CITY MOVES | WHO’S SWITCHING JOBS February 20, 2011 Kinsey Allen International The global executive search firm has appointed DiAnn Ferguson to launch its asset management practice in San Francisco. Ferguson will focus on mandates within the asset management sector on the west coast of the US. She has over 20 years experience as a trader, broker and search consultant in London, continental Europe [...]
THE SOUND OF MUSIC COMES TO THE WHARF February 20, 2011 THE success of hit US TV show Glee has inspired many high schools and universities to launch show choirs – and now it seems not even London’s financial sector is immune to the lure of a good sing-along. Hence the launch of the Canary Wharf Choir, an open singing group for those that live and [...]
BILL OF THE WEEK February 20, 2011 FOUR bankers celebrating a promotion in the group managed to celebrate in style with a school night blow-out a couple of weeks ago – dropping over £1,000 on a Wednesday night at Kingly Court members’ hotspot The Bureau Club. Between them, the high-spirited quartet sank two bottles of vintage Dom Pérignon over the evening, at [...]
Essar buys Shell refinery for £215m February 18, 2011 Essar Energy said it has agreed to buy Royal Dutch Shell’s Stanlow refinery in northwest England for $350m (£215.7m) in cash, giving the Indian focussed oil and gas business direct access to the UK market. Essar Energy, which has a majority stake in India-listed Essar Oil, said it had entered into an exclusive agreement until [...]
King warns over protectionism February 18, 2011 The world is at risk of renewed protectionism or financial crisis if policymakers do not agree to currency and other reform, Bank of England Governor Mervyn King said. “Improved financial regulation will help to intermediate the flows associated with global imbalances. But the global economy will remain vulnerable to the risks associated with imbalances if [...]
BoE says mortgage lending flat in January February 18, 2011 The country’s major lenders approved 41,000 mortgages for house purchase in January, the Bank of England said on Friday, the same number as in December and a further sign that the housing market remains in the doldrums. The BoE, updating its Trends in Lending statistics, said net mortgage lending picked up slightly in January to [...]
Retail sales bounce back in January February 18, 2011 UK retail sales rebounded in January after heavy snow caused a big drop in December sales, figures have shown. The volume of retail sales in January rose 1.9 per cent on the previous month, the Office for National Statistics said. December’s monthly figure was also revised downwards to show a 1.4 per cent monthly drop [...]
ECB emergency borrowing triggers euro zone fears February 18, 2011 Emergency overnight borrowing from the European Central Bank remained exceptionally elevated for the second day running, strengthening fears that a euro zone bank could be facing serious funding problems. ECB figures showed banks borrowed more than 16bn euros in high-cost emergency overnight funding – the highest amount since June 2009. The sum compared with the [...]
John Lewis sales stall again February 18, 2011 John Lewis JLP.UL posted a fourth consecutive week of lacklustre sales, adding to evidence consumers are cutting back on spending in the face of macro economic headwinds. The employee-owned group, which has been outperforming the broader retail sector for over a year, said on Friday sales at its department stores increased 1.4 per cent to [...]
Rentokil full-year profit higher than expected February 18, 2011 Pest control and cleaning firm Rentokil posted a 15 per cent rise in full-year pretax profit and said it will focus on improving its struggling City Link business in 2011. The company, which provides textiles and washrooms services, parcel deliveries and tropical plants, said on Friday adjusted pretax profit had risen to £192.3m after strong [...]