Santander to shut 700 Spanish branches as it looks to cut costs December 17, 2012 SPAIN’S largest bank Santander announced yesterday that it will spend around €260m (£211m) to absorb subsidiary Banesto and will close 700 local branches as it tries to cut longer-term costs. Spain’s banks, hit by a slump in the property market and a prolonged recession, are trying to rid themselves of around €185bn of real estate [...]
EC bailout for Monte Paschi December 17, 2012 THE European Commission gave preliminary approval yesterday to a €3.9bn (£3.16bn) state bailout for Banca Monte dei Paschi, ending months of uncertainty for Italy’s third-biggest lender. The approval is conditional on the bank, which was forced to request state aid to bolster its weak capital base, presenting a restructuring plan within six months. Monte dei [...]
Income funds could lose out December 17, 2012 SEVERAL UK equity income funds are at risk of falling out of the Investment Management Association sector next summer as they fall short of yield criteria. IMA figures show that industry stalwarts Henderson and St James’s Place are among firms with funds that are not yet meeting the trade body’s target of 110 per cent [...]
Schroders to buy US firm December 17, 2012 FTSE 100-listed investment manager Schroders has agreed to buy STW, a fixed income manager in the United States, for an undisclosed sum. STW manages around $11.9bn on behalf of institutional clients, with a focus on investment-grade fixed income assets. The deal boosts Schroders’ fixed income assets under management in the States by 50 per cent. [...]
Cuts to Brussels red tape critical says minister December 17, 2012 BUSINESS minister Michael Fallon issued a fresh warning over red tape coming out of Brussels yesterday. The Tory MP told City A.M. that deregulation is “absolutely critical” if the UK’s small and medium sized businesses are going to grow, but that “people can see the weight of European legislation coming” and that it was important to [...]
Female representation in the boardroom hits record high December 17, 2012 BUSINESSES are hiring more female directors, with 40 per cent of large companies now having at least one woman on their board, according to research released yesterday. Information services firm Experian studied 2.7m businesses and found the total number of female directors has increased by 240,000 since 2007. However most of the increase can be [...]
Regulator asks advisers to act on mis-selling December 17, 2012 FINANCIAL advisers must contact thousands of people who bought into two Guernsey funds to see if they are eligible for compensation after Britain’s markets watchdog wielded new powers yesterday in its crackdown on mis-selling. The Financial Services Authority (FSA) said yesterday up to 800 advisers who recommended the two CF Arch cru funds would have [...]
Centamin rebounds as its gold exports resume at Sukari mine December 17, 2012 EMBATTLED gold miner Centamin yesterday said gold exports from the Sukari mine had restarted after they were halted by customs officials last week, sending its shares on a sharp rebound. Fuel supply to and from Sukari has also resumed normal service, after the gold miner was told on Friday that it was not liable for [...]
Aggreko sinks as it warns of 2013 slowdown December 17, 2012 TEMPORARY power solutions provider Aggreko saw its stock plummet yesterday, as it warned of slowing revenue next year. Over the year to December, group revenues are expected to come in at around £1.6bn, up 13 per cent, the FTSE 100 firm said in a pre-close trading update. Profit before tax and amortisation is expected to [...]
Should investors be wary of Aggreko’s profit warning? December 17, 2012 MIKE MURPHY | NUMIS Management are stressing that it is very early to be making guidance for 2013 and that they are quite likely to be wrong. However, it does again reiterate the risks in the business and the market is now likely to put a higher risk premium on the company. PAUL JONES | [...]
