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 [...]
UBS profits up as talks over new City office announced May 4, 2010 UBS has reported a big increase in profits after seeing its investment banking business recover from the financial crisis. The bank said it made a profit of 2.2bn Swiss francs (£1.3bn) in the first three months of the year. That compares with a loss of nearly 2bn Swiss francs this time last year, when UBS [...]
Standard Chartered in record quarterly profit May 4, 2010 STANDARD Chartered has reported record first quarter profits – fuelled by a strong wholesale banking and improving consumer banking In wholesale banking, which includes advisory, trade finance and other investment banking business, client income was up over 20 per cent on the first quarter of 2009. The bank, which does not publish full quarterly results, [...]
Cable targets high earners May 3, 2010 POLITICAL EDITOR VINCE Cable is considering plans to publish the names of anyone earning over £200,000 at a publicly listed company. The Liberal Democrats have already unveiled similar proposals for those working in the banking industry, but in an exclusive interview with City A.M. Cable said there was an argument for applying such a regime [...]
US boost for global economy May 3, 2010 PROSPECTS for the global economic recovery received a welcome boost yesterday as growth in the US manufacturing sector crept to a six-year high. The news sent the S&P climbing 15 points to nudge back over the 1,200 mark, offsetting much of last week’s 20 point drop. The ISM manufacturing index rose to 60.4 in April, [...]
EC to rein in derivatives May 3, 2010 EUROPEAN politicians are poised to crack down on derivatives trading after blaming speculators for exerbating fears over Greece and Spain’s finances to their own advantage. Internal markets commissioner Michel Barnier will kick off his term by bringing in new rules as early as June. They are expected to fall along lines set out by the [...]
Cable takes aim at financial privacy May 3, 2010 OUR front page story contains an intriguing scoop : Vince Cable believes that “there is an argument” for applying to all publically listed companies in all industries his idea of disclosing the name of anyone earning £200,000 or more. At the moment, Lib Dem policy is only to do this for the banks; but the [...]
Apax buys Sophos stake May 3, 2010 SOPHOS, the biggest privately held security software maker, has agreed to sell a majority stake to private equity firm Apax Partners, ditching efforts to take itself public, City A.M. can confirm. The two co-founders of the Oxfordshire-based company, Jan Hruska and Peter Lammer, are selling most of their combined 60 per cent share in a [...]
WHAT THE OTHER PAPERS SAY THIS MORNING May 3, 2010 FINANCIAL TIMES DERIPASKA IN NEW LISTING Oleg Deripaska, the Russian billionaire, is preparing to float a second resource company in Hong Kong just three months after the controversial $2.2bn initial public offering of Rusal, his aluminium group. Strikeforce Mining and Resources aims to raise as much as $200m this month, according to people close to [...]
Warburg Pincus buys Poundland May 3, 2010 US-based private equity group Warburg Pincus is today set to announce the buyout of the discount retailer Poundland. Pound shops such as Poundland, which sells all products for £1, have been a winner with UK consumers counting pennies during the recession.