German student dies in London during BAML summer internship August 19, 2013 A SUMMER intern at Bank of America Merrill Lynch died last Thursday, police confirmed yesterday. Moritz Erhardt, a 21-year old German and a student at the WHU school of management, was found dead at his student accommodation in Bethnal Green. He has interned in previous years at other City institutions. “We are deeply shocked and [...]
Banks told to assess capital August 19, 2013 THE US Federal Reserve yesterday said bank holding companies needed to up their game on capital holdings to ward off unexpected market risks. The Fed, which made the recommendation in a policy paper, said banks should plan their capital requirements above targets they set internally “to withstand stressful economic and financial conditions”. It added that [...]
Falcone agrees SEC settlement over use of hedge fund cash August 19, 2013 HEDGE fund tycoon Phil Falcone and his firm Harbinger Capital Partners yesterday accepted an $18m fine and five-year ban from the US trading watchdog after admitting improperly using client cash. Billionaire Falcone illegally borrowed $113m from the fund to pay taxes, meaning investors could not access their cash in the fund, the US Securities and [...]
Bovis Homes hails best sales since 1997 float August 19, 2013 BOVIS Homes saw profits and revenues jump in the first half of the year thanks to a pick-up in confidence in the housing market and after selling more profitable family homes in the south of England. The housebuilder yesterday said operating profits increased 50 per cent to £20m in the six months to 30 June, [...]
Analyst Views: Did Bovis’ half year results meet your expectations? August 19, 2013 CLYDE LEWIS PEEL HUNT There were no major surprises in terms of the half-year numbers reported yesterday. They have made good progress and it is now time for the icing in terms of how margins improve from here. The key test is how fast they can deliver on those profits and margins. RICHARD CURR PRIME [...]
Surging market sees mortgage choice boosted August 19, 2013 THE UPSWING in housing market activity has let to a sharp rise in the number of mortgage products, with variety back up to 2008 levels. There are now over 10,000 mortgage products available in the UK again, the first five-figure result seen for nearly five years, with a third more on offer than there were 12 [...]
Kentz’s shares soar on rejected takeover offers August 19, 2013 SHARES in Kentz leapt as much as 25 per cent yesterday, after the FTSE 250-listed engineering firm rejected two indicative takeover bids on the grounds that they undervalued the company. Kentz’s larger London-listed peer Amec made an approach on 5 August valuing the company at 565p to 580p per share, valuing the firm at around [...]
Bottom Line: Hang on in there for an even higher value August 19, 2013 INVESTORS in Kentz aren’t used to such a rollercoaster ride. Though shares have climbed steadily since its market listing in 2008 – no doubt pleasing its big institutional shareholders – for the past 12 months at least its shares have hovered somewhere between 350p-450p. Yesterday that all changed. Shares climbed a massive 115p during trading, adding [...]
Protesters move to Bell Pottinger August 19, 2013 PROTESTS against potential fracking activity in West Sussex moved into the City yesterday, as police were called in to remove six activists who superglued themselves to the front door of PR giant Bell Pottinger’s Holborn office. Bell Pottinger is representing Cuadrilla, the British energy firm that is drilling for oil near the village of Balcombe, [...]
Booming tourism trade boosts Greece surplus August 19, 2013 GREECE’S booming summer tourism revenue has given a welcome boost to the cash-strapped country’s finances. Tourism, which is the country’s biggest foreign currency driver, rose 21 per cent year-on-year to €1.59bn (£1.36bn) for June, the first month of the summer holiday season. Surging visitor numbers also helped widen Greece’s current account surplus to €663m, from [...]
