US manufacturing data cheers April 15, 2010 US manufacturers were busy in April as factories ramped up production to rebuild inventories though soft labour markets still point to a relatively slow economic recovery, data revealed yesterday. Expansion in manufacturing was highlighted by the New York Federal Reserve’s “Empire State” general business conditions index which rose to a six-month high of 31.86 in [...]
Fed to stick to low rates April 15, 2010 A top Federal Reserve official said yesterday he doesn’t believe it’s time yet to soften a Fed promise to hold benchmark borrowing costs exceptionally low for an extended period. “I’m comfortable with interest rates where they are now,” Richmond Federal Reserve Bank president Jeffrey Lacker said at a Fed symposium on credit markets.
Dubai utility reopens debt market April 15, 2010 Dubai Electricity and Water Authority (DEWA) has placed a $1bn, five-year bond, DEWA said yesterday, the first bond from Dubai since its debt troubles emerged. The bond will pay a semi-annual coupon of 8.5 per cent, DEWA said. Gulf firms have found it difficult to tap the debt market ever since state-owned conglomerate Dubai World [...]
Bank stakes sale is on hold, insists UKFI April 15, 2010 UK Financial Investments (UKFI) is adamant it will not start selling down the taxpayer’s stakes in RBS and Lloyds ahead of the general election, preferring to add value by biding its time than to make a quick buck at a time of widespread uncertainty. Speculation has been rife over recent weeks that UKFI could be [...]
Sberbank sees profits soar as bad loans drop April 15, 2010 SBERBANK, Russia’s biggest lender, said yesterday that quarterly net profit jumped to 43.2bn roubles (£1bn), from 0.3bn roubles a year ago. The significant improvement was a result of a sharp reduction in provision charges for bad loans, the company added. State-controlled Sberbank, which holds roughly a quarter of Russia’s total banking assets, hopes to earn [...]
BarCap raids senior banker at Rothschild April 15, 2010 BARCLAYS Capital has poached a third senior banker from Rothschild’s financial institutions group (FIG) in the form of Ben Davey, a ten-year veteran of the firm. Davey, who was one of three co-heads of Rothschild’s UK FIG team, becomes co-head of European FIG at BarCap. He joins former colleague Stefano Marsaglia, who jumped ship from [...]
BP sees off a revolt on pay and oil sands April 15, 2010 Oil major BP yesterday easily saw off challenges to its Canadian oil sands project and to its executive pay policy at its annual meeting yesterday. Europe’s largest oil firm by market value said 94 per cent of shareholders who voted in advance of the annual meeting rejected a call to review its Sunrise project to [...]
Takeover Panel’s Hingley joins top ranks at Lazard April 15, 2010 VETERAN investment banker Robert Hingley is set to take up a coveted role at Lazard, one of the world’s biggest M&A advisory firms, just a few months after completing his stint at the helm of the Takeover Panel. Hingley, 49, joins Lazard as a managing director in the financial advisory business and will lead the [...]
Hythe fined by FSA for risky sales culture April 15, 2010 THE FINANCIAL Services Authority yesterday slammed stockbroker Hythe Securities with £235,000 worth of fines, as the regulator’s crackdown on illegal practices continues to rage through the City. The lion’s share of the fine – £200,000 – will be paid by the firm itself, whose systems and controls were inadequate to protect customers against poor advice, [...]
Sportingbet to list on the main market April 15, 2010 ONLINE gaming firm Sportingbet yesterday confirmed plans to move its shares from the Alternative Investment Market (AIM) to the main market in London next month. The move represents a milestone for the industry which has been hit by tough regulation in the US. Sportingbet plans to list on the main market on 14 May. Sportingbet, [...]