Santander’s Brazilian listing gets off to a lacklustre start October 7, 2009 BRAZIL’S biggest ever initial public offering (IPO) kicked off with a whimper instead of a bang as shares of the Brazilian unit of Spanish bank Santander edged lower during their trading debut. Executives of Santander Brasil sought to focus on the fact that it raised 14.1 billion reais (£5.06bn) with its IPO in Sao Paulo [...]
Barclays chews over substantial wealth management acquisition October 7, 2009 BARCLAYS is mulling over the acquisition of a substantial wealth management business to boost its global private banking presence, the firm revealed yesterday. Gerard Aquilina, the vice-chairman of the group’s private banking arm Barclays Wealth, said the bank would be prepared to stump up for a business at least the size of 120-year-old Swiss firm [...]
Tories pledge tax hikes on strong drinks October 7, 2009 THE Conservatives would raise taxes on super-strength beer and cider by up to £1.50 in an effort to crack down on binge drinking, shadow home secretary Chris Grayling told the Tory party conference in Manchester yesterday. Among a raft of measures designed to place tighter restrictions on the drinks industry, Grayling said retailers would be [...]
CITY VIEWS: ARE THE TORIES RIGHT TO PROPOSE A PUBLIC-SECTOR PAY FREEZE? October 7, 2009 STEVE RYAN AXA“Yes I think it’s the right thing to do. There are other things they could do as well to cut the fiscal deficit. I’m worried about the government’s debts for my children’s sake – they will be the ones who pick up the bill. For a very long time Gordon Brown has been [...]
AT-A-Glance October 7, 2009 • Action on failing schoolsMichael Gove, the shadow schools secretary, promised that failing schools would be closed within 100 days of a Tory government assuming power, adding that teachers would also be given the power to restrain violent pupils to crack down on problem children. • Police to name and shamePolice services would be given [...]
Firms’ profits staying weak October 7, 2009 BRITISH corporate profitability deteriorated to its weakest level in eight years during the second quarter of 2009, official data showed yesterday, driven by a fall in oil and gas companies’ profitability. Figures from the Office for National Statistics (ONS) showed that the net rate of return by private non-financial corporations in the second quarter of [...]
US consumer credit down as appetite for debt diminishes October 7, 2009 TOTAL US consumer credit fell by a greater-than-expected $11.98bn (£7.5bn) in August, according to Federal Reserve data released yesterday, suggesting consumers are opting to cut their debt rather than spend. Analysts said the drop, the seventh consecutive monthly decline, was unsurprising given the high level of unemployment, and was further confirmation that consumers would not [...]
Eurozone economy shrinks more than expected in second quarter October 7, 2009 THE Eurozone economy shrank by slightly more than expected in the second quarter of 2009, official data revealed yesterday, but the 0.2 per cent contraction in the single currency bloc indicated the economy was nonetheless close to stabilisation. Germany and France, which both recorded 0.3 per cent quarter-on-quarter growth in the three months to June, [...]
COSTCO PROFITS DIP October 7, 2009 COSTCO said a stronger dollar and higher staff health care costs helped drive its fourth-quarter profit down six per cent to $374m yesterday, but the members-only warehouse club chain still beat analysts’ expectations. Costco has been one of the stronger retailers during the recession because of its focus on lower priced goods.
Uncertainty will see QEand rates held October 7, 2009 QUANTITATIVE EASING (QE) and interest rates should both be kept on hold this month, according to a majority of City A.M.’s shadow monetary policy committee (MPC) ahead of the Bank of England’s decision due at midday today. While seven members voted for no change, Henderson New Star’s Simon Ward, who advocates suspending QE, argues that [...]