Barclays gets 1bn BGI boost December 1, 2009 BARCLAYS last night cheered a £1.3bn boost from the expected sale of its asset management arm to US fund manager BlackRock, due to a 62 per cent hike in the fund manager’s shares since the deal was struck in June. The bank said it had completed the $15.2bn (£9.1bn) sale of Barclays Global Investors (BGI) [...]
THE LONDON REPORT November 30, 2009 BRITAIN’S leading share index shed 1.1 per cent yesterday, ending at session lows, dragged back by weakness in oil majors and banks on lingering anxiety over the impact of Dubai’s debt problems. By the close, the FTSE 100 was down 55.05 points at 5,190.68, its lowest closing level for three weeks. The blue chip index [...]
SEASONAL THOUGHTS FROM THE CITY GIRL November 30, 2009 As 2009 comes to a close, City folk are craving a bit of fun. After being forced to keep their heads down all year amid the misery, bailouts and chaos, most bankers I know are desperate to let their hair down, get drunk and embarrass themselves. One of the things I miss most about the [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 29, 2009 THE SUNDAYSThe Sunday TelegraphRATE HIKE THREATENS EXISTENCE OF RURAL PETROL STATIONSHundreds of rural petrol stations face closure if an “outrageous” increase in business rates is pushed through next April, forecourt owners have warned. Owners of the UK’s 6,000 independent petrol stations will this week launch a major MP-backed campaign to urge a government body to [...]
Mamas & Papas to sell online through tie-up with Shop Direct November 29, 2009 MAMAS & Papas, the baby clothing to pushchair brand, is set to profit from an online sales boost due to a tie-up with Sir David and Sir Frederick Barclay’s Shop Direct business. Shop Direct, the UK’s biggest catalogue group, will sell Mamas & Papas’ range through its online department store Very.co.uk. Very’s marketing campaign is [...]
Property market bottoms out, Barclays Wealth says November 29, 2009 CONFIDENCE in both residential and commercial property is on the up, a report out from Barclays Wealth will show today. The survey, the tenth in a series from the global wealth manager and the Economist Intelligence Unit, will show that twice as many respondents (35 per cent) say they are planning to increase their property [...]
Myners set to examine bank profitability November 29, 2009 CITY minister Lord Myners will delve deeper into how investment banks are generating a crop of bumper profits next month, after highlighting concerns that they may have been generated unfairly as a result of taxpayer bailouts or taking advantage of market chatter. Myners will stop short of launching a full-scale official investigation but will return [...]
Retailers celebrate positive sales ahead of festive season November 26, 2009 THE high street is looking forward to a buoyant Christmas, after reporting the fastest sales growth in two years yesterday. Confidence among retailers has turned positive for the first time since August 2007. The CBI’s latest Distributive Trades Survey showed 40 per cent of retailers reported higher sales volumes in November compared with a year [...]
DUBAI DEBT WORRIES ROCK WORLD MARKETS November 26, 2009 DEEPENING fears about Dubai’s debt problems shook European stock markets yesterday, with the FTSE 100 index suffering its worst one-day loss since March. The FTSE fell by 3.2 per cent, losing more than 170 points to 5,194.13, while leading indices in France and Germany were also down sharply. Wall Street was closed for Thanksgiving. Banking [...]
Dubai’s debts spook lenders November 26, 2009 THE POOR credit status of Dubai’s main banks has sent shockwaves through the financial world. Investors are running scared as the emirate – which has experienced huge economic growth over the past decade – runs into trouble. Emirates Bank International, National Bank of Dubai, Mashreqbank and Dubai Islamic Bank were all put on credit watch [...]