Who’s switching jobs November 27, 2012 RiverRock European Capital Partners Michel Péretié has been appointed partner and joint chief executive at the investment firm. He was most recently chief executive of the corporate and investment banking division of Societe Generale. Péretié was also previously chairman and chief executive of Bear Stearns International. Jones Lang LaSalle Jonathan Mills has been appointed to [...]
Best of the Brokers November 27, 2012 ABERDEEN ASSET MANAGEMENT Analysts at Citigroup yesterday downgraded the stock from “buy” to “neutral”, citing slow capital returns. They also increased the target price from 320p to 345p. SAGE George O’Connor at Panmure Gordon has reiterated his “sell” rating, saying brokers have “spivved up take-up chatter” but “the valuation is out of kilter with operational [...]
Profits rise at All Bar One owner November 27, 2012 Pub and restaurant chain Mitchells & Butlers has announced better-than-expected full-year profits, boosted by improved food sales. The company operates brands including All Bar One, O’Neills and Toby Carvery, serving 130m meals and 420m drinks each year. Adjusted pre-tax profits for the year to 22 September rose to £162m from £156m, while like-for-like sales were [...]
Argentina fights to stave off default November 27, 2012 Argentina has begun proceedings to fight against a US court order that risks plunging the country into default, The court has ordered Argentina to repay bondholders – led by US hedge funds – who in 2005 and 2010 refused to swap defaulted debt for bonds that paid a lower rate. But bondholders who did accept the swaps [...]
The City has a new king November 26, 2012 CHANCELLOR George Osborne stunned the City yesterday by appointing Canada’s Mark Carney as the new governor of the Bank of England – the most powerful unelected role in the UK. Former Goldman Sachs executive Carney is currently head of Canada’s central bank, a position he will give up on 1 June 2013 in order to [...]
Meet Mark Carney: the Canadian flown in to save the UK economy November 26, 2012 IN APPOINTING Mark Carney the new governor of the Bank of England, the government has found an ex-Goldman Sachs director comfortable with garnering the views of the City – yet unafraid of standing his ground at times of conflict. The Canadian famously clashed with JP Morgan chief Jamie Dimon after a fierce disagreement over the [...]
What the city made of George Osborne’s latest appointment November 26, 2012 VIJAY KRISHNASWAMY HYMANS ROBERTSON “We see this as an exciting and bold step for the Bank of England. Mark Carney is a well-respected financial figure with a strong track record.” PHILIP SHAW INVESTEC “Mark Carney is a surprise choice but he is highly respected, and experienced, regulating the Canadian banking system and chairing the G20’s [...]
Stepping into a historic banking job November 26, 2012 WHEN he takes up the mantle at the Bank of England, Carney will be stepping into shoes filled by 119 others over 319 years, since first governor Sir John Houblon. Carney succeeds Sir Mervyn King, who took the role on in 2003, and led the institution through the UK’s worst recession for decades. Sir Mervyn’s [...]
Osborne’s hire could herald a Bank shake up November 26, 2012 MARK CARNEY’S succession to the Bank of England throne will be the first step in a revolution at the top of the central bank, analysts forecast yesterday. Deputy governor for monetary policy Charlie Bean will leave after a year, chancellor George Osborne confirmed in his announcement to parliament. And Paul Tucker, deputy governor for financial [...]
Carney is a great choice – but he didn’t save Canada November 26, 2012 IN hiring Mark Carney, George Osborne has ensured that Britain will stay at the forefront of global financial market regulation. The new governor will be a game-changing counterweight to European banking reform and a man certain to keep the UK’s financial services sector at the centre of its economic recovery. His chairmanship of the Financial [...]