, where he is currently a partner. Prior [...]
Zurich UK hit by £2.3m fine for data loss August 24, 2010 CITY watchdog the FSA has slapped a £2.3m fine on the UK branch of Zurich Insurance for data security failings after the loss of a tape in South Africa containing details on 46,000 insurance customers. The FSA said the £2.275m fine was the highest to date handed down to a single firm for data security [...]
CITY MOVES | WHO’S SWITCHING JOBS August 12, 2010 Deloitte The accountancy firm has appointed Zahir Bokhari to lead its UK banking and capital markets audit business. Bokhari brings over 20 years of experience to the role, having provided audit, assurance and advisory services to numerous listed clients in the retail banking, inter-dealer brokers and capital markets sectors in his previous capacity as senior [...]
Sprint star Bolt to sit out rest of the season with recurring back injury August 10, 2010 SPRINT superstar Usain Bolt has confirmed he will not race again this year after doctors advised him to rest up following an injury to his lower back. The Jamaican double world record holder was told tightness in his back was “restricting his ability to generate power in his stride” by a medical team in Germany. [...]
Zurich Financial suffers as weather disasters weigh August 5, 2010 SWISS insurer Zurich Financial Services reported a 51 per cent drop in second-quarter net profits to $707m (£445m) yesterday as earnings were hit by payouts for weather-related losses and the earthquake in Chile. This compares with a profit of $1.43bn during the same period last year by the firm led by Martin Senn. The Zurich-based [...]