HSBC cleans up at Standard Chartered Great City Race despite Tube strike grumbles July 9, 2015 Bankers braved the heat in Old Street yesterday competing in the annual Standard Chartered Great City Race, raising funds for sight charity Seeing is Believing. Just under 5,000 runners from 350 City firms took part in the 5km run around the Square Mile. Not content with winning at Wednesday’s Corporate Challenge with JP Morgan, HSBC’s [...]
Coty lands sweet smelling $12bn Procter & Gamble beauty deal July 9, 2015 In a transaction valued at $12.5bn (£8.1bn), multinational consumer goods company Procter & Gamble (P&G) has agreed to sell 43 of its brands to global beauty products manufacturer Coty. The various brands acquired by Coty include Max Factor, Hugo Boss and Lacoste, and all compete in the hair care, retail cosmetics and fine fragrance sectors. [...]
Plus500 says frozen accounts hurt revenues July 9, 2015 THE PAIN continues for Plus500, the troubled spreadbetting firm that saw thousands of its trading accounts frozen in May so to comply with UK anti-money-laundering rules. Unsurprisingly, in a half year trading update to 30 June, the firm yesterday said revenues in the second quarter were lower than same quarter in 2014 due to a [...]
China tries to calm stock market chaos: As panic grips markets, authorities have unleashed a range of weapons July 9, 2015 China's stock markets are in the midst of a crash, and with panic spreading, authorities have stepped in with drastic measures to prevent a looming disaster. Over the last 12 months the Shanghai Composite soared 180 per cent in a spectacular bull run which came to an abrupt end mid June. Since then, the [...]
City Moves for 10 July 2015 | Who’s switching jobs July 9, 2015 Lloyds Bank Lloyds Bank Commercial Banking has appointed Chris Jackson as head of cash management and payment sales in its global transaction banking division. He joins from Barclays, where he was head of cash management and liquidity sales for the non-bank financial institutions sector. Macquarie Investment Management The investment management firm has appointed Peter Douvos [...]
Crowdfunders stick to Sugru like glue with record £3.5m raised July 9, 2015 HACKNEY-based inventor Jane ni Dhulchaointigh broke two crowdfunding records yesterday, after her start-up Mouldable “glue” company Sugru closed its Crowdcube campaign last night with a total of a £3.5m investment for just over four per cent equity. The Irish-born entrepreneur saw her product attract over 2600 investors from a record-breaking 64 countries. Sugru’s campaign, which [...]
VW shows unity for new brand boss after battle July 9, 2015 VEHICLE manufacturing giant Volkswagen (VW) welcomed Herbert Diess as its new brand chief yesterday. In a special Q&A event held for Volkswagen employees, Diess led the audience to believe that the company’s current chairman Martin Winterkorn had poached him from BMW – in fact, it was the former chairman Ferdinand Piech who was responsible for [...]
Best of the Brokers for 10 July 2015 July 9, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com SMITH & NEPHEW Berenberg has upgraded Smith & Nephew to “buy” from “hold” and reiterated a target price of 12.75p. The broker said the recent pullback in shares has created an attractive entry point, combined with the fact that a “sustained period of [...]
FTSE lifted by a housebuilders and AB Foods – London Report July 9, 2015 BRITAIN’S top equity index moved further away from this week’s six-month lows yesterday, lifted by well-received results from Associated British Foods and Barratt Developments. AB Foods, the owner of Primark, gained 5.1 per cent to 3,082p to be the top riser on the blue-chip FTSE 100 after it posted robust results, maintaining guidance and with [...]
US stocks close higher despite bite from Apple – New York Report July 9, 2015 US STOCKS closed higher yesterday after Wall Street found relief in Beijing’s efforts to halt a rout in Chinese stocks, which lifted markets around the world. Shares of Apple bucked the market and logged their first five-day losing streak since January as investors worried that consumers in China might have less money to spend on [...]
