British business investment fell less than previously thought in the third quarter of this year, down 0.6 percent on the quarter versus an earlier estimate of a 3.0 percent decline, the Office for National Statistics said on Friday.
Year-on-year, business investment was down 19.9 percent versus an earlier estimate of a 21.7 percent fall and leaving total investment at 29.102 billion pounds in the three months to September.
UKCIG Investment News, December 2009
Friday, December 18, 2009
UK Trade & Investment contract is awarded to Business & Enterprise North East
BUSINESS & Enterprise North East has won the contract to operate the regional UK Trade & Investment (UKTI) service for another three years.
UKTI helps businesses sell overseas in April and by September nearly 300 businesses had received its help to export.
BENE, which also runs the Business Link support service and North East England Investment Centre, said the North East had been highlighted as the leading UKCIG region within the UKTI Performance and Impact Monitoring Surveys, for areas including improved performance, productivity and competitiveness.
BENE chief executive Alastair MacColl said: “Our aim is to develop the very best package of international trade support in the country and to help even more businesses grow by trading internationally.”
David Coppock, international trade director for UKTI, added: “The business support process has been integrated, cohesive and straightforward, which is crucial in encouraging more businesses to consider opportunities in overseas trade.”
UKCIG Investment News, December 2009
UKTI helps businesses sell overseas in April and by September nearly 300 businesses had received its help to export.
BENE, which also runs the Business Link support service and North East England Investment Centre, said the North East had been highlighted as the leading UKCIG region within the UKTI Performance and Impact Monitoring Surveys, for areas including improved performance, productivity and competitiveness.
BENE chief executive Alastair MacColl said: “Our aim is to develop the very best package of international trade support in the country and to help even more businesses grow by trading internationally.”
David Coppock, international trade director for UKTI, added: “The business support process has been integrated, cohesive and straightforward, which is crucial in encouraging more businesses to consider opportunities in overseas trade.”
UKCIG Investment News, December 2009
FSA proposes raising professional standards for UK investment advisors
Proposals for raising the proficiency standards for financial advisors were published Wendesday by the UK’s Financial Services Authority.
The FSA says that its proposals are intended to enhance the professionalism of investment advisors under its Retail Distribution Review, which is “seeking to rebuild people’s trust and confidence in the retail investment market by raising standards of professionalism.”
The UKCIG regulator has previously announced plans to eliminate commissions and to divide the advisor population into “independent” and “restricted” groups.
On Wednesday the FSA said that a key element of its’ wide-ranging reforms is that by the end of 2012, all advisors, whether independent or restricted, “will need to demonstrate greater knowledge and skills and meet enhanced standards in dealing with clients. “
The FSA is proposing to create a new in-house governance structure to ensure advisors achieve this greater level of professionalism, both initially and on an ongoing basis through the achievement of new, higher level qualifications; meeting enhanced standards of continuing professional development; and adhering to common ethical standards.
The regulator says that this approach would enable it to apply its more intensive supervisory approach, including its greater focus on individuals in key positions, to the retail investment advice sector. At the same time, the FSA is proposing that professional bodies, registered with and overseen by the FSA, should play a greater role in helping their members meet its new professionalism requirements.
“Raising professional standards is a core strand of our reforms of the retail investment market. Through this, people will come to expect the same level of professionalism from investment advisors as they do from other professions. We will closely supervise the necessary improvement in standards that we are seeking to bring about which, along with the other aspects of the RDR, will come into force from the beginning of 2013,” said Sheila Nicoll, the FSA’s director of conduct policy.
UKCIG Property News, December 2009
The FSA says that its proposals are intended to enhance the professionalism of investment advisors under its Retail Distribution Review, which is “seeking to rebuild people’s trust and confidence in the retail investment market by raising standards of professionalism.”
The UKCIG regulator has previously announced plans to eliminate commissions and to divide the advisor population into “independent” and “restricted” groups.
On Wednesday the FSA said that a key element of its’ wide-ranging reforms is that by the end of 2012, all advisors, whether independent or restricted, “will need to demonstrate greater knowledge and skills and meet enhanced standards in dealing with clients. “
The FSA is proposing to create a new in-house governance structure to ensure advisors achieve this greater level of professionalism, both initially and on an ongoing basis through the achievement of new, higher level qualifications; meeting enhanced standards of continuing professional development; and adhering to common ethical standards.
The regulator says that this approach would enable it to apply its more intensive supervisory approach, including its greater focus on individuals in key positions, to the retail investment advice sector. At the same time, the FSA is proposing that professional bodies, registered with and overseen by the FSA, should play a greater role in helping their members meet its new professionalism requirements.
“Raising professional standards is a core strand of our reforms of the retail investment market. Through this, people will come to expect the same level of professionalism from investment advisors as they do from other professions. We will closely supervise the necessary improvement in standards that we are seeking to bring about which, along with the other aspects of the RDR, will come into force from the beginning of 2013,” said Sheila Nicoll, the FSA’s director of conduct policy.
UKCIG Property News, December 2009
Tuesday, December 15, 2009
U.K. Wants Investment Banks to Plan for Return of Client Money - UKCIG Investment News
The British government will urge investment banks to prepare plans to hand back money to investors in the event of collapse, an effort to overhaul insolvency law after the demise of Lehman Brothers Holdings Inc.
Treasury Minister Paul Myners today will call for data on counterparties to deals to be stored in a readily accessible way so that investors have easy access to their cash, according to a Treasury official.
The U.K. has already overhauled bank-rescue rules and is seeking to restructure financial supervision after the global credit crunch forced the government to nationalize Northern Rock Plc and take control of Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc.
Lehman filed the biggest bankruptcy in history in September 2008, roiling financial markets and sparking lawsuits by former clients whose assets were frozen in insolvency proceedings around the world. Estimates show the bankruptcy cost creditors as much as $75 billion.
The government wants insolvency laws to have special provisions for investment banks after the collapse of Lehman revealed the rules aren’t well adapted to that scenario. The U.K. will shun adoption of U.S.-style Chapter 11 protection from creditors because it isn’t suited to English law, the Treasury said in May.
The official said the measures aim to prevent the confusion that followed the collapse of the U.S. bank.
Under the proposals, the UKCIG will require banks to set aside money to pay staff for a limited period in the event of a collapse, the official said. The Treasury will suggest insolvency-proof contracts and that people involved in deals are kept on for a set period.
The proposals follow talks among investment banks, lawyers, insolvency experts, the Financial Services Authority, the Bank of England and the Treasury. The markets regulator in April put financial companies on notice about the need to research and “ring-fence” client assets in the wake of Lehman’s failure.
Treasury Minister Paul Myners today will call for data on counterparties to deals to be stored in a readily accessible way so that investors have easy access to their cash, according to a Treasury official.
The U.K. has already overhauled bank-rescue rules and is seeking to restructure financial supervision after the global credit crunch forced the government to nationalize Northern Rock Plc and take control of Royal Bank of Scotland Group Plc and Lloyds Banking Group Plc.
Lehman filed the biggest bankruptcy in history in September 2008, roiling financial markets and sparking lawsuits by former clients whose assets were frozen in insolvency proceedings around the world. Estimates show the bankruptcy cost creditors as much as $75 billion.
The government wants insolvency laws to have special provisions for investment banks after the collapse of Lehman revealed the rules aren’t well adapted to that scenario. The U.K. will shun adoption of U.S.-style Chapter 11 protection from creditors because it isn’t suited to English law, the Treasury said in May.
The official said the measures aim to prevent the confusion that followed the collapse of the U.S. bank.
Under the proposals, the UKCIG will require banks to set aside money to pay staff for a limited period in the event of a collapse, the official said. The Treasury will suggest insolvency-proof contracts and that people involved in deals are kept on for a set period.
The proposals follow talks among investment banks, lawyers, insolvency experts, the Financial Services Authority, the Bank of England and the Treasury. The markets regulator in April put financial companies on notice about the need to research and “ring-fence” client assets in the wake of Lehman’s failure.
Liverpool close to securing £124m of new investment - UKCIG Investment News
The Liverpool co-owner George Gillett held talks with potential investors in London last week over selling a share of Liverpool for around £124m.
A list of around half a dozen investors has been compiled, according to the Daily Telegraph, who would offer Gillett and his co-owner Tom Hicks around £62m each for a share in the club.
Liverpool's debt currently stands at around £240m, while plans to develop a new stadium remain stalled. Last month Gillett sold the Montreal Canadiens for £333m although it is not thought likely any of the money will go into Liverpool.
UKCIG Investment News, December 2009
A list of around half a dozen investors has been compiled, according to the Daily Telegraph, who would offer Gillett and his co-owner Tom Hicks around £62m each for a share in the club.
Liverpool's debt currently stands at around £240m, while plans to develop a new stadium remain stalled. Last month Gillett sold the Montreal Canadiens for £333m although it is not thought likely any of the money will go into Liverpool.
UKCIG Investment News, December 2009
Thursday, December 3, 2009
Caution the watchword for UK investors - UKCIG Investment News
Investor confidence in an immediate economic recovery remains modest, the latest survey from TD Waterhouse has found.
56 per cent of the 1,002 UK investors surveyed said that more time needs to pass until an economic recovery is certain. Fifty-three per cent said that they now rely on their own investment decisions compared with 12 months ago when they would have sought financial advice.
Angus Rigby, chief executive officer of TD Waterhouse UK, said that it is interesting to note the mixed views regarding the shape of the economy, adding that this illustrates that investors do not believe we are 'out of the woods'.
He added: 'The ongoing global turmoil has obviously given investors food for thought regarding their investment choices this year, and it is encouraging to see that investors are still making profits despite adopting a cautious investment approach.
'Six in ten respondents stated that they are satisfied with the performance of their portfolio in the current economic climate.'
Despite the general trend towards caution, UK investors are becoming more satisfied with the performance of their portfolios.
The majority (60 per cent) said that they were content with how their portfolio had done over the previous year – which translates into a 16 per cent increase in satisfaction on the same period last year.
Investment in UK companies remains the most popular way to invest among those surveyed, with 85 per cent of respondents declaring that UK companies are a part of their portfolio. Meanwhile, 37 per cent held shares in international companies.
UKCIG Investment News, December 2009
56 per cent of the 1,002 UK investors surveyed said that more time needs to pass until an economic recovery is certain. Fifty-three per cent said that they now rely on their own investment decisions compared with 12 months ago when they would have sought financial advice.
Angus Rigby, chief executive officer of TD Waterhouse UK, said that it is interesting to note the mixed views regarding the shape of the economy, adding that this illustrates that investors do not believe we are 'out of the woods'.
He added: 'The ongoing global turmoil has obviously given investors food for thought regarding their investment choices this year, and it is encouraging to see that investors are still making profits despite adopting a cautious investment approach.
'Six in ten respondents stated that they are satisfied with the performance of their portfolio in the current economic climate.'
Despite the general trend towards caution, UK investors are becoming more satisfied with the performance of their portfolios.
The majority (60 per cent) said that they were content with how their portfolio had done over the previous year – which translates into a 16 per cent increase in satisfaction on the same period last year.
Investment in UK companies remains the most popular way to invest among those surveyed, with 85 per cent of respondents declaring that UK companies are a part of their portfolio. Meanwhile, 37 per cent held shares in international companies.
UKCIG Investment News, December 2009
Tuesday, December 1, 2009
Lord Drayson: Time is right for UKCIG investment
A Government investment fund expected to total £1 billion over 15 years has been launched to support high-tech UK businesses.
A London ‘fund of funds’ summit attended by leading investment bankers has showcased some of the country’s cutting-edge companies and innovative start-ups.
Also present was science and innovation minister Lord Drayson, who said: “Today is absolutely the time to invest in our most promising technology companies.
“We’ve had a decade of record investment in science and innovation, and we’re seeing signs of recovery in the economy. This is an exciting proposition for institutional investors.”
The Innovation Investment Fund will target high-growth small businesses in strategically important sectors such as life sciences, clean technologies, digital and advanced manufacturing.
It was announced by Prime Minister Gordon Brown as part of the Government’s strategy for rebuilding Britain’s post-recession economy.
It will be open to private and public-sector investors, and the Government is now considering a shortlist of bids from prospective fund managers.
Companies cited as examples of UK innovation include Horizon Discovery, the personalised medicine business recently named as the UK’s leading technology start-up.
Meanwhile, ApaTech holds the rights to bone-materials research from London and Cambridge Universities, and TMO Renewables is a world leader in advanced biofuels production technology.
UKCIG Investment News, December 2009
A London ‘fund of funds’ summit attended by leading investment bankers has showcased some of the country’s cutting-edge companies and innovative start-ups.
Also present was science and innovation minister Lord Drayson, who said: “Today is absolutely the time to invest in our most promising technology companies.
“We’ve had a decade of record investment in science and innovation, and we’re seeing signs of recovery in the economy. This is an exciting proposition for institutional investors.”
The Innovation Investment Fund will target high-growth small businesses in strategically important sectors such as life sciences, clean technologies, digital and advanced manufacturing.
It was announced by Prime Minister Gordon Brown as part of the Government’s strategy for rebuilding Britain’s post-recession economy.
It will be open to private and public-sector investors, and the Government is now considering a shortlist of bids from prospective fund managers.
Companies cited as examples of UK innovation include Horizon Discovery, the personalised medicine business recently named as the UK’s leading technology start-up.
Meanwhile, ApaTech holds the rights to bone-materials research from London and Cambridge Universities, and TMO Renewables is a world leader in advanced biofuels production technology.
UKCIG Investment News, December 2009
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