Statoil to buy stake in offshore Suriname November 18, 2011 Norwegian oil company Statoil is moving into offshore Suriname by buying a stake in Tullow Oil’s exploration rights. Statoil will own 30 per cent of the block 47 territory, with Tullow retaining the other 70 per cent. Royal Dutch Shell and French firm Total have also invested in the area, seen by Tullow as a [...]
Markets dragged down by weak banks November 18, 2011 The FTSE 100 edged lower today as the ongoing crisis with Eurozone debt continued to sap investor confidence, particularly in banks. Across Europe markets slumped, with the FTSEurofirst 300 index of top European shares down 0.7 per cent in early trading. It is on course to fall more than three per cent over the week, [...]
Evolution axes 60 investment banking jobs November 18, 2011 Evolution Group, the mid-sized investment bank that is being taken over by South African rival Investec, said it will cut 60 jobs as a result of tough market conditions. “Due to the current depressed levels of income within the business, management has taken action to reduce the cost base from quarter four onwards,” Evolution said [...]
Tullett trading slows November 18, 2011 Broker Tullett Prebon said trading activity has slowed in recent weeks, leaving its revenue for the year flat on last year, after a stronger trading period to the end of last month. Tullett said in an emailed statement that revenue for the four months to the end of October was 8 percent higher than last [...]
Capita hit by economic headwinds November 18, 2011 Outsourcing group Capita said continued spending pressure on cash-strapped clients meant it would only deliver “reasonable” 2011 revenue growth, although a strong bid pipeline left it more positive for 2012. Capita, which runs the Teachers’ Pension Scheme and the Criminal Records Bureau in the UK, said on Friday it expected full-year revenue growth to be [...]
Virgin territory November 17, 2011 BRANSON EXPANDS HIS EMPIRE TO BANKING THE VIRGIN Group staked its claim to new territory yesterday as Sir Richard Branson’s financial services business announced that it has won the auction to buy nationalised lender Northern Rock for £747m. The acquisition creates a new challenger bank with 75 branches, over 4m customers and a brand already [...]
New UBS chief to cut more jobs November 17, 2011 UBS will cut nearly 2,000 jobs at its investment bank as it pares back its risky assets by nearly half in order to focus on wealth management. The bank has also cut its return-on-equity target to 12 to 17 per cent for 2013, from 15 to 20 per cent, vowed to leave proprietary trading and [...]
Occupy NY in police clashes November 17, 2011 MORE than 170 people were arrested in New York yesterday as police quashed an attempt by protesters to shut down Wall Street. Police set up barricades on the roads around Wall Street and pushed activists onto the pavement to stop them from blocking the route taken by staff at banks and the New York Stock [...]
Branson’s challenge: change banking November 17, 2011 FOR a man who built much of his empire on the back of Boeing jumbo jets, it was fitting to see Sir Richard Branson’s Virgin pay out £747m for Northern Rock. George Osborne was right to sell the Rock – there was no guarantee that holding on would have engineered a better deal for the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 17, 2011 FINANCIAL TIMES AUCTION OF ICELAND FOODS BESET BY DELAYS The auction of Iceland Foods, the frozen food retailer, is facing unexpected delays, with second-round bids now not expected to be lodged until the new year. Work on second-round bids for Iceland Foods – put on the block in May by its majority Icelandic owners with [...]