CITY MOVES | WHO’S SWITCHING JOBS February 9, 2010 ING Real Estate The investment management company has appointed Mike Evans, the chairman of stockbroker Hargreaves Lansdown, as a new non-executive director. Evans has held an advisory role with ING for over three years. He also recently completed a two-year stint as director of life assurance at law firm Pinsent Masons and originally spent almost [...]
Hector Sants to step down as FSA boss February 9, 2010 HECTOR Sants has resigned as the head of the Financial Services Authority (FSA) in a move that throws the future of financial regulation into doubt. Sants had been a major figure in the massive shake-up of banking reform following the global financial crisis. He has also spoken out against plans by the Conservatives to scrap [...]
UBS returns to profit February 9, 2010 SWISS bank UBS has reported its first quarterly profit for more than a year after a cost-cutting programme. UBS made a pre-tax profit of 1.2bn Swiss francs (£722.9m) in the three months to 31 December. This compares with a loss of 9.58bn francs in the same period in 2008. Its annual net loss was reduced [...]
Spain: There’s no costa del crisis February 9, 2010 SPAIN’S finance minister flew to London for emergency talks with bondholders yesterday as debt markets grew fearful over the country’s ability to finance itself. Elena Salgado met with fixed income houses, thought to include M&G and Standard Life, to reiterate the Spanish government’s promise to severely rein in its budget deficit to three per cent [...]
Boots seals clothing deal with Mothercare February 9, 2010 A RANGE of children’s clothing and accessories is to be sold in Boots after the chain sealed a deal with Mothercare. The two already have an agreement through which Boots sells toys from the Early Learning Centre which Mothercare bought in June 2007 for £85m. Mothercare chief executive Ben Gordon said: “We are delighted with [...]
Sky sells contested ITV stake February 9, 2010 BSKYB last night sold the majority of its controversial stake in ITV after a long-running legal battle. The pay-TV group had been ordered to reduce its shareholding in ITV from 17.9 per cent to 7.5 per cent after rivals complained it was harming competition. Morgan Stanley placed the 10.4 per cent stake, raising around £196m. [...]
SocGen picks footie trades February 8, 2010 HERE’S something to take England manager Fabio Capello’s mind off John Terry’s alleged misdemeanours. Countries hosting the World Cup enjoy a boost to economic growth and stockmarket performance not experienced by winners, according to Société Générale. Ahead of this summer’s tournament in South Africa, the French bank has put together a note advising investors on [...]
Don’t assume Pigs will be bailed out February 8, 2010 HISTORY is repeating itself – and much more quickly than we seem to realise. The consensus view appears to be that Portugal, Italy, Greece and Spain – the PIGS – will by hook or by crook be given a bail-out if they need one, just as Dubai, RBS and AIG eventually were – and that [...]
Toyota set for Prius recall February 8, 2010 TOYOTA was last night preparing to recall all Prius hybrid cars sold since the start of the year, as the safety crisis engulfing the Japanese company looked set to cost it $4bn (£2.6bn). More than 180,000 Toyota vehicles have been recalled in the UK because of problems with sticking accelerator pedals. A recall of the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING February 8, 2010 FINANCE TIMES DE SHAW MOBILISES TEAM TO BUY DISTRESSED ASSETS OF FUND RIVALS DE Shaw, the third largest hedge fund, has established an in-house team to look at buying portfolios of distressed assets and is targeting the holdings of rival hedge funds. The DE Shaw Portfolio Acquisitions Unit, launched last year, aims to capitalise on [...]