Fed upbeat about US economy May 20, 2010 ECONOMIC forecasts by the US Federal Reserve remained positive despite a continued move to hold interest rates around zero. During an April meeting of the bank’s Open Market Committee, chaired by Ben Bernanke, the bank said that the labour market was showing signs of improvement, while housing market spending was also picking up. The Fed [...]
Senate delays reform vote May 20, 2010 IN A setback for the Obama administration, Senate Democrats failed to muster enough votes last night to end debate on the biggest overhaul of financial regulation since the 1930s, delaying a vote on its passage. The motion required 60 votes to pass but fell short with 57. The vote came near the end of a [...]
Rolet takes axe to LSE’s marketing team May 20, 2010 LONDON Stock Exchange chief executive Xavier Rolet continued his drive to shake up the business by axing the firm’s entire marketing department, City A.M. learned yesterday. Rolet last year chopped down the exchange’s brand management team by half, as part of a wide-ranging efficiency crackdown during which he also axed the LSE’s long-standing M&A and [...]
AIMA calls new hedge fund rules impractical and unworkable May 20, 2010 GLOBAL hedge fund body AIMA yesterday raised concerns over new rules by the European Union to crack down on hedge funds and private equity firms. AIMA said that although it fully supports the EU’s Alternative Investment Fund Managers (AIFM) directive, it called some of the proposals “impractical and unworkable”. AIMA chief executive Andrew Baker said: [...]
Osborne: UK is back open for business May 20, 2010 GEORGE Osborne last night said Britain was “once again open for business” as he pledged to draw a line under strained relations between captains of industry and the previous Labour government. In his inaugural speech to employers’ group the CBI, the chancellor said his “guiding principle” would be to support a private sector recovery by [...]
Advisers tell clients to ditch investments that attract CGT May 20, 2010 FINANCIAL advisers are telling their clients to ditch investments that will be hit by an impending hike in capital gains tax (CGT). According to a survey of 204 independent financial advisers (IFAs) by financial technology firm 1st Exchange, 60 per cent are advising clients to steer clear of assets that attract CGT. The Liberal-Conservative coalition [...]
Spencer: Cash equities unit was a failure May 20, 2010 ICAP boss Michael Spencer told analysts the inter-dealer broker’s venture into cash equities was its “biggest failure in a decade” yesterday as it reported a 13 per cent drop in profts. Icap closed its fledgling European and Asian stockbroking businesses in March after the loss-making division caused the group to issue a shock profit warning. [...]
Icap’s investment in ebroking will boost profits down the line May 20, 2010 JUST as the iPod has transformed the music industry, inter-dealer broking is being revolutionised by new technologies. That’s good news for Icap, which has invested much more in electronic broking platforms than rivals like Tullett Prebon. The benefits are already apparent: Icap’s ebroking revenues were up six per cent last year, thanks to a 24 [...]
Chaucer sees income slide May 20, 2010 LLOYD’S insurer Chaucer said gross written premiums slipped in the first quarter, in a period marked by higher- than-expected catastrophe losses, with energy sector rates to harden. Chaucer said gross written premium income slipped to £250m from £257.8m, dented by lower premiums at its marine unit. “This has been a challenging period for the insurance [...]
Credit Agricole appoints new chairman to lead new order May 20, 2010 CREDIT Agricole’s board approved the nomination of Jean-Marie Sander as its chairman yesterday, a last key appointment in the French bank’s management overhaul as it seeks to turn the page on the financial crisis. Sander, a 60-year-old farmer who is also mayor of the small commune in the northeastern Alsace region where he was born [...]