Eight things to take away from Carney’s speech October 24, 2013 1. The Bank of England is pleased with banks’ liquidity buffers – it has pushed banks to make sure they can survive market strains. 2. The authorities had been concerned banks would tap up the Bank of England’s liquidity facilities instead of getting liquidity in the market, so they made it expensive to access the [...]
What the other papers say this morning – 25 October 2013 October 24, 2013 FINANCIAL TIMES Bitcoin backed by top hedgie boss Financial advisers who gathered in New York to hear leaders of the asset management industry impart their best investment ideas for the year ahead were given a surprising tip by one prominent hedge fund manager: Bitcoin. Fortress Investment Group’s Michael Novogratz said it could be used as [...]
RBS closing in on Citizens float October 24, 2013 The Royal Bank of Scotland is expected to name Morgan Stanley as the lead underwriter for a proposed float of its US subsidiary Citizens Financial Group, according to people close to the deal. Under pressure from British regulators RBS said in February that it would sell between 20 per cent and 25 per cent of [...]
Second G4S executive departing October 24, 2013 Security services firm G4S has announced its UK chief executive has resigned and will be replaced by the group’s operating chief. A company spokesman yesterday confirmed a newspaper report on the resignation of Richard Morris but declined any further comment. The departure is the second for the UK division in just over a year after [...]
Inflation expectations soar October 24, 2013 The British public’s expectations for future inflation have surged to their highest level in two years, a survey by YouGov revealed yesterday. Inflation expectations for the year ahead jumped to 3.2 per cent in October from 2.5 per cent in September, the biggest increase on record for the poll commissioned by Citi. Over the next [...]
Twitter plays it safe with $11bn IPO next month October 24, 2013 TWITTER will be valued at a modest $11bn (£6.8bn) for its initial public offering (IPO) next month. The valuation comes in at the lower end of the $12bn to $15bn valuation that has been expected since the company first announced its intention to float last month. The social network set a price range of between [...]
Amazon still rises despite losses October 24, 2013 ONLINE retail titan Amazon defied profits again last night as it reported a narrowed loss of $41m (£25.3m) on revenues that increased 24 per cent to $17.1bn. The loss did not put off Amazon shareholders which led to an eight per cent rise in after hours trading after the company beat revenue expectations of $16.8bn. [...]
New questions asked of Royal Mail sale price October 24, 2013 THE CONTROVERSY over the sale of Royal Mail erupted again yesterday when Sky News reported that JP Morgan had valued the company as highly as £9bn as part of a pitch to advise on the transaction. JP Morgan, which did not get taken on to advise on the flotation, declined to comment. In the end the bankers [...]
Office pushes Microsoft above expectations October 24, 2013 MICROSOFT’S investors gave the technology giant a six per cent boost in after hours trading last night after the technology firm’s results beat expectations. During the first three months in Microsoft’s financial year to 30 September the company saw its revenues rise 16 per cent to $18.5bn (£11.4bn) with profits leapt a further 17 per [...]
Credit Suisse slashes costs to boost earnings October 24, 2013 CREDIT Suisse will slash spending on its interest trading arm, the investment bank said yesterday, as revenues at the unit fell in the third quarter. The Swiss bank saw profits jump sharply in the quarter, but the gains came from cost cutting rather than improved revenues. Net income rose to SFr454m (£314.5m), up 79 per [...]
