First lady of broking buys out FinnCap May 4, 2010 ONE of the City’s hottest female rising stars has completed a £2.5m management buyout of her firm FinnCap, with the aim of growing it into the broker of choice for small cap companies in London. Chief executive Sam Smith at the weekend sealed a deal to buy back the outstanding 50 per cent of FinnCap [...]
Liffe boosts NYSE Euronext strong profits May 4, 2010 NYSE Euronext reported a 25 per cent rise in first quarter profits yesterday, largely thanks to futures trading on its London-centred Liffe market. Futures trading volume on Liffe shot up 28 per cent compared to the first quarter last year, helping group profits rise from $104m (£68m) to $130m. The results matched Wall Street expectations [...]
BEST OF THE BROKERS May 4, 2010 INTERCONTINENTAL HOTELS Credit Suisse has raised its target price for InterContinental Hotels by 20 per cent to 1,290p and has issued the hotel chain with an “outperform” rating. Credit Suisse upgrades 2010 earnings per share (EPS) forecasts for InterContinental by 18 per cent, due to stronger trading expectations for the Americas. With its forecasts ahead [...]
Reuters profit down a third May 4, 2010 THOMSON Reuters saw its quarterly profits plunge by almost a third as it continued to be hit by the aftermath of the recession. However, the news and data provider said it expects to see a recovery in the second half of this year as the haltering recovery improves sales. The firm earned $127m (£84m) in [...]
A Lib-Lab coalition would be bad for business May 4, 2010 I can’t vote in this country, but I can pay tax, so I feel that that gives me some right to share with you my feelings and those of more than a hundred leading entrepreneurs in the UK as the election approaches. For entrepreneurs, a Liberal Democrat-Labour coalition would be disastrous for British business. The [...]
CITY MOVES | WHO’S SWITCHING JOBS May 4, 2010 Principal Global Investors The asset management firm has appointed Seema Shah as a strategist and economist in its London-based global fixed income team. Shah was previously an economist at Capital Economics, focusing on macroeconomic analysis of the UK and European economies. Prior to that, she was an economist within the macro consulting group at accountancy [...]
SOC GEN’S ROGUE TELLS HIS SIDE OF THE STORY May 4, 2010 MILLION-dollar profits and banking “orgies” sound nice and juicy at the best of times, but especially so when they involve a tell-all book penned by a man at the centre of some of the most high-profile rogue trading allegations ever to rock the financial world. Jerome Kerviel has made a household name of himself after [...]
CITY EYE May 4, 2010 A bottle of wine is selected for tasting from the 45,000 original contenders nestled at the Barbican centre for the International Wine Challenge event.
BP shares dive in oil spill fallout May 4, 2010 OIL giant BP has seen saw its shares lose further ground after it admitted the fall out of the major oil spill in the Gulf of Mexico was costing $6m (£3.95m) per day. Its shares tumbled over four per cent as it warned that the battle to get the disaster under control could take three [...]
Manufacturing in fastest growth for 15 years May 4, 2010 BRITISH manufacturing activity grew last month at its fastest rate in more than 15 years, a survey of purchasing managers has shown. The Chartered Institute of Purchasing and Supply/Markit manufacturing PMI rose to 58.0 in April from an upwardly revised 57.3 in March. That was well above the consensus forecast and the highest reading since [...]