London Sports Festival moves from 3×3 basketball success to pickleball at the City of London Corporation’s Guildhall Yard
French giant Alstom reports sales rise as GE deal nears completion January 21, 2015 French energy and transport group Alstom reported sales of €4.6bn (£3.5bn) in the first nine months of the 2014-15 financial year, up 12 per cent on the figure for the previous year. For the third quarter alone, sales stood at €1.5bn, up 10 per cent organically compared to the same period last year. The company [...]
Peer-to-peer lender receives US investment January 21, 2015 AMERICAN asset management firm Victory Park Capital said yesterday it would invest up to £150m in loans arranged by British peer-to-peer lender Assetz Capital under a five-year contract. The Chicago-based Victory Park, which specialises in middle market debt and equity investments, said the funds would support the development of UK small businesses. Peer-to-peer lending in [...]
Arch executives lose appeal over City watchdog’s conflict ruling January 21, 2015 UK FUND manager Arch Financial Products yesterday lost its challenge over a Financial Conduct Authority (FCA) ruling fining two of its senior executives, and banning them from working in financial services for reckless management of conflicts of interest. The Upper Tribunal, an independent body whose decisions can be appealed, unanimously upheld the FCA decision from [...]
BGC receives backing in battle for GFI January 21, 2015 US BROKERAGE giant BGC Partners received a boost yesterday in its battle against futures firm CME Group for control of New York-based broker GFI Group, as an independent proxy adviser backed BGC’s current bid over that of its rival. Institutional Shareholder Services (ISS) recommended that GFI’s shareholders vote against the proposed merger with CME at [...]
City Moves for 22 January 2015 | Who’s switching jobs January 21, 2015 CFA Institute The investment professionals’ body has appointed Paul Smith as president and chief executive. He was managing director for Asia-Pacific and global head of institutional partnerships at the CFA Institute. Smith has also held senior positions at Bank of Bermuda, HSBC, and Asia Alternative Asset Partners. Societe Generale Private Banking Eric Verleyen has been [...]
Best of the Brokers for 22 January 2015 January 21, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com BHP BILLITON S&P Capital has downgraded Anglo-Australian mining and commodities giant BHP Billiton to “sell” from “hold”. “We view the increase in production volumes and planned operational cost reductions as positive news, but expect lower commodity prices to weigh significantly on group sales,” [...]
Hope of euro stimulus plan boosts shares – London Report January 21, 2015 DETAILS of the European Central Bank’s move to begin quantitative easing pushed the FTSE to a six-week high yesterday. It was also helped by a rally in energy stocks on the back of stronger oil prices. A programme by the European Central Bank for a year from March would amount to some €600bn, based on [...]
IBM results halt US index gains in volatile day – New York Report January 21, 2015 US STOCKS edged up in a choppy session yesterday as traders digested reports that new stimulus would be announced by the European Central Bank at its meeting today, while declines in IBM limited gains. Market participants have been looking for more aggressive measures from central banks to combat the risk of deflation and a weakening [...]
Tax competition is good for Europe: Don’t let Jean-Claude Juncker muddy the waters January 21, 2015 At the end of last week, the European Commission disclosed a preliminary finding that Amazon’s tax arrangements in Luxembourg could have constituted “state aid”. While Amazon has said that it had received no special treatment, this is not good news for the Duchy’s former Prime Minister Jean-Claude Juncker, now president of the Commission. Yet the [...]
Political uncertainty: The greatest threat to Britain’s thriving small businesses January 21, 2015 In the depths of the financial crisis, we were approached by a small house builder in the South East who was looking for finance to refocus his business towards the higher end market. A gamble at the worst possible time, you might say. But five years on, and his business is thriving. It’s a small [...]
