FSA investigation to open floodgates for UK claims April 20, 2010 LAWYERS yesterday warned that the Financial Services Authority’s decision to formally launch an investigation into Goldman Sachs would open the floodgates for a raft of investors here in the UK to launch lawsuits against major institutions. The FSA said yesterday it will liaise closely with the Securities and Exchange Commission (SEC) on the investigation, which [...]
Fixed income is the star of show April 20, 2010 WE LIVE in strange times. News that Goldman has yet again smashed analyst expectations is a mere sideshow to the crisis that engulfs the bank. It was strong trading at the bank’s fixed income, currency and commodities (FICC) unit that boosted profitability, with revenues up to $7.4bn, against $4bn in the last quarter of 2009 [...]
BNY Mellon’s results tasty April 20, 2010 BANK of New York Mellon (BNY Mellon) saw its first quarter profits rocket 74 per cent year-on-year. Recovery in the market sent the bank’s asset and wealth management business into overdrive as it clawed back business lost during the downturn. BNY Mellon said the first-quarter profit was even higher than its expectations. The trust bank [...]
Credit Suisse buys Prudential shares ahead of Asian listing April 20, 2010 CREDIT Suisse, Prudential’s lead adviser on its forthcoming takeover of Asian insurer AIA, has amassed a stake in the British company worth £106m in the past month. The investment bank bought 15.9m shares in Prudential at the start of April, bringing its total holding to just over 18m. The numbers will fuel expectations that Prudential’s [...]
Bank of America hires Nomura’s Meissner to head EMEA banking April 20, 2010 ONE of Nomura’s top European bankers quit the Japanese brokerage yesterday to join rival Bank of America Merrill Lynch as head of its European investment banking. Bank of America named Christian Meissner as head of investment banking for Europe, Middle East and Africa (EMEA) just hours after Nomura said he had quit as deputy global [...]
FULD INSISTS LEHMAN WAS RISK ADVERSE April 20, 2010 FORMER Lehman Brothers chief executive Richard Fuld, appearing before a Congressional committee yesterday, acknowledged that people were hurt in the collapse of the ex-Wall Street giant. He insisted the bank was risk adverse, and said he had no knowledge of a technique known as “Repo 105” – used to temporarily remove some assets from its [...]
Consumer inflation rises in March due to fuel costs April 20, 2010 ANNUAL consumer price inflation rose more than expected in March, pushed up by higher petrol prices and air fares, as well as by household gas bills, which failed to repeat last year’s record drop. The Office for National Statistics yesterday said consumer price inflation increased to 3.4 per cent last month from three per cent [...]
CITY VIEWS: WHAT IS THE OUTLOOK FOR INFLATION? April 20, 2010 PHIL MARTIN | ARIEL COMMUNICATIONS “Inevitably inflation is going to go up because that is the cyclical trend during a recession. Inflation might go into a standstill but will eventually go up and when it does, interest rates will also go up to compensate.” DON MACFARLANE | LDM GLOBAL “In the short term inflation will [...]
SAB Miller boosted by Latin America April 20, 2010 BREWING giant SABMiller saw its shares rise yesterday after it said its Latin American operation was helping to boost sales amid a sluggish period in the UK and US. The shares climbed three per cent to 1,996p featuring among the top gainers on the benchmark FTSE 100 index. It said lager volumes grew two per [...]
Burberry expects profits to top hopes as rich spend again April 20, 2010 LUXURY goods group Burberry yesterday added to evidence the wealthy are spending freely again, forecasting annual profit slightly above market expectations and further progress next year. Chief executive Angela Ahrendts said: “While the pace and level of the global economic recovery remain unclear, we remain confident that our strategies will continue to build momentum in [...]