London gets derivatives centre December 7, 2011 London has been picked as the home of a new interest rate derivatives repository, bringing a key part of a £356 trillion market to the City. The Depository Trust & Clearing Corporation said its global repository will house data from 15 of the world’s largest traders in a bid to improve transparency in the market.
Weak factory output builds recession risk December 7, 2011 INDUSTRIAL and manufacturing output fell in the UK in October, data from the Office for National Statistics (ONS) revealed yesterday, leading economists to warn that some sectors are falling back into recession. The index of manufacturing fell 0.7 per cent between September and October, bringing annual output growth down to just 0.3 per cent. The [...]
Evershed and New Star settle dispute December 7, 2011 VETERAN fund manager Patrick Evershed has agreed to settle out of court with New Star over bullying allegations. New Star, which was bought out by Henderson in 2009, said “both parties are satisfied with the terms of agreement”, but said that the deal would be kept confidential. It has not admitted liability. Evershed, 70, had [...]
Orange and T-Mobile to spend £1.5bn on beefed-up network December 7, 2011 TELECOMS giant Everything Everywhere yesterday announced a £1.5bn investment in integrating its network and preparing for the UK rollout of superfast 4G services. The expenditure, which will come over the next three years, will help the company, recently formed from Orange and T-Mobile, cope with the explosion in mobile data traffic. The firm says it [...]
Osborne: Eurozone’s plans for balanced budgets are crude December 7, 2011 GEORGE Osborne attacked “crude” Eurozone plans to force countries into balancing budgets yesterday, as MPs grilled him on his Autumn Statement. He defended his own plans to eliminate the UK’s structural deficit in five years time as vital to “maintaining stability,” and said the tweaks he made last week were based on “reasonable forecasts” from [...]
UBS activists hang on after court defeat December 7, 2011 PROTESTERS who took over an abandoned UBS building in the City are set to cling on for several more days despite losing a High Court battle yesterday. The Occupy group said it is taking its fight to the Court of Appeal after a judge threw out its attempt to overturn a possession order, granted to [...]
Bond to stay with Wiggle after Bridgepoint swoops for £180m December 7, 2011 PRIVATE equity house Bridgepoint has won a bidding war to buy Wiggle, the online cycling and sports retailer, for £180m from Isis. The buyout firm completed the deal after an auction process launched last month by Rothschild. Advent, EQT and 3i had been keen on purchasing the company, which is chaired by former Asda boss [...]
MANCHESTER MELTDOWN December 7, 2011 Vidic injury adds to United’s woes as minnows Basel send Ferguson’s troops crashing out BASEL 2 vs MAN UNITED 1 MANCHESTER United manager Sir Alex Ferguson blamed wayward finishing after a shock defeat at Basel condemned them to a catastrophic elimination at the group stages of the Champions League. United needed only a point to [...]
FSA CHIEF SANTS MEETS OCCUPY LONDON December 7, 2011 FSA chief executive Hector Sants discussed banking regulation and pay with Occupy London representatives yesterday in a Bedouin tent in the City. Ken Costa, the former Lazard International chairman who is leading the London Connection initiative, and Bishop of London Dr Richard Chartres, also took part in the private session, at St Ethelburga’s Centre for [...]
Banks hungry for US dollars flood the ECB December 7, 2011 BANKS flooded the European Central Bank (ECB) with demand for dollars yesterday, taking out $50.7bn in three-month loans – five times what many analysts expected. The demand from 34 dollar-hungry banks came after six central banks agreed to slash the price they charge to lend out the greenback in response to a dollar credit crunch. [...]
