City hits back over Noyer’s euro warning December 3, 2012 LONDON hit back yesterday after French central bank governor Christian Noyer suggested that Eurozone governments should take financial services related to the single currency away from the City. Mayor Boris Johnson joined a chorus of disapproval over Noyer’s comments. “This is a desperate French attack in an effort to make something out of the Eurozone [...]
Sir Terry Leahy to chair bargain store December 3, 2012 SIR TERRY LEAHY is making a comeback to the retail sector as chairman of B&M Bargains after US private equity firm Clayton, Dubilier and Rice yesterday revealed it has bought a stake in the chain for around £965m. The former Tesco boss is an adviser to CD&R, which has fought off rivals such as Advent, [...]
Links inks tie-up as top pay rises December 3, 2012 MAGIC Circle law firm Linklaters announced an exclusive tie-up with South African firm Webber Wentzel yesterday, giving the firm its first local presence on the African continent. The alliance will launch on 1 February next year, and follows a similar deal earlier this year to form ties with Allens Arthur Robinson in Australia. Over the [...]
Over a third of UK’s richest are in south east December 3, 2012 OVER a third of the UK’s wealthiest households are located in London and the south east, according to a data set released by the Office for National Statistics (ONS) yesterday. The official stats body has found that 891,100 households in the south east have wealth in excess of £961,000 – putting them in the richest ten [...]
Ex-Goldman trader probed December 3, 2012 MORGAN Stanley trader Edward Glenn Hadden is under investigation by regulators at CME Group over trades in Treasury futures four years ago while he was employed by Goldman Sachs, according to a regulatory filing. Hadden is a managing director and head of global interest rates products at Morgan Stanley. Prior to joining Morgan Stanley, Hadden [...]
High frequency trades improve markets, Bank experts argue December 3, 2012 HIGH frequency trades (HFT) help markets become more efficient by improving price discovery, Bank of England researchers argued yesterday, countering European politicians who argue the practice is dangerous and destabilising. The paper argues that traders’ regular interactions in the market provide a stream of valuable information – a source that would diminish if HFT were [...]
Business coalition warns over public debt and slower growth December 3, 2012 THE UK will grow at a slower rate than expected next year while inflation will prove stickier than previously thought, according to British Chambers of Commerce (BCC) forecasts published today. Ahead of chancellor George Osborne’s Autumn Statement, expected tomorrow, the BCC warns that public sector borrowing will total £104.1bn in the current fiscal year – “around £12bn [...]
Spain accepts a bank bailout of €37bn from ESM December 3, 2012 THE EUROZONE edged closer to its proposed solution to the debt crisis yesterday, as Spain revealed that it had formally requested a banking bailout and Greece’s debt buyback plan impressed its foreign lenders. Spanish economy minister Luis de Guindos revealed that the state has asked for €37bn (£30bn) from the European Stability Mechanism (ESM) as [...]
Recovery hopes boosted by easing of manufacturing fall December 3, 2012 MANUFACTURING in the Eurozone contracted for a 16th straight month in November, data revealed yesterday, yet the pace of decline eased to its slowest in eight months. And factories are also suffering outside the single currency, with the manufacturing sector also shrinking in the UK. Yet British factories’ performances contracted at a much slower rate [...]
Banks charge for Swissie holdings December 3, 2012 Switzerland’s largest banks are to charge fees and pay negative interest rates on Swiss franc deposits made by rivals to encourage them to limit their holdings of the currency. “We invite our customers to keep cash balances as low as possible to avoid negative credit charges,” Credit Suisse said in a note to clients yesterday. [...]