CITY MOVES | WHO’S SWITCHING JOBS July 21, 2011 BNY Mellon Michael Cole-Fontayn has been appointed as the new chairman of EMEA at BNY Mellon, retaining his existing responsibilities as chief executive of the depositary receipts division. Cole-Fontayn succeeds Tim Keaney, chief executive of BNY Mellon Asset Servicing, who is relocating to New York. Cole-Fontayn joined BNY Mellon in 1984 and has worked in [...]
BEST OF THE BROKERS July 21, 2011 ABERDEEN ASSET MANAGEMENT Singer Capital rates the fund manager a “buy” with a 275p target price ahead of its third-quarter results, which are expected to show a one per cent rise in assets under management and a strong upward trend in revenue margins as its asset mix shifts towards higher margin equity pooled funds. Singer [...]
Europe agrees sweeping new powers for rescue fund July 21, 2011 Eurozone leaders agreed at an emergency summit on Thursday to give their financial rescue fund sweeping new powers to help Greece overcome its debt crisis and prevent market instability from spreading through the region. French President Nicolas Sarkozy said leaders of the 17-nation currency area had agreed to ease lending terms to Greece, Ireland and [...]
Morgan Stanley beats forecasts July 21, 2011 Morgan Stanley has seen its second quarter revenues jump by 17 per cent, beating market expectations. The US bank’s net revenues totalled $9.3bn (£5.7bn) in the three months to 30 June, up from $8bn a year earlier. Morgan made a net loss of $558m, or 38 cents per share, during the quarter. However, it was [...]
FTSE steadied by Greek breakthrough July 21, 2011 The FTSE 100 started solidly this morning as it emerged that France and Germany had reached an agreement on a second bailout for Greece. Banks led the way as investors gained confidence in stocks recently buffeted by fears of exposure to the debt crisis which has engulfed the Eurozone. Leaders of the 16-country bloc will [...]
Retail sales bounce back in June July 21, 2011 Retail sales bounced back only modestly in June from May’s steep slump, fuelling concerns over the recovery and highlighting the uphill struggle for the government as it aims erase a record budget deficit. The Office for National Statistics (ONS) said sales volumes rose 0.7 per cent last month, recovering only half the previous month’s drop. [...]
Capita profit up as contracts roll in July 21, 2011 Outsourcing group Capita reported a seven per cent rise in first-half underlying profit, with the period boosted by major contract wins as demand returns in the public and private sector markets, the group said. Capita, which runs the Teachers’ Pension Scheme, TV licensing for the BBC and the Criminal Records Bureau in the UK, said [...]
RBS warns of tough bond markets July 21, 2011 The second-quarter earnings of Royal Bank of Scotland’s global banking and markets business will reflect the weakness in fixed-income markets due to debt woes in the euro zone, an executive said, warning bond markets will remain tough in the third quarter. The comments come a few days before RBS, 83 per cent owned by the [...]
France and Germany make deal on Greek bailout July 21, 2011 Germany and France have reached a common position on a second bailout of Greece in their effort to prevent the country’s debt crisis from spreading through Europe, officials said on Thursday. The accord came after seven hours of talks late into Wednesday night between German Chancellor Angela Merkel and French President Nicolas Sarkozy in Berlin, [...]
Economists cut their forecasts July 20, 2011 ECONOMISTS have slashed expectations for this year’s UK growth by half a per cent in recent months, as worries mount over sovereign debt crises on both sides of the pond. Forecasters now see the British economy expanding by just 1.3 per cent in 2011 – down from 1.8 per cent as recently as March, a [...]