UBS asset arm rejigs top bosses October 14, 2009 GABRIEL Herrera, the head of Europe, Middle East and Africa (EMEA) at UBS’ asset management arm, is leaving the firm amid a management restructure. The 47-year-old is leaving after 22 years at the Swiss giant, under what a source described as a “mutual agreement”. Chief executive of UBS Global Asset Management John Fraser is understood [...]
Credit Agricole joins ranks with peers as it sets out plan to repay 3bn loans October 14, 2009 Credit Agricole is to repay €3bn (£2.7bn) of state support this month, joining its big French rivals and overseas lenders in cutting ties to government by reimbursing state aid. Credit Agricole, France’s biggest retail bank, will redeem loans given in December by the SPPE, the body set up to boost the capital of banks under [...]
Macquarie eyes banking unit at Sal Oppenheim October 14, 2009 AUSTRALIAN banking giant Macquarie is in talks to buy the investment banking operations of German private bank Sal Oppenheim. Macquarie chief executive Nicholas Moore has stepped in after Italian bank Mediobanca decided against making an offer for the unit. The bank, which has a giant $4bn (£2.5bn) in excess capital, has been on a buying [...]
RBS in EC branch sale threat October 14, 2009 EUROPEAN Commission (EC) lawmakers may force Royal Bank of Scotland (RBS) to sell off 312 of its RBS-branded bank branches, under new rules for firms receiving state bailouts. Neelie Kroes, the EC competition commissioner, is considering forcing the bank to slash its small business banking operations by 10 per cent. This would be achieved if [...]
Dismal sales at Diageo as crunch hits October 14, 2009 Diageo, the world’s biggest spirits group, said yesterday its underlying sales fell a sharper-than-expected six per cent in its first quarter, sending its shares lower, while it kept its annual profit target. The maker of Smirnoff vodka, Captain Morgan rum and Guinness beer reported the sales decline for its July-September first quarter, compared to analyst [...]
Return of optimism bolsters FTSE as JP Morgan cheers October 14, 2009 BRITAIN’S top share index surged 2 per cent yesterday, hitting its highest closing level in more than a year, as quarterly earnings from JPMorgan Chase and Intel lifted investor's sentiment. The FTSE 100 ended up 101.95 points higher at 5,256.10, after closing 1.1 per cent weaker on Tuesday. The UK benchmark, which tumbled more than [...]
Dow above 10,000 on surprise results October 14, 2009 THE Dow industrials pierced the 10,000 level yesterday for the first time in a year on surprisingly robust company results and better-than-expected retail sales. With major indexes up more than 1 per cent, the Dow’s milestone shows how far the market has come since last year when investors fled collapsing financial markets as the economic [...]
MILLIONAIRE LEAVES THE LAP OF LUXURY TO GET BY ON 64 A WEEK October 14, 2009 CHANNEL 4-gazers might have been surprised last night by the sight of a familiar face popping up on the box: Pimlico Plumbers boss Charlie Mullins. Mullins, himself the subject of a classic rags-to-riches tale as a self-made business tycoon, was taking part in the channel’s popular “Secret Millionaire” show, for which he travelled to a [...]
Crouch at double as Capello aims Obama jibe at Beckham October 14, 2009 ENGLAND (3) vs BELARUS (0)HEAD COACH Fabio Capello compared David Beckham to US President Barack Obama after the veteran midfielder’s cameo helped England end their World Cup qualifying campaign in triumphant style. Tottenham striker Peter Crouch caught the eye with two goals, taking his tally to 18 England strikes from 17 starts, while Manchester City [...]
Nervy Argentina seal place at the last October 14, 2009 DIEGO MARADONA was able to breathe a huge sigh of relief last night after his Argentina side secured their place at next summer’s finals with a nervy 1-0 win in Uruguay. Defeat in their final qualifier could have knocked the two-time champions out altogether, or at least sent them into a play-off. But a scrappy [...]
