Retail bonds launch online February 1, 2010 A NEW online trading platform will open up the corporate bond and gilt market to the retail sector. The launch of a new order book by the London Stock Exchange (LSE) yesterday will allow far greater access to private investors. Of an estimated 10,000 bond packages available, only 200 were readily available to retail investors. [...]
Cash supply fall fuels QE doubts February 1, 2010 The Money supply fell by 0.5 per cent in December, raising fresh questions over the Bank of England’s £200bn programme designed to reflate the economy. The Bank’s preferred measure of bank and building society deposits declined by £6.7bn after a marginal rise in November. Coupled with the UK’s disappointing 0.1 per cent growth in the [...]
Pitman: Virgin Money to buy state assets February 1, 2010 VIRGIN Money could pick up assets on the cheap from the UK’s government-supported banks, chairman Sir Brian Pitman suggested yesterday. Setting out the ambitious target of growing revenues and customer numbers by 15 per cent annually, the 78-year-old said Virgin Money would pursue a combination of organic and bolt-on expansion. Pitman, a former chief executive [...]
Regulators hammer out transatlantic deal on supervision February 1, 2010 WATCHDOGS from both sides of the Atlantic yesterday agreed to work more closely to supervise credit rating agencies, hedge fund advisers and clearing of off-exchange traded derivatives. An agreement signed in 2006 to swap information will be expanded, the US Securities and Exchange Commission and the Financial Services Authority (FSA) said in a statement. “Our [...]
Eurozone in bond record as Greeks suffer February 1, 2010 Borrowing by eurozone governments from the bond markets has topped a record €110bn (£96bn) so far this year, raising deficit costs for weaker European nations with high debt levels like Greece. Investors warn that the yields they will demand to lend to Greece and other economies, such as Portugal, Spain, Ireland and Italy, will continue [...]
Youngman to join rival broker after WH Ireland row February 1, 2010 DAVID Youngman, the small cap finance veteran who quit stockbroker WH Ireland last year after a boardroom row, has resurfaced as head of corporate finance at Daniel Stewart’s Manchester office. Youngman, who previously held the same corporate finance role at WH Ireland, left the firm in May along with deputy chairman Laurie Beevers. The pair [...]
Travelport to get £2bn tag via flotation February 1, 2010 TRAVEL service company Travelport will be worth up to $3.45bn (£2.17bn) when it lists on the London Stock Exchange, the firm said yesterday. The group, whose travel distribution, travel intermediary and IT services include airline and hotel booking operation Galileo, announced a price range for its $1.78bn London listing valuing the company’s total equity at [...]
Aberdeen finalises deal for RBS assets February 1, 2010 ABERDEEN Asset Management yesterday said it had finalised a deal for part of troubled Royal Bank of Scotland’s (RBS) business. Aberdeen paid £84.7m for part of RBS’s fund management arm, which has £13.5bn of assets under management. Under the terms of the deal, Aberdeen has entered into a distribution agreement with the bank to exclusively [...]
Reader’s Digest postpones exit from bankruptcy plan February 1, 2010 Reader’s Digest Association (RDA) yesterday said it would delay its emergence from bankruptcy after the UK pension regulator said it would not approve a pension fund agreement related to the US publisher’s British subsidiary. Reader’s Digest Association Ltd, the British entity, had reached an agreement with the trustees of its pension plan and the Pension [...]
IT’S DOG EAT DOG AMONG TOP RETAIL BANKERS February 1, 2010 IF THE government wants more competition in the retail banking sector, it’s more competition it’s gonna get. Hot on the heels of yesterday’s heart-warming tale about new High Street lender Metro Bank planning to welcome dogs into branches – and offer them free bowls of water and chewy bones – comes a response from Metro’s [...]