Buxton sounds bullish note on UK market rally September 5, 2013 VETERAN fund manager Richard Buxton has spelled out an ultra-bullish vision for the UK economy next year, tipping blue chip stocks to soar past record levels. The former Schroders stalwart, who left the business for rival Old Mutual Global Investors in June, said the FTSE 100 would top 7,300 next year – rallying past its [...]
Icap closes in on deal to end probe over Libor allegations September 5, 2013 BROKER DEALER ICAP is believed to be in advanced talks with US and British regulators over a deal to end an investigation into its alleged role in the manipulation of benchmark interest rates. According to people familiar with the negotiations, an agreement with the US Justice Department and Commodity Futures Trading Commission (CFTC) and the [...]
Canopius premiums soar in first half September 5, 2013 Lloyd’s of London insurer Canopius yesterday announced a substantial rise in premiums after its takeover of Omega pushed it to a record set of interim results. Post-tax profits grew by £10m to £42m for the first six months of 2013, while gross written premiums – equivalent to revenue – hit £527m.
Lloyds appoints new SME bank head September 5, 2013 Ex-Standard Chartered banker Tim Hinton is moving to Lloyds to head its mid-market and small- and medium-sized enterprise (SME) banking business, the bank announced yesterday. The unit covers firms from startups to those with sales of up to £750m per year. Hinton has spent 27 years at Standard Chartered, most recently as global head of [...]
Vodafone debt rating upgraded September 5, 2013 Following Monday’s groundbreaking $130bn (£84bn) sale between Vodafone and Verizon, Vodafone had its debt rating upgraded to stable yesterday, removing the risk that it could be downgraded in coming months. Standard and Poor said that it estimates Vodafone will reduce its total debts by £14bn using the proceeds from the sale to Verizon of the [...]
EU scales back rules on carbon flight emissions September 5, 2013 THE EU agreed to a deal late yesterday to scale back its law regulating carbon from flights as UN negotiators pledged to craft a global pact on aviation emissions that would not take effect for seven years. EU officials agreed at UN talks in Montreal to only include emissions from flights over European airspace in [...]
Eurogroup head outlines third bailout for Greek government September 5, 2013 EUROGROUP president Jeroen Dijsselbloem admitted yesterday that Greece’s financial troubles will not end in 2014, and that another bailout is realistic. The head of the euro area’s finance ministers spoke to the European Parliament: “It is realistic to assume that additional support will be needed beyond the programme. In this context, the Eurogroup has indicated [...]
Bank of Japan governor hints at more easing September 5, 2013 THE RADICAL monetary policies of the Bank of Japan may be pushed even further if Prime Minister Shinzo Abe’s tax hike impacts demand. The Bank of Japan confirmed yesterday that it would hold interest rates at their current low of 0.1 per cent, with the governor of the Bank insisting that he was open to [...]
Kennedy Wilson and Varde buy UK shopping centres for £250m September 5, 2013 US PROPERTY investment and services firm Kennedy Wilson and debt specialist Varde Partners yesterday agreed to buy a portfolio of eight UK shopping centres out of administration for $388m (£250m). Kennedy Wilson did not disclose which shopping malls they had acquired but said they were spread across England and Scotland and spanned a total of [...]
Fiat’s fight over Chrysler stake may not go to trial until 2015 September 5, 2013 FIAT may have to wait until 2015 before a judge will decide the price the Italian automaker would have to pay to buy out a minority shareholder of its Chrysler business, according to court filings. Delaware judge Donald Parsons should allow a “reasonable time” to prepare for a trial to decide what Fiat must pay [...]