Building outfit Carillion welcomes era of austerity

first_imgThursday 26 August 2010 7:51 pm whatsapp KCS-content whatsapp Read This Next’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofIndian Spiced Vegetable Nuggets: Recipes Worth CookingFamily ProofAmazon roars for MGM’s lion, paying $8.45 billion for studio behind JamesFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily ProofTortilla Mango Cups: Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofCheese Crostini: Delicious Recipes Worth CookingFamily Proof Building outfit Carillion welcomes era of austerity center_img BRITISH building and support services firm Carillion said first-half underlying pre-tax profit rose 17 per cent to £58.8m and it expected to benefit from outsourcing as governments try to cut costs.Sales were down 11 per cent on last year, however, to £2.5bn for the first half as a result of the company disposing of its public private partnership investments, Carillion said yesterday.The company said sales had also been hit by the timing of projects in the Middle East and an increased focus on margins over revenues.Many construction and outsourcing firms are awaiting the British government’s spending review in October which is expected to reveal the extent of cuts to public spending.“Our support services business is well positioned to benefit from the expected increase in government outsourcing of non-core services, particularly as we move through 2011 into 2012 and 2013,” the company said. Share Show Comments ▼ by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailNoteabley25 Funny Notes Written By StrangersNoteableyBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comAtlantic MirrorA Kilimanjaro Discovery Has Proved This About The BibleAtlantic MirrorTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastElite HeraldKate Middleton Dropped An Unexpected Baby BombshellElite HeraldTrading BlvdThis Picture of Prince Harry & Father at The Same Age Will Shock YouTrading BlvdTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farm Tags: NULLlast_img read more

Exodus fears as banks reshuffle

first_img Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoNoteabley25 Funny Notes Written By StrangersNoteableyUndoMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoBetterBe20 Stunning Female AthletesBetterBeUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoSenior Living | Search AdsNew Senior Apartments Coming to Scottsdale (Take A Look at The Prices)Senior Living | Search AdsUndoElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldUndoautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comUndo Share whatsapp A SHAKE-UP at the helm of two of the UK’s largest banks is fuelling fears that the country could lose its top banking institutions overseas due to an over-zealous approach to regulation of the industry.Barclays yesterday shocked the markets by appointing Barclays Capital boss Bob Diamond to run the business. Current chief executive John Varley will retire next year. The turmoil was compounded by the decision of HSBC chairman Stephen Green to step down before the end of the year end to take up the position of trade minister.Analysts are warning the new chieftains make the prospect of a high-profile relocation for either bank look ever more plausible if the government decides to go ahead with legislation to split up retail and investment banking operations.Diamond, a US-born investment banker, has fewer ties to the UK than his predecessor Varley and has been an impassioned defender of the integrated banking model. HSBC is yet to appoint a successor to Green, but a decision to install a chairman with substantial Eastern ties could prove crucial to future relocation plans. Current chief executive Mike Geoghegan, one of the top contenders for the role, relocated to Hong Kong earlier this year; while the man seen as the favourite to step up to the plate – Barclays non-executive director and ex-Goldman Sachs banker John Thornton – has extensive ties to Asia.The government refused to comment on Diamond’s appointment yesterday, saying it was a matter for shareholders. But one government minister described the choice to the BBC as a “bank taken over by casino” while there was a feeling among anti-City forces in Westminister that the move was a provocation. Friends of Vince Cable – a critic of the City and of Diamond – said that he would be outraged by the move, while Lib Dem Treasury spokesman Lord Oakeshott said: “We have pledged to tackle unacceptable bonuses and to reduce risk: ‘Bonus’ Bob Diamond personifies both of those things.”City figures warned the backlash will make an exodus even more likely. “Nothing preordains that these institutions are based in the UK – if they go on making it uncomfortable for banks to operate here, then politicians are going to get a rude awakening at some point,” one investment banker told City A.M. yesterday.Tim Linacre, boss of stockbroker Panmure Gordon, added: “If banks are headed by those who have no particular emotional or business interest to keep their operations headquartered in the UK, that is bound to speed up discussions over potential moves overseas. “I wouldn’t be raising the panic flags now, but if Bob Diamond were to look someone in the eyes and say he wants to move, it would take a brave man to call his bluff.” In yet another move, Barclays chairman Marcus Agius is stepping up to chair the British Bankers’ Association. Tags: NULL Tuesday 7 September 2010 11:44 pmcenter_img whatsapp Exodus fears as banks reshuffle Show Comments ▼ More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comConnecticut man dies after crashing Harley into live bearnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSidney Crosby, Alex Ovechkin are graying and frayingnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com KCS-content last_img read more

FSA set to hit Goldman with a £20m fine

first_img whatsapp Share KCS-content More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org WALL Street titan Goldman Sachs has been fined £20m by the Financial Services Authority (FSA) for failing to disclose it was under a fraud investigation by its US counterpart.The fine, expected to be announced this morning, concludes a five-month long probe by the City watchdog launched after the US Securities and Exchange Commission (SEC) charged Goldman with civil fraud for allegedy misleading investors about its mortgage-backed security known as Abacus. The FSA is understood to have been particularly annoyed because the Goldman employee at the centre of the charges, Fabrice Tourre, who denies wrongdoing, had been transferred to a job in London from the US while the probe was ongoing, putting him under the auspices of the UK regulator.The FSA’s move, which comes just two months after Goldman paid $500m to settle the SEC charges, is a fresh blow to the bank, which has seen its share price plummet by almost a fifth since the suit was initially announced. While the size of the fine is relatively insignificant, it will reignite controversy over the bank’s actions during the financial crisis. The FSA announced its investigation in April following pressure from then-Prime Minister Gordon Brown, who expressed shock at what he called Goldman’s “moral bankruptcy” for planning multibillion-dollar bonuses for its staff.The fine from the FSA is the latest in a string of large levies imposed by the City regulator. The biggest was £33m levied against JP Morgan last year after the bank failed to separate client money from its own. Last month, the London branch of Societe Generale was fined £1.57m for failing to provide accurate transaction reports. Goldman and the FSA declined to comment last night. FSA set to hit Goldman with a £20m fine whatsapp Wednesday 8 September 2010 8:23 pm Show Comments ▼ Tags: NULLlast_img read more

DE Shaw slashes its headcount by 10pc as investors lose faith

first_img KCS-content Show Comments ▼ whatsapp Share DE SHAW, one of the world’s largest hedge fund managers, is to cut its global headcount by 10 per cent.The cuts, which equate to roughly 150 jobs, are the largest in the firm’s history and are expected to significantly impact its London and New York offices. DE Shaw’s decision to scale back on staff numbers came as part of a lengthy review by the fund manager’s senior staff after it suffered from a large outflow of investors this year. A statement from the group said: “The DE Shaw group has taken steps to strengthen our business and maximise value for our investors over the long-term.”At the start of the month, DE Shaw managed around $21bn (£13.2bn) across its funds. The New York based firm, however, has suffered from roughly $7bn in redemptions made during the last few months.The cuts comes after one of the worst periods for the hedge fund sector.DE Shaw, which was founded in 1988 by David Shaw, currently employs 1,500 people in the US, UK, Europe, Middle East and Asia.Shaw no longer manages the day-to-day functions of the firm. whatsapp DE Shaw slashes its headcount by 10pc as investors lose faith Tags: NULL More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.org Tuesday 28 September 2010 11:23 pm last_img read more

Universities in fees shake-up

first_img whatsapp Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap Tags: NULL Monday 11 October 2010 9:13 pm Share Universities in fees shake-up THE long-awaited report from Lord Browne into university tuition fees and student finances will recommend a series of proposals, which aim to ensure those from low income households will still be able to access higher education that is “free at the point of entry”.City A.M. understands the report, which is published today, will include proposals to remove the current cap on tuition fees of £3,290. But this will be balanced by the introduction of a tapered levy that will, in effect, tax universities that charge more than £6,000 a year in tuition fees. Some of the money raised from the levy should be used to provide better career advice in state schools,?Browne will say, so that pupils will be better informed about their career opportunities on leaving education.Meanwhile, students from households with an income of less than £60,000 should receive a grant and a student loan, both of which will see a “meaningful increase”, while the whole system for providing financial assistance should be simplified.The amount of grant a student will be entitled to should be determined by household income but those from households with an income of less than £25,000 should receive a full grant for the entire cost of their university tuition, Browne will say.The report also recognises that asking graduates to repay loans for their tuition fees once they begin to earn £15,000 a year places an unnecessary financial burden on them. It recommends raising the threshold at which the loans become payable to yearly earnings of £21,000.The report adds tuition fees and financial support should be the same for part-time and full-time students. KCS-content whatsapplast_img read more

Bellway sees muted house price rises

first_img whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryNoteabley25 Funny Notes Written By StrangersNoteableyTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan Times KCS-content Tuesday 19 October 2010 7:50 pm whatsapp Bellway said the autumn pick up in house sales had been muted, leading the housebuilder to cut its full-year sales target as uncertainty around the government’s spending review crimps confidence.The housebuilder, which posted full-year results in line with expectations, is the first housebuilder to comment on the traditionally active autumn selling period. A stagnant housing market will add to the gloom of the coalition government’s austerity measures, with spending cuts to be announced tomorrow.“The first two months of this trading year, it’s picked up, but not quite to the extent we that we hoped,” said chief executive John Watson.He added that subdued activity so far this year has caused the builder to abandon its target of raising sales volumes by 10 per cent this year.Still, Bellway’s total order book is currently at £397m, roughly 13 per cent ahead of last year.Selling prices and margins are up, with the average selling price rising to £163,175 compared with £154,005 last year, while margins will continue to be driven up by cheaper land, the Newcastle-based firm said. Bellway, reported a pre-tax profit of £44.4m in the 12 months to end July compared with £29.8m Sharecenter_img More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.com Show Comments ▼ Bellway sees muted house price rises Tags: NULLlast_img read more

Stupid policies have destroyed Eire

first_img whatsapp Share KCS-content IT is starting to look truly grim for Ireland, which is moving ever closer to the abyss. An article yesterday by Morgan Kelly, a professor of economics at University College, Dublin, added fuel to the fire. By next year Ireland will have run out of cash, Kelly claimed, and the terms of a formal bailout will have to be agreed. This view – that Ireland is already insolvent – is fast gaining converts; no wonder Germany is so keen to introduce European treaty changes to safeguard its taxpayers. It is hard to be optimistic. Nominal (or cash) GDP is down by about a fifth since the peak; part of this is due to a large slump in real output and partly to a nasty bout of deflation (prices fell an astonishing 6.6 per cent in the year to October 2009, though they have risen since). The debt burden, for the state as well as individuals, therefore automatically shot up. Even though wages have declined (increasing debt to earnings ratios), the number of employees has collapsed nearly 13 per cent. In the UK, that would be akin to the workforce having fallen by 3.8m, a depression-style outcome.Ireland’s first error was to join the euro; its second was to guarantee all bank creditors. These two errors have destroyed the country. Joining the euro led to an immediate halving in interest rates and a surge in growth and inflation – had Ireland retained an independent monetary policy, its currency would have soared and it would have jacked up interest rates. Plenty of countries have suffered a property bust – only some have been bankrupted as a result. Not all were euro members, of course, but those peripheral economies that did join are all now in terminal crisis. Andrew Lilico of Policy Exchange, one of London’s most interesting economists, has been arguing for years that Ireland’s dalliance with the euro would end in disaster. He wrote an eerily accurate piece in 2001 in the European Journal. Even though it was running a budget surplus at the time, Ireland was forced to hike taxes in a vain bid to calm down its overheating economy; it could no longer use monetary policy. After that, the die was set: encouraged by ultra-low European interest rates, the banks lent (recycling vast foreign capital inflows), house prices boomed, the construction industry surged and foreign workers moved in (reversing Ireland’s history of net emigration). Nervousness eventually crept in, prior to the US sub-prime crisis. House prices slowed at a time when oil prices were still rising and the Irish recession commenced. The European Central Bank – preoccupied with the rest of the Eurozone – hiked rates, Irish house prices crashed, credit inflows reversed and banks started to go sour. Eventually, the rest of the world entered recession. The crisis turned into a catastrophe on 29 September 2008, Lilico argues. That was when Ireland rendered itself insolvent, in a ridiculous attempt to bluff markets, by providing a blanket guarantee to all bank creditors (not just depositors). The aim was to attract capital from the UK but the guarantee was unaffordable, given the banks’ vast liabilities; Ireland’s refusal to allow bondholders to lose money forced a succession of bailouts. Ireland thus became a fully-owned subsidiary of an ECB/German Treasury joint venture, its independence a sham. If German taxpayers or the Irish public ever tire of this arrangement, bankruptcy will be inevitable. What a [email protected] Monday 8 November 2010 9:57 pm Show Comments ▼ Stupid policies have destroyed Eire Tags: NULL by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeLivestlyA List of The 18 Best Breeds That Don’t ShedLivestlySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesThePennyHoarder.comHere’s How to Create a $1,000 Nest Egg Without Doing Anything IllegalThePennyHoarder.comSenior Living | Search AdsLuxury Senior Living In Scottsdale is Now Affordable! (See Prices)Senior Living | Search AdsDefinitionShaq’s Yacht Is Intimidating And ExpensiveDefinitionParenting FactorLily From The AT&T Ads Is Causing A Stir For One ReasonParenting FactorGloriousaOctomom’s Kids Are All Grown Up. Here’s How They Turned OutGloriousaBeach RaiderMom Belly Keeps Growing, Doctor Sees Scan And Calls CopsBeach RaiderTips and TricksWrap your feet in aluminium foil and a few hours later you will have this resultTips and Tricks whatsapplast_img read more

Sportingbet owns up to merger talks

first_imgMonday 15 November 2010 7:47 pm Sportingbet owns up to merger talks whatsapp Share whatsapp Show Comments ▼ ONLINE bookmaker Sportingbet has confirmed talks with “different parties” following reports the group is considering merging with Swedish rival Unibet.The companies are understood to have held preliminary discussions about combining to create a £600m group, with further talks expected in coming weeks.Sportingbet said in response to the weekend speculation that it “has had and will continue to have discussions with different parties in relation to a variety of potential opportunities,” although it did not refer to Unibet specifically.“There can be no certainty as to whether or not such discussions will result in any form of transaction,” it added in its statement to the stock exchange. Any announcement on a merger is reportedly not expected until next year, with more talks said to be needed before a deal can be sealed. In September, Sportingbet agreed a £22.8m settlement with the US Department of Justice over an investigation into alleged illegal internet gambling, which analysts claimed cleared the way for potential mergers or takeovers. KCS-content More From Our Partners Police Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comConnecticut man dies after crashing Harley into live bearnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Tags: NULLlast_img read more

Car production boosts industry

first_img Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Sex and the City’ Sequel Series at HBO Max Adds 4 More ReturningThe WrapNewsmax Rejected Matt Gaetz When Congressman ‘Reached Out’ for a JobThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap KCS-content whatsapp Tags: NULL Car production boosts industry Thursday 18 November 2010 8:22 pm whatsapp Share Show Comments ▼ Over a million cars have rolled out of British factories this year, according to figures released yesterday – and most of the vehicles are being exported. Production of new cars grew six per cent in October, while production is up 30.4 per cent so far this year. Earlier this week the European Automobile Manufacturers’ Association reported a 16.6 per cent fall in new EU registrations. Yesterday’s figures from the Society of Motor.Manufacturers and Traders (SMMT) showed exports up 6.4 per cent, accounting for over four out of five cars produced in the UK. Commercial vehicle production was up 47.1 per cent. last_img read more

Investment banks to cash in if £31bn Glencore opts for a London listing

first_img THE world’s biggest commodities trader, Glencore, is said to be planning a float for next year that could be the largest ever seen on the London Stock Exchange if the firm opts to list in the UK. However, it might instead choose to float in Hong Kong to gain access to faster-growing emerging markets, or to float part of the business in each location.A full float could be as large as £31bn according to broker estimates and would be likely to generate one to two per cent, or £310m-£620m, in advisory fees. The minerals trader is said to have appointed Morgan Stanely, Citigroup and Credit Suisse to advise on the deal. Other options for the firm’s expansion include a buy-out of FTSE 100 mining firm Xstrata, of which it already owns a third. The company has benefited from the commodities boom of the past few months with half-year revenues this year reaching $70bn, up from $45bn last year. In addition to trading commodities, it also owns mining facilities all over the world.Its founder, Marc Rich, was prosecuted in 1983 for tax evasion but was pardoned in 2001 by former US president Bill Clinton. If the float does take place on the LSE next year, it could mark the end to a fallow period for initial public offerings.Coming alongside a planned float of a fifth of Santander UK, estimated at £4bn-£5bn, it could make 2011 a blockbusting year for advisory fees. Glencore refused to comment. by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodaySerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGem Investment banks to cash in if £31bn Glencore opts for a London listing Sunday 5 December 2010 11:26 pm whatsapp Read This NextFresh Fruit Sushi: Recipes Worth CookingFamily ProofCreamy Pumpkin Soup: Delicious Recipes Worth CookingFamily ProofYoga for Beginners: 3 Different Types of Yoga You Should TryFamily ProofHiking Gadgets: Amazon Deals Perfect For Your Next AdventureFamily ProofChicken Bao: Delicious Recipes Worth CookingFamily ProofWhat to Know About ‘Loki’ Ahead of Disney+ Premier on June 9Family ProofBack on the Rails for Summer New York to New Orleans, Savannah and MiamiFamily Proof’A Quiet Place Part II’ Sets Pandemic Record in Debut WeekendFamily ProofA Once in 17 Years Cicada Event in Princeton, New JerseyFamily Proofcenter_img Share KCS-content whatsapp Show Comments ▼ Tags: NULLlast_img read more