Dresdner Kleinwort set for job cuts after Commerzbank seals the deal September 2, 2008 Dresdner Kleinwort employees were bracing themselves for a round of sweeping job cuts yesterday, after German bank Commerzbank completed a deal to buy Dresdner Bank from insurers Allianz at the weekend. Dresdner Kleinwort, led by CEO Stefan Jentzsch and his team employs about 5,500 staff in the UK, with 2,000 of those based in the [...]
Don’t over-complicate your approach to the market September 1, 2008 I spent last week away from the markets and enjoying Paris. I saw many of the sights – the Eiffel Tower, the Opera – but not the secret signs from the Da Vinci Code which are scattered around Paris. That got me thinking about the markets. Lots of people think they have secret codes or [...]
The weak pound can offer opportunities September 1, 2008 Looming interest-rate decisions could give options to spread betters, writes Katie Hope If you were planning a quick shopping trip to New York to take advantage of the weakening dollar, you may have missed your moment. The pound’s strength against the dollar is finally on the turn. In the past month sterling has seen its [...]
British business must believe that recession is immanent September 1, 2008 Finally. a clean month ahead of us. And more importantly, the Labour Day weekend is over and done with. This, theoretically, should mean that there are no more excuses as to why we are not seeing “proper” market behaviour. The summer is coming to an end – no more erratic, light-volume trading weeks, and full [...]
Back to work but challenges of a tough economy remain September 1, 2008 For most of us, today marks the official close of the holiday season. This summer has not been as angst-free as in previous years, because of ongoing concerns over jobs and pay – and, for those in managerial positions, how to steer a course through choppy waters over the next year. My choice of holiday [...]
JP Morgan retains top broker title September 1, 2008 Investment bank JP Morgan Cazenove has been named the top City broker for the third year running, according to the latest adviser rankings from Hemscott. JP Morgan has led the table for 12 consecutive quarters. It gained five new clients in the three months to 11 August taking its client base to a total of [...]
Woolies’ investor backs management September 1, 2008 Ardeshir Naghshineth, the largest shareholder in Woolworths, has backed the struggling retailer’s management team in rejecting a £50m takeover bid from Iceland founder Malcolm Walker. Iranian property investor Naghshineth, said to be worth an estimated £500m, has a 10.2 per cent stake in the firm and was yesterday reported to consider Walker’s bid as being [...]
Profits slide as investors exit New Star September 1, 2008 New Star Asset Management, the fund manager founded by City veteran John Duffield, endured a 70 per cent annual profit slide as investors left its UK equity funds in droves. The group saw last year’s £1.1bn inflows reversed, reporting net outflows of £307m as its total assets under management shrank £3.3bn to £19.8bn. Investors withdrew [...]
London’s gloomy firms September 1, 2008 London businesses are among the most pessimistic nationwide when considering their prospects for the coming year, reveals a survey published today by the Institute of Chartered Accounts in England and Wales (ICAEW). According to the latest UK business confidence monitor, London is the third most negative region with confidence standing at a “record low” of [...]
Latest house price fall piles on the misery September 1, 2008 House prices slumped by 0.9 per cent in August, falling for the 11th successive month and adding to the gloom currently surrounding the market. According to the latest national housing market survey from Hometrack, average prices are down by 5.3 per cent on a year-on-year basis, the lowest level since the survey began in 2001. [...]