CITY MOVES | WHO’S SWITCHING JOBS July 17, 2012 Brooks Macdonald The asset management firm has appointed two new investment directors to its London team. Richard Wayne-Wynne is a founding partner of Vestra Wealth and previously worked at UBS Wealth Management as an investment director. Mark Godwin joins from City Asset Management, where he was an investment manager responsible for private clients. National Savings [...]
BEST of the BROKERS July 17, 2012 BORDERS & SOUTHERN Numis rates the Falklands energy explorer “buy” and has a target price of 35p, slashed from its previous target of 175p. Despite “disappointing” results at the firm’s Stebbing well, the broker remains convinced that the South Falklands Basin has potential for commercial success. Numis is hoping for positive results from the firm’s Darwin [...]
Cornerstone stocks drag down the FTSE 100 in thin trading volumes July 17, 2012 BRITAIN’S top share index dropped in thin volume yesterday, hit by falls for several heavyweight banks and miners, and was expected to remain technically range-bound in the near term. While some in the market had hoped US Federal Reserve chairman Ben Bernanke would signal it was closer to launching a fresh round of monetary stimulus, [...]
Earnings relief and Fed hints lift Wall Street July 17, 2012 US stocks rose yesterday after Coca-Cola and Goldman Sachs joined the growing roster of S&P companies that beat profit forecasts and as Federal Reserve chairman Ben Bernanke left the door open to more stimulus. The Dow Jones industrial average rose 78.33 points, or 0.62 per cent, at 12,805.54. The Standard & Poor’s 500 Index added [...]
Many banks are at fault – but we still need a strong finance sector July 17, 2012 OPEN almost any paper and you will read at least one editorial or comment piece slamming the financial sector. Of course, the banking industry has given its critics plenty of ammunition: HSBC failed to stop the laundering of billions of dollars of Latin American drug money; JP Morgan’s mammoth losses; the Libor scandal; mis-selling payment [...]
Ignore the IMF: Economic forecasts have a history of being unreliable July 17, 2012 THE International Monetary Fund (IMF) has slashed its growth forecasts for the UK economy. This august body has just pronounced that Britain’s economy will come to a virtual standstill. Growth in 2012 will be just 0.2 per cent, compared with the IMF’s April forecast of 0.8 per cent growth. It cut its 2013 growth forecast [...]
Berlusconi turns Eurosceptic in bid to return to power July 17, 2012 THE JUBILANT chanting and cork-popping in Rome last November now looks premature. In a sensational U-turn, Silvio Berlusconi has decided to run for Prime Minister in next year’s elections. His comeback may have huge implications for Italy’s future in the single currency. Over the past few weeks, the 75-year-old former Italian Prime Minister has outlined [...]
After inflation fell to 2.4 per cent in June, is the risk of deflation now of greater concern? July 17, 2012 YES Victoria Redwood Inflation is heading rapidly back towards its target and, by the end of the year, it should be close to just 1 per cent. Indeed, the UK has more to fear from the risk of deflation than a renewed spike in inflation. The temporary factors that have supported inflation have waned and [...]
RAPID RESPONSES July 17, 2012 Fluid populations [Re: Britain’s booming population has reinforced London’s power, yesterday] This is correct. Few in the UK grasp the need for educated and experienced immigrants. Even fewer UK companies know how to employ and capitalise on the educated and well-connected people who move here. Thank goodness for UK-based international multinationals. Alan Fourie Many young families [...]
We need a fresh approach to risk July 17, 2012 IN LATE June, beginning of July, someone pressed the emergency malfunction switch again for the UK’s banks. The reputational fallout has been toxic. Even Mervyn King, the governor of the Bank of England said: “[something] went very wrong with the UK banking industry and we need to put it right.” In just two short weeks, [...]
