Mersch: China’s yuan could turn into the global reserve currency February 26, 2014 CHINA’S yuan may come to rival the US dollar as the most important currency in the world, a senior Brussels official said yesterday. Yves Mersch, an executive board member of the European Central Bank, was speaking in Luxembourg at an event endorsing the state as a location for the trading of China’s renminbi, also known [...]
Growth nudges US house sales to 2008 levels February 26, 2014 SALES of new homes in the US spiked despite the freezing temperatures in January, rising to the highest level since the summer of 2008, before the worst day of the financial crisis. According to the US Census Bureau, 468,000 homes were sold last month, 19.7 per cent above December’s 427,000. Activity in the market is still [...]
IP-oh no: Firms thrive despite shunning PRs February 26, 2014 WHEN it comes to raising millions on London’s stock market, who needs a financial public relation agency to help the cause? Most companies use one as it happens – and profitable work it is too, usually – but last year Foxtons, the ubiquitous estate agency, managed without one. Earlier this week, Kennedy Wilson Europe, an [...]
RBS kicking it with cool kids in Hackney February 26, 2014 LONDON Fields is better known for hipster peacocking than finance but it seems RBS chief exec Ross McEwan has taken a shine to the place – well, more specifically trendy tech workspace The Trampery. The banking boss is holding a press conference there today, having already appeared there in October, pulling finance hacks out of [...]
British mutuals seize customers from big banks February 26, 2014 THREE major building societies yesterday reported big increases in profits for 2013 as the sector seized customers from the big banks. The Yorkshire Building Society saw pre-tax profits jump to £199.3m, up 26 per cent on the year. It is the second largest mutual behind Nationwide, and its gross lending volumes increased 48 per cent on [...]
Westfield eyes London listing for overseas empire as earnings rise February 26, 2014 AUSTRALIAN shopping centre giant Westfield said yesterday it is eyeing a listing in London after a full break-up of its Australian and international retail businesses. Westfield announced plans in December to sell its 50 per cent stake in its mature Australian and New Zealand assets to focus on the fast-growing part of the business – [...]
Co-op Group plans sell-off as heads for its worst-ever loss February 26, 2014 THE Co-operative Group said yesterday it was selling its farming business and looking at offloading its pharmacies after a banking crisis that has sent its losses spiralling to the worst levels in its 170-year history. The sales are part of a restructuring at the member-owned group, rocked in the past year by the discovery of [...]
Hays on a hiring drive as UK jobs market warms February 26, 2014 RECRUITMENT firm Hays is confident of a sustained rise in white-collar hiring in Britain this year, and is adding more staff of its own to keep up with the pace of demand. Hays said net fees in the UK and Ireland rose nine per cent to £10.1m in the last half of 2013, with almost [...]
Allen & Overy names five new London partners in promotions February 26, 2014 FIVE London lawyers at Magic Circle firm Allen & Overy were yesterday named as partners, as part of a 16-strong round of promotions worldwide . Banking specialist Troy Edwards, international capital markets lawyers Guy Antrobus and Luke Lewis, and litigation duo Alice Englehart and Mahmood Lone will become partners on 1 May. The firm also promoted [...]
Henderson hits record levels after reversal February 26, 2014 FUND manager Henderson yesterday said a turnaround in retail investor sentiment at the end of the last year helped deliver a record year for profits at the group. The business, which celebrates its 80th birthday this year, said retail investors put an extra £2.5bn into its funds into the fourth quarter while institutional investors added [...]