Wall Street initiates coverage of Facebook with low expectations June 27, 2012 FACEBOOK was greeted half-heartedly yesterday when Wall Street analysts initiated coverage of the overhyped stock 40 days after its Nasdaq debut. Morgan Stanley, the lead investment bank on Facebook’s flotation, rated the social network’s stock as “overweight”, even though the shares are currently trading at 13 per cent below their IPO price. The bank, whose [...]
Coalition faces rebellion over Lords reform June 27, 2012 THE COALITION is facing a bloody battle with backbench Conservative MPs and the Labour party following yesterday’s publication of plans to reform the House of Lords. Lib Dem leader Nick Clegg is the driving force behind the bill, which would replace the current mix of 826 hereditary and life peers with a chamber of around [...]
What next for the House of Lords? June 27, 2012 Q Why is reform of the House of Lords so important to Nick Clegg? A The Lib Dem leader is keen to show his party has benefited from the coalition government. Democratising the upper chamber is a totemic issue for Lib Dems and it could be Clegg’s lasting legacy. Q What could the make-up of [...]
QUEEN AND MCGUINNESS SHAKE HANDS June 27, 2012 THE last day of the Queen’s visit to Northern Ireland was marked by a historic handshake. Her Majesty and former IRA commander Martin McGuinness shook hands for the first time. The meeting came 33 years after the Queen’s cousin Louis Mountbatten died in an IRA bomb blast.
Growth slow as StanChart is hit by weak dollar June 27, 2012 STANDARD Chartered said yesterday it expects pre-tax profit in the first half of this year to grow by less than 10 per cent, slowing from previous years as growth in Asia eases and local currencies weaken against the dollar. Income growth in January to June was also expected to slow to below 10 per cent, [...]
WHAT DO YOU THINK OF STANCHART’S UPDATE? June 27, 2012 CORMAC LEECH LIBERUM CAPITAL Relatively upbeat pre-close statement given recently weakening macro environment, re-iterating guidance for full year growth in revenue and earnings per share of over 10 per cent with good revenues and cost control offsetting some minor increase in loan loss provisions. GARETH HUNT CANACCORD GENUITY Standard Chartered remains a very strong bank [...]
INSURANCE BODY HIRES MAN FROM THE PRU June 27, 2012 PRUDENTIAL chief executive Tidjane Thiam will become chairman of the Association of British Insurers next month, taking over from Legal & General boss Tim Breedon. Thiam, who has led Prudential for almost three years, yesterday said the industry needs to support its customers “in a time of unprecedented austerity”.
Fund platforms hit by FSA plan to ban rebates June 27, 2012 PLANS to make investment platforms more transparent are set to cost investment firms millions, though companies said yesterday they are prepared for the upheaval. The Financial Services Authority (FSA) wants to ban providers from paying to have their products included on platforms, meaning investors would pay fees directly. The rules would mean the end of [...]
Quick guide to the platform crackdown June 27, 2012 Q What’s an investment platform? A It’s a “one stop shop” for an individual to hold their pension, shares and other investments in one place. Customers can invest through advised or execution-only platforms. Q Sounds straightforward enough. What’s the FSA’s problem? A The watchdog wants platforms to stop taking money from product providers, in exchange [...]
Schools need business help, says charity June 27, 2012 MORE businesses must support head teachers to develop staff leadership skills if they are to produce the workforce of the future, the business charity Business in the Community told a conference hosted by Goldman Sachs yesterday. Goldman Sachs International co-CEO Michael Sherwood said his bank was pleased to offer its support as a national champion [...]
