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THE UK’S main share index fell in thin, choppy trade yesterday, led by a late selloff in travel operator Tui Travel and hit by concerns about a reduction of US monetary stimulus.
US STOCKS slipped yesterday, a day after a record close on the S&P 500, with traders looking ahead to next week’s Federal Reserve meeting in the absence of market-moving economic data.
BANK of England governor Mark Carney has hit back at suggestions that the economy could be trapped at a permanently lower rate of growth, painting a promising picture of the outlook for the UK.
LLOYDS is selling its final stake in insurance firm St James’s Place for around £695m, the bank revealed yesterday, fulfilling a key part of its plan to focus on UK retail banking.
THERE is a view, rather fashionable in economics at the moment, that the Western economies are facing long-term stagnation.
THE UK’S chronic lack of housing supply is forcing hundreds of employed people to claim housing benefit every day, as prices continue to climb.
HOUSE prices will keep on rising because the number of new households will continue to outstrip the number of houses being built, the Office for Budget Responsibility (OBR) said yesterday.
ANNUITY fees may be “excessive” and need investigating, the Financial Services Consumer Panel said yesterday, pushing for more transparency in the sector.
THE ROYAL Mail could break into the FTSE 100 tomorrow, one of several newly listed companies which are candidates to join the FTSE in its quarterly reshuffle.
ROYAL Mail has agreed to give postal workers a nine per cent pay rise over three years and a £200 Christmas bonus.
THE US government finally sold its last shares of General Motors yesterday, leaving taxpayers saddled with a total shortfall of about $10bn on the car-maker’s 2009 bailout.
TESCO has bought a minority stake in south east Asia’s largest online retailer Lazada, the supermarket chain confirmed yesterday.
NEW FINANCE and business services positions are set to dominate job creation during the first quarter of 2014, with huge compensation on offer for the most demanded skills.
DISCOUNTED products made up an increasing proportion of Waitrose’s sales, the retailer said yesterday, as it reported sales increasing by less than inflation.
Sales rose by 0.8 per cent last week compared to the same week of 2012.
THE VOLCKER Rule is set to be approved today by regulators, who are voting on the controversial plans to ban banks from trading with their own money.
FRENCH and German politicians were last night close to a deal on the banking union, making progress towards deciding how failed banks are funded.
BARCLAYS announced unexpectedly yesterday that Sam Dean, its highly popular and experienced head of equity capital markets in Europe, is taking a sabbatical for family reasons.
THE GOVERNMENT today published draft legislation to bring in tax breaks for shale gas, as it aims to incentivise new investment into the industry.
A LOT can change in almost 30 years. When City legend John Duffield founded Jupiter in 1985, the fund management industry in the UK was worth around five per cent of GDP – last year that figure was well above 40 per cent.
JUPITER Fund Management’s veteran chief executive Edward Bonham Carter yesterday announced his resignation as head of the firm, amid a renewed push for growth by the company into overseas markets.
TROUBLED pawnbroker Albemarle & Bond (A&B) spent nearly £5m trying to re-boost the company this year, helping provoke a 75 per cent fall in profits, figures published yesterday show.
PUB operator Punch Taverns rose nearly 10 per cent in trading yesterday after it said a complex plan to reduce its huge debt pile was on track – but agreement still needed to be reached with key bondholders.
NATIONWIDE’S innovative new equity instruments were welcomed by investors yesterday, rising 10 per cent in their first day on the markets.
THE NUMBER of people switching energy supplier hit a three-year high last month, according to new data released yesterday.
GREAT Portland Estates has sold a prime West End site between Piccadilly and St James’s Park to a German pension fund managed by US property investor Pramerica for £54.5m.
MCDONALD’S yesterday reported another sluggish month of sales at established restaurants, results that suggest the famed hamburger chain is losing US market share to rivals.
SYSCO said yesterday it will buy US Foods for about $3.5bn from its private equity owners in a deal that will combine the top two US food distributors and create a company commanding about a quarter of the $235bn North American market.
LOUIS Vuitton is to leave its headquarters on New Bond Street, Britain’s most expensive shopping thoroughfare, for new offices near to King’s Cross station.
VISA rules for nationals from several Gulf states coming to Britain are being relaxed by the government in a drive to boost visitor numbers and encourage higher tourist spending.
CONSUMERS are predicted to spend twice as much this Christmas on their smartphones and tablets as they did last year, new data out yesterday shows.
PRIME Minister David Cameron will arrive in South Africa today for the memorial service of Nelson Mandela.
LAST weekend’s small business Saturday boosted the UK economy by £468m according to data from American Express - a figure that exceeded expectations, Labour MP Chuka Umunna said yesterday.
WORK and pensions secretary Iain Duncan Smith told a committee of MPs yesterday that there is no “debacle” in the universal credit system.
ALMOST £900,000 has been donated to the Treasury to pay back national debt during this financial year – even as the government continues to add over £100bn each year to the UK’s debt, which exceeds £1 trillion.
AIRBUS parent EADS plans to cut 5,800 European jobs in a three-year restructuring of its defence and space activities, the European aerospace group said yesterday.
INDUSTRY bodies echoed warnings from the head of the Organisation for Economic Co-operation and Development (OECD) yesterday, that Labour’s plans to freeze energy bills could seriously hinder investment into the sector.
AMERICAN Airlines Group, the world’s biggest airline after AMR’s merger with US Airways Group, intends to take advantage of its broad global network to win more corporate customers, the company’s president said.
SHARES in Russian credit card firm TCS Group yesterday remained stubbornly lower than their November float price, despite the firm posting a 22 per cent rise in profits.
MAGDALENA STOKLOSA MORGAN STANLEY
SHARES in Monte dei Paschi di Siena rose more than five per cent in early trade yesterday after the top investor in the Italian bank said it would vote against a planned rights issue unless its launch was delayed until at least 12 May.
GREEK prices fell at the fastest level on record during November, as the country enters its ninth month of deflation.
A MAJOR barometer of the Eurozone’s investor confidence was released yesterday, suggesting an unexpected cooling in sentiment over the last month.
Gulf Keystone Petroleum, the Aim-listed oil and gas explorer with FTSE 250 aspirations, yesterday said that an English court has released a summary of its decision to dismiss all claims by Excalibur Ventures, which argued that it was owed a 30 per
London-listed engineering firm Costain yesterday said it has been hired by Severn Trent Water to upgrade the firm’s infrastructure and facilities in the midlands and mid-Wales, which supply over 4.2m households and businesses.
Infrastructure group Balfour Beatty and construction firm Kier yesterday unveiled a £121m joint venture contract to construct a new technical training college at the former RAF Lyneham airbase in Wiltshire for the Ministry of Defence.
RWS Holdings, the intellectual property support company, yesterday said full year sales rose 12.5 per cent thanks to acquisitions and organic growth.
ENGINEERING firm Kentz saw its share price soar by nearly 13 per cent yesterday after it unveiled a $435m (£265.6m) acquisition of US firm Valerus.
FTSE 250-listed copper miner Kazakhmys yesterday said it has agreed to sell its 50 per cent stake in Kazakhstan’s largest power station for $1.3bn (£790m), as it warned that development of its Bozshakol mine would cost more than expected.