Criteria for loans gets tougher September 30, 2010 SMALL businesses had more access to credit in the last quarter than any time this year but many companies remained wary of taking on debt, the Bank of England said yesterday. A survey by the Bank showed that demand for loans tailed off in smaller companies in the three months to the start of September. [...]
Italy’s UniCredit selects new chief exec September 30, 2010 ITALIAN bank UniCredit named insider Federico Ghizzoni as its new chief executive yesterday, a week after Alessandro Profumo was ousted in a boardroom coup. The central Bank of Italy had urged UniCredit to appoint a successor quickly, before the bank begins to flail in its efforts to rebuild after the financial crisis. Ghizzoni, 54, was [...]
America’s biggest hedge funds rake in gains while smaller managers struggle September 30, 2010 BRIDGEWATER has increased its lead as the biggest hedge fund manager in America, figures released yesterday claimed. The firm now manages around $50.9bn (£32.4bn), up from $38.6bn last year to also make it the biggest riser, according to AR magazine’s biannual rankings. Bridgewater, a 35-year-old fund firm founded by Ray Dalio, comfortably outstrips nearest rival [...]
Growth of US economy revised up as consumer spending surges September 30, 2010 THE US government yesterday revised up its second-quarter GDP growth by 0.1 per cent to 1.7 per cent. Personal consumption was revised up from an original estimate of two per cent growth to 2.2 per cent, the biggest quarterly leap in consumer spending in three years. This compared with a 2.1 per cent rise in [...]
Icap revenue up as trading activity rises September 30, 2010 THE WORLD’S largest inter-dealer broker Icap expects first-half sales to come in nine per cent stronger than last year as trading activity picked up again following the financial crisis. Icap yesterday said the active high frequency markets had boosted its post trade business and electronic broking division, which in September pioneered first electronic market for [...]
Rolls-Royce gets new chief September 30, 2010 BRITISH engine maker, Rolls-Royce has confirmed that the Royal Ahold boss is to become new chief executive as Sir John Rose prepares to retire. John Rishton, who is currently chief executive at the Dutch supermarket group, will take up the post next March when Rose stands down. Rose will leave Rolls-Royce after 26 years, of [...]
Freshfields reshuffles key roles as promotes Lawes September 30, 2010 MAGIC CIRCLE law firm Freshfields Bruckhaus Deringer has handed London partner Will Lawes the senior partner title as part of a management reshuffle. Lawes, who recently co-headed the firm’s financial institutions practice, was voted into the role yesterday. He will be joined at the top by chief executive Ted Burke, who will become managing partner [...]
Bakers poaches Luxembourg law firm and E&Y team to launch new office September 30, 2010 BAKER & McKenzie, the world’s largest law firm by revenue, is to open a new office in Luxembourg in a move that sees it take over a local 15-lawyer practice and five tax specialists from accountants Ernst & Young (E&Y). As part of the new launch, Bakers has acquired local law firm Findling Collin Fessmann, [...]
UBS says Basel preparation will delay dividends September 30, 2010 UBS shareholders let out a collective groan yesterday when the bank said it will not issue a dividend until at least 2013, instead opting to preserve capital ahead of tough new Basel III rules. The Swiss bank has not released funds to its shareholders since 2007 and it will now be at least three years [...]
ANALYST VIEWS: HOW DO YOU EXPECT ICAP’S BUSINESS TO FARE IN FUTURE? September 30, 2010 JAMES HAMILTON | NUMIS SECURITIES “The movement to a rising interest rate environment will stimulate trade directly in interest rates, bonds and FX – which will positively impact most of Icap’s product lines. This, coupled with anticipated revenue share gains by the higher margin electronic division, is driving our forecasts.” VIVEK RAJA | PANMURE GORDON [...]
