ICAPexpects profit to fall October 1, 2009 ICAP, the world’s top interdealer broker, said it expected a six per cent increase in group revenues for the first half, although it warned interim pre-tax profits would be below last year’s. Chief executive Michael Spencer said the group had “made a solid start to the year across many markets ahead of a pronounced seasonal [...]
ARE YOU IMPRESSED BY ICAP’S TRADING STATEMENT? October 1, 2009 JUSTIN BATES DANIEL STEWART“We had been concerned about falling volumes, particularly in the electronic business. However, the statement illustrates the inherent earnings power in ICAP’s diversified model. For electronic volumes to be down 28 per cent year on year, but revenues to be up six per cent is testament to the strength of the business.” [...]
PETS AT HOME BARKING FOR IPO October 1, 2009 PETS AT HOME, the UK’s leading retailer of pet food products, yesterday said that it was planning to float the business next year. The group has appointed JP Morgan Cazenove as joint bookrunner and adviser. Chief executive Matt Davis (pictured) said the listing would allow the business to grow.
Munich Re in 1bn share buyback October 1, 2009 Munich Re, the world’s largest insurance company, yesterday said it would resume its suspended share buyback programme and aims to buy up to €1bn (£913,000) worth of its stock by April 2010. On the basis of the current share price, this would amount to 9.2m shares or 4.7 per cent of its share capital, it [...]
KKR to list on Euronext today October 1, 2009 Kohlberg Kravis Roberts (KKR) lists on public markets today. KKR shares will float on the Euronext exchange, after the firm finalised its merger with affiliated fund, KKR Private Equity (KPE), which was already listed on the exchange. Combining with KPE gave KKR a means to complete a market listing, after its initial plans to list [...]
Anger over BBVA exec’s pension October 1, 2009 Spanish politicians and unions yesterday condemned a multi-million euro pension paid to a top executive at Spain’s second-biggest bank BBVA. The bank’s board said on Tuesday that it had agreed to pay Jose Ignacio Goirigolzarri, outgoing chief operating officer, a €52.5m pension pot, or some €3m a year, prompting anger in recession-hit Spain.
CITY CELEBRATES TOP 50 LADIES IN BUSINESS October 1, 2009 TO Borough Market last night for the launch of the FT Top Fifty Women in World Business, held in the sumptuous surroundings of Roast restaurant. Not many of the illustrious ladies made it to sample the corking canapés, mind, since most – including PepsiCo’s Indra Nooyi, the top-ranked world businesswoman, and Kraft boss Irene Rosenfeld, [...]
Accounting change hits Brewin profit October 1, 2009 INDEPENDENT stockbroker Brewin Dolphin yesterday said trading in the final quarter would be at the top end of expectations but that 2008 profits had been hit by a change in its accounting practices. It confirmed that, after discussions with the Financial Reporting Review Panel, it had changed its accounting policy. The move follows criticism from [...]
Candidates emerge for BoA top job October 1, 2009 BANK of America (BoA) said yesterday that six internal candidates are in the running to take over from chief executive Kenneth Lewis, who shocked the industry yesterday by announcing his intention to retire at the end of the year. The most likely candidates on the shortlist are believed to be chief risk officer Gregory Curl, [...]
City Moves for 2 October 2009 | Who’s switching jobs October 1, 2009 Clydesdale BankThe bank, part of the National Australia Bank group, has appointed John Holm as a director in its corporate and structured finance team in London. Holm was previously director of insurance in Europe for National Australia Bank. He has also spent over 30 years working at the Royal Bank of Scotland, latterly in the [...]