Deutsche names new chief in UK June 17, 2009 DEUTSCHE Bank has appointed Colin Grassie to the newly-created post of UK chief executive, in preparation for a drive to build up its share of the British banking marketplace. The German lender said Grassie, who previously served four years as the bank’s Asia-Pacific chief executive, would be responsible for developing its UK franchise, including building [...]
Microsoft and Google clash June 17, 2009 Microsoft and Google clashed yesterday, after Microsoft said a new offering from Google disables search capabilities of Microsoft’s popular Outlook software. Google acknowledged an issue with its new Apps Sync software, which synchronises data between Google’s email and calendar service and Outlook.
Rise in US inflation lower than forecast as slump takes its toll June 17, 2009 US consumer prices edged up in May on higher petrol prices, but fell over the past 12 months by the most since 1950, in a sign that inflation was not a threat for now as the country fights a brutal recession. The Labour Department yesterday said its Consumer Price Index (CPI) edged up 0.1 per [...]
IMA slams EC proposals on funds June 17, 2009 The European Commission’s (EC) approach to the regulation of alternative investment fund managers is fundamentally flawed and should be met with opposition from, the Investment Management Association (IMA) said yesterday. Jarkko Syyrilä, director of international relations said the draft Alternative Investment Fund Managers directive posed “severe risks for the business model of asset management”. The [...]
Tesco sells mortgage bond June 17, 2009 There was good news for the global securitisation market yesterday when the supermarket Tesco sold £431m of commercial mortgage-backed securities (CMBS) supported by rental income from 12 of its UK stores and two distribution warehouses. The size of the deal, which was three times subscribed, was slightly above initial plans to sell £416m of bonds. [...]
Ted Baker confident on outlook June 16, 2009 Fashion brand Ted Baker said it was confident full-year results would be in line with expectations as it posted a 7.6 per cent increase in revenue for the 19 weeks to 12 June. The group said gross margins were also in line. But Seymour Pierce yesterday warned of tough times ahead: “As a retailer that [...]
Bank of Japan sees recession easing June 16, 2009 THE RATE of deterioration in the Japanese economy has begun to slow, the country’s central bank said yesterday, signalling that the worst of its recession could be over. The Bank of Japan (BoJ) opted to leave interest rates unchanged at 0.1 per cent, but issued a more optimistic outlook based on increased production in the [...]
Ascot snub has me worrying about my job June 16, 2009 DEAR VEXED: It used to be that my bank sent everyone on corporate entertainment trips. I’ve never missed Ascot – until now, that is. What with the cut backs and so forth, I’m not going this year. Should I be worried the company is about to expire? Or should I be worried I’m about to [...]
Hanson Westhouse trading on Aim June 16, 2009 Shares in corporate finance and broking group Hanson Westhouse yesterday commenced trading on Aim following its acquisition by emerging market equity finance house SovGEM. The combined group, which has been renamed Hanson Westhouse Holdings, also successfully raised £850,000 via a placing of new shares at 59.5p a share, to fund the costs of the acquisition. [...]
GEITHNER: A MAN WITH A PLAN June 16, 2009 US TREASURY secretary Timothy Geithner’s plan to revamp financial regulation, likely to be the broadest overhaul since the 1930s, will today be announced by President Barack Obama. The changes are expected to include tougher capital requirements for financial institutions and more “robust” reporting requirements.