NEW YORK REPORT September 2, 2009 U S stocks fell yesterday as jitters about the economy prompted investors to unload shares for a fourth-straight day, despite a sharp drop in the previous session. Major indexes fluctuated between positive and negative territory throughout the day before closing in the red, with the S&P 500 index posting its worst losing streak since late [...]
Heavy-handed FSA ruffling recruiters September 2, 2009 WHEN the chairman of the Financial Services Authority’s chairman, Lord Turner, made comments about taxing bonuses, it was not the first time that the regulator had ruffled feathers in the City. Indeed, recruiters in the Square Mile have been feeling added pressure from the FSA for almost a year now. According to information obtained through [...]
BANKERS AND MINERS ARE IN DEMAND September 2, 2009 ALEXANDRE HOUPERTHEAD OF LISTED PRODUCTS UK, SG CORPORATE & INVESTMENT BANKING LIKE all investors, those who use covered warrants will be starting to think about how to position themselves for a potential global upturn. Two sectors in particular have been at the forefront of the market’s summer rally: banking and mining. Given how low banking [...]
THE LONDON REPORT September 2, 2009 THE benchmark share index closed flat yesterday as a retreat in financials and miners, triggered by weak US data, was offset by stronger energy stocks, after a “giant” oil find by BP. The FTSE 100 index ended down 2.15 points at 4,817.55, after it fell 1.8 per cent on Tuesday. US private employers cut 298,000 [...]
Private equity eyes up City law firms September 1, 2009 THE BELEAGUERED legal profession, says Jeremy Hand, managing partner of private equity firm Lyceum Capital, is facing “a fire-storm whipped up by the recession, smarter customers, technology, outsourcing and legislation”. If that wasn’t trouble enough, it’s also being forcibly opened up to competition that could arise from the so-called Tesco Law – the shorthand for [...]
Aussie looking vulnerable as investors fear Chinese bubble September 1, 2009 SINCE equity markets began to rally in March, traders have been riding the wave of the strong Australian dollar. Since then, going long on the currency has been a no-brainer for foreign exchange traders across the world. Those who entered positions back then will have benefited from the 39 per cent rise in Australian dollar [...]
WORLD FEARS NEW CHINESE TIGHTENING September 1, 2009 BORIS SCHLOSSBERGDIRECTOR OF CURRENCY RESEARCH, GFT ALTHOUGH this week’s global calendar is packed with key economic data, the most important event for the currency markets may take place when the G20 meets in Pittsburgh to discuss its agenda. As I have written in this column before, China remains the key to the recovery trade as [...]
IMMIGRATION RULES WILL DAMAGE CITY September 1, 2009 SPEAKER’S CORNEREDWARD WANAMBWAPARTNER AT CM MURRAY LLP SINCE the UK Border Agency introduced its points-based immigration system in late 2008, employment and immigration lawyers have got used to absorbing the almost weekly changes and “fixes”. Last month, further changes were made that are likely to have a significant impact on City employers and affect City [...]
THE LONDON REPORT September 1, 2009 THE FTSE 100 shed 1.8 per cent yesterday, dragged back by weakness in banks and commodity issues, fuelling doubts over the sustainability of this summer’s strong rally. At the close, the FTSE 100 was 89.20 points lower at 4,819.70 after ending 0.8 per cent higher on Friday, when it also touched a near 11-month high. [...]
NEW YORK REPORT September 1, 2009 US stocks fell for a third straight day yesterday, spooked by uncertainty over the health of financials and concerns that the explosive rally since March may have run ahead of economic reality. September began living up to its reputation as the worst month for stocks as elevated anxiety pushed the three major indexes down 2 [...]