James Easdale quits Rangers board before leadership vote February 25, 2015 RANGERS director James Easdale yesterday resigned his position on the Scottish football club’s board of directors with immediate effect on the back of strong opposition from fans. Bus tycoon Easdale was one of four directors facing the boot at an extraordinary general meeting on 6 March, following a power play by former Rangers director and [...]
Barings’ collapse: The reflections of rogue trader Nick Leeson, the man who crashed a bank February 25, 2015 Twenty years on from the collapse of Britain’s oldest merchant bank Barings and the rogue trader responsible for its demise is perched opposite me on a sofa in the rarified Palm Court tea room in the Langham Hotel, sipping tea and eating biscuits. Dressed in a pink shirt, blue jacket and jeans, the Nick Leeson [...]
French telecom giant Bouygues sees profits fall February 25, 2015 French conglomerate Bouygues saw profits slide as increasing competition in its telecoms market and unfavourable economic conditions in France took their toll, full-year results revealed yesterday. Bouygues Telecom is France’s third largest mobile operator with more than 11m subscribers. However, it has seen a decline in subscribers in recent years, losing 22,000 last year. That [...]
Forex market needs to change ways, says financial watchdog February 25, 2015 The currency markets must change their trading practices, but good co-operation from the industry bodes well for “sensible” reforms, the Financial Conduct Authority (FCA) said yesterday. The UK’s financial watchdog last year fined a number of banks $1.7bn (£1.1bn) for attempting to manipulate foreign currency benchmarks. After the fines in November, the FCA established an [...]
Plus500 hails market volatility as trading revenue doubles February 25, 2015 ONLINE trading platform Plus500 yesterday announced that its revenues almost doubled in 2014 as increased market volatility led to record customer activity. The Aim-listed, Israel-based company is exclusive to retail clients, allowing them to trade in global equities, commodities and foreign exchange, as well as more complex derivatives. Plus500 benefitted from increased brand awareness in [...]
Axa shares soar to highest level since Global Financial Crisis February 25, 2015 Shares in Axa hit their highest level since 2008 yesterday on the back of strong earnings for 2014, which saw profits jump 12 per cent. Investors were rewarded with a 17 per cent increase in the dividend, to 0.95 cents per share, which pushed shares to a nearly five per cent in early trading, hitting [...]
City Moves for 26 February 2015 | Who’s switching jobs February 25, 2015 Deloitte The business advisory firm has appointed Jurga McCluskey as partner and head of its UK immigration practice. She joins from PwC Legal, where she was head of private clients and the lead on a number of key corporate clients. McCluskey has also worked at Fragomen. BlackRock Thomas Müller has been appointed managing director and [...]
Best of the Brokers for 26 February 2015 February 25, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com PETROFAC S&P Capital has raised it recommendation for oilfield services provider Petrofac from “hold” to “buy”. Analyst William King cited increased costs savings, a healthy order book and a “gain in offshore projects and operation offsetting a fall in onshore engineering an construction”. [...]
After the record high FTSE falls on Weir warning – London Report February 25, 2015 THE FTSE 100 yesterday retreated from the previous session’s record high, with engineer Weir Group leading the market lower after warning about a significant drop in its revenue in the current year. The blue chip index closed down 14.25 points, or 0.2 per cent at 6,935.38 points after setting a new record high of 6,958.89 [...]
Dow inches up but S&P and Nasdaq slide – New York Report February 25, 2015 DOW JONES yesterday eked out another record close, but the S&P 500 closed down and the Nasdaq snapped a 10-session winning streak as investors took profits in Apple shares. Boosting the Dow were consumer discretionary shares including McDonald’s, up 3.9 per cent at 98.66, which also helped to limit losses on the S&P 500. The Dow [...]
