City Moves for 14 October 2013 | Who’s switching jobs October 13, 2013 MichelmoresThe law firm has announced the appointment of Roger Fink as a partner in its London office. He qualified with Slaughter and May, and has been a partner at Pinsent Masons for over 20 years. Fink specialises in corporate law. 7 Bedford RowThe common law set has made two appointments. Catherine Rayner and Andrea Chute [...]
Best of the Brokers for 14 October 2013 October 13, 2013 To appear in Best of the Brokers, email your research to notes@cityam.com 888 Peel Hunt has a “buy” rating and 181p target price ahead of the gaming group’s trading update on Wednesday. The broker thinks third-quarter sales have dropped two to three per cent on the previous three months, following “several years of exceptional performance”. [...]
London Report: UK employment figures to show lift in economy October 13, 2013 UK employment figures out this week look set to give further weight to signs of Britain’s growing economy. The September numbers, to be released on Wednesday along with unemployment statistics, are predicted to be up on last month. “Strong demand has been met by surging employment in recent months, which is lowering unemployment. [...]
New York Report: Debt talks still ongoing as US results go out October 13, 2013 US STOCK investors, hoping to leave politics aside to focus on fundamentals, aren’t going to get their wish yet as talks over raising the debt ceiling and reopening the government broke down over the weekend. The S&P 500 generated two days of strong gains in advance of the weekend on hopes an agreement to raise [...]
Any other business – 14/10 October 13, 2013 Gordon Tullock is one of the most deserving economists never to win the Nobel, and he remains a longshot for this year’s prize, announced today. Yet it would be appropriate timing. Tullock developed public choice theory, which shows how self-interest drives political decisions, with James Buchanan. Buchanan got his Nobel for that work back in [...]
France and Germany to be hit by harder hedge fund rules than peers October 11, 2013 France and Germany are piling extra restrictions on overseas hedge funds on top of basic rules laid out in new EU laws, a survey out this morning has found. Both are “gold-plating” certain temporary rules curtailing the ability of non-EU funds – like US mega hedge funds – to market their products to investors, [...]
US confidence diminishes in October October 11, 2013 Consumer confidence in the US has weakened as the Reuters/Michigan consumer sentiment index comes in at 75.2 in a flash estimate for October – after projections of 76.0 and down from September's figure of 77.5. Given the impact of government shutdown, this is not a major drop – although the index is at its weakest [...]
JP Morgan reports loss following scandal costs October 11, 2013 Banking giant JP Morgan has announced a surprise loss in the third quarter, following legal expenses of $7.2bn (£4.5bn). Net loss was at $0.4bn (17 cents a share) whilst revenue was $23.1bn (£14.5bn) versus $26bn last year. The bank is still in $11bn settlement talks with US regulators over mis-selling of mortgage-backed securities pre-the financial [...]
EU clears joint venture between Belgacom and BNP Paribas October 11, 2013 The EU Commission has cleared a joint venture between Belgium telecommunications company Belgacom and BNP Paribas. The joint venture will provide communication of discounts, vouchers, offers and coupon redemption services and mobile wallet services to Belgian consumers and businesses. The deal was allowed to proceed because it was found to satisfy several aspects of the [...]
Royal Mail shares surge as seller Hargreaves Lansdown buckles under weight October 11, 2013 Royal Mail shares have surged this morning, rising as high as 456p after a debut of 450p, soaring above the offer price of 330p. Share seller Hargreaves Lansdown has seen its systems crash trying to deal with the sheer volume of trade; investors have taken to social media platform Twitter to air their frustration. More [...]