Turner urges closer control of credit growth February 8, 2010 The expansion of credit needs to be more carefully controlled, Lord Turner, the chairman of the Financial Services Authority (FSA) said in an interview yesterday. “I am more and more convinced that we need to control the expansion of credit, independently of monetary policy,” he said in France’s La Tribune newspaper. He praised China, Germany [...]
Tullow set for a green light from Uganda February 8, 2010 HERITAGE Oil yesterday said it expects to receive approval from the Ugandan government for the $1.5bn (£960m) sale of its lucrative oil fields in the country to FTSE 100 oil explorer Tullow Oil. “Heritage and Tullow are working closely with the Ugandan government to obtain the formal approval of the sale, which is expected imminently,” [...]
Metro Bank lures senior City talent to its start-up team February 8, 2010 METRO Bank, the start-up high street lender backed by US billionaire Vernon Hill, has poached Royal Bank of Scotland’s (RBS’s) former managing director of retail banking to head up its fledgling management team. Craig Donaldson joins from RBS as Metro’s chief executive, and will be joined by a number of fellow senior City bankers. Paul [...]
Allen & Overy opens Oz office February 8, 2010 Allen & Overy, one of the UK’s top five law firms, has launched a new practice in Australia to boost its reach in the Asia-Pacific region. The “magic circle” City firm, which employs 5,000 staff across the globe, said the Australian practice would be made up of 17 partners in two offices in Sydney and [...]
Halfords mulls Hobbycraft deal February 8, 2010 BIKE retailer Halfords is mulling making acquisitions within the retail sector as part of ambitious expansion plans, it emerged yesterday. Halfords, which saw like-for-like sales jump 15 per cent over the Christmas period, is understood to be looking at crafts chain Hobbycraft, according to Sky News. Hobbycraft is undergoing a thorough strategic review by accountancy [...]
Temasek sets 10-year bond at 3pc a year February 8, 2010 Singapore state investor Temasek has priced its 1bn Singapore dollar (£450m) 10-year bond at 40 basis points above the Singapore dollar swap offer rate. It translates to 3.27 per cent a year. The price reflects strong consumer demand for triple-A-rated issues. Temasek said in a statement that proceeds from the bond issue will be used [...]
Tchenguiz’s former tapas chain part of £100m sale February 8, 2010 THE group behind La Tasca and the Ha Ha Bar and Grill chain could raise £100m when it is put up for sale. The Bay Restaurant Group – which was once part of property tycoon Robert Tchenguiz’s empire – is understood to be being eyed by private equity-backed investors. Interest is set to increase after [...]
Barclays Wealth snaps up three UBS bankers February 8, 2010 Barclays Wealth, the private banking arm of Barclays, has hired another three bankers from UBS, adding to the 10 who were recruited in August last year. Vikram Malhotra, who led a team of UBS bankers in Singapore and Hong Kong serving millionaires of Indian origin, joined Barclays Wealth yesterday as head of South Asia where [...]
Investors puzzled by shock exit of SAP boss February 8, 2010 GERMAN software group SAP has ditched its chief executive of just seven months, surprising a market he failed to win over during his tenure and leaving investors wondering where the world’s top business software firm heads next. SAP announced Leo Apotheker’s abrupt departure, replacing him with immediate effect with a new management team expected to [...]
Portuguese bank buys half of broker Execution Noble February 8, 2010 CITY stockbroker Execution Noble yesterday bounded ahead with its aggressive expansion plans after Banco Espirito Santo (BES), one of Portugal’s largest banks, snapped up a majority stake in the business. BES said it had paid around £50m for the 50.1 per cent stake in Execution, which bought up its smaller rival Noble just seven weeks [...]