The new name of consultant PriceWaterhouseCoopers has raised a few eyebrows after the firm paid more...
The new name of consultant PriceWaterhouseCoopers has raised a few eyebrows after the firm paid more than £70m to change its name to … Monday.
Still, says The Times, perhaps that is less silly than Accenture, the name chosen for the former Andersen Consulting
Less certain is the timing of the next move to raise interest rates, The Times says, after the publication of a CBI survey showing consumer demand for services is slowing down.
Consumers have been spending, but most of that spend has gone on retail goods, posing a problem for the Bank of England's Monetary Policy Committee that must decide when to raise rates to head off a rampant housing sector that is expected to see house prices rise by up to 20% if the rate of house price inflation continues at its current pace.
The MPC also has to take into account the fact the FTSE 100 fell below 5,000 points last week, while one fund manager is predicting it could stay below 6,000 for the next decade, The Times says.
The Scotsman links the FTSE 100 fall to similar problems in the US that could cause the dollar to crash by 20% by the year end, according to a new report by US investment bank Morgan Stanley.
The paper says that new UK employment figures for April due out shortly are likely to show unemployment increased for the third month in a row.
HSBC, best known for its global presence in the retail banking industry, is to set up a hedge fund unit according to the FT today.
HSBC Alternative Investments is awaiting FSA approval before leading the bank into the extremely lucrative hedge fund sector, which is also seen as the best way of increasing the bank's assets under management from $138bn to $400bn over the next five years.
The main effect on the market may come through the need to hire more fund managers to turn this vision into reality, the FT says, as the bank says it will have to hire fund management teams from outside to meet its goals, which could increase the management churn rate.
That may make up for the defections from another part of the bank also highlighted in the FT, which says more than half HSBC's equities research staff have defected in recent weeks.
The defections have been caused by the decision to cut bonuses this year - in many cases to zero.
Further efforts to combat terrorism are likely to result in increasingly stringent financial reporting rules the FT hints today in reporting on a secret meeting that took place on Friday in Monaco between representatives of financial regulators.
Amid criticisms from the US that other countries are not following through enough in tracking down dirty money used by terrorist organisations, the FT says "it now appears virtually impossible to hit the deadline of the end of this month for implementing new measures to combat terrorist funding."
Countries in the Gulf of Arabia are said to be unwilling to abandon traditions of banking secrecy while neither the UK nor the US trust the Pakistani administration because of links between some of its secret services and the Al Qaeda organisation said to be behind the events of 11 September last year.
The Daily Telegraph says the first law suit from an investor has been filed in relation to the rogue trading at Allied Irish bank's US subsidiary Allfirst.
The lawsuit is targeting current and former directors of Allfirst, which preliminary investigations have showed allowed lax controls that were used by an employee to perform illegal trades that lost the bank nearly $700m.
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