Banks avoid facing class action suits as Financial Services Bill passes into law April 14, 2010 BANKS have walked away from potentially paying out billions of pounds in class action settlements, after a clause in the Financial Services Bill surrounding the matter was struck before the bill passed though parliament. The Financial Services Bill, which reached Royal Assent during the wash-up period last week, saw clauses 18 to 25 struck out [...]
Turquoise set to trade US equities in European time April 14, 2010 THE London Stock Exchange yesterday unveiled ambitious plans to turn its Turquoise platform into the first European multilateral trading facility (MTF) to trade US equities during the European working day. Turquoise, which is 51 per cent owned by the exchange and the rest by twelve investment banks, will offer dollar trading in 175 of the [...]
Citigroup sheds more assets as it plans to sell hedge fund unit to SkyBridge April 14, 2010 CITIGROUP plans to sell a hedge fund business with $4.2bn (£2.7bn) worth of assets to US investment firm SkyBridge Capital. The deal marks another step in Citi’s plan to shed assets. The unit had been languishing in Citi Holdings, the bank’s repository for businesses that it is trying to sell or wind down. The unit [...]
BEST OF THE BROKERS April 14, 2010 DEBENHAMS Numis reiterates its “buy” recommendation on Debenhams citing the retailer’s solid interim results, which place it comfortably ahead of Numis’ expectations. Numis raises August forecasts to £147m from £137m and sees scope for a rise in like-for-like sales. Despite a strong run, Numis believes the stock continues to offer value. BHP BILLITON A “buy” [...]
Volunteering is good for business April 14, 2010 The City of London Corporation will today urge businesses to remain active in local London communities despite the potential cost in the middle of the longest and deepest recession since the war. According to Nick Anstee, the Lord Mayor of London, corporate volunteering can boost a firm’s reputation while helping to create a highly-skilled, well [...]
UK infrastructure needs £500bn April 14, 2010 At least £500bn will need to be spent on the UK’s energy, transport, water and ICT infrastructure between now and 2020 in order that the UK can maintain its economic competitiveness, according to the Institute of Directors (IoD). The body says public spending on infrastructure is now so important that it should be ring-fenced, despite [...]
JP Morgan sees profits rise April 14, 2010 JPMorgan Chase has reported first quarter profits of $3.3bn (£2.1bn). Revenues from its investment bank overshadowed losses on consumer loans. Shares of the second-largest US bank rose 2.4 per cent as it said the pace of loan losses slowed. The main area which fuelled the bank’s figures was its debt trading business, which produced revenues [...]
Euro zone industrial output jumps April 14, 2010 INDUSTRIAL output rose more sharply than expected in February – posting its fastest rise in almost two years. Production across the 16-country currency organisation increased by 0.9 per cent from January, according to European official data office Eurostat. The figure jumped 4.1 percent year-on-year – the biggest increase since April 2008. The euro zone economy [...]
Prudential makes Devey Asia chief April 14, 2010 PRUDENTIAL has as appointed Rob Devey to lead the integration with American International Group’s Asian life insurance arm. The company is on verge of securing a deal for American International Assurance (AIA) for $35.5 billion. But it still needs to complete a $21bn rights issue to fund the bid. Devey, currently Prudential’s head of European [...]
Toyota suspends US Lexus SUV sales April 14, 2010 TOYOTA has suspended sales of a new Lexus SUV in the US market to investigate the risks of the vehicles rolling. The company has stopped sales of the 2010 Lexus GX 460 after consumer reports suggested that the vehicles handled badly on some turns with possible “safety risks” attached. Toyota, which also sells the Lexus [...]