Fund manager calls on central banks to shock January 16, 2013 CENTRAL bankers should shock markets more with monetary policy decisions, M&G fund manager Jim Leaviss argued in a note yesterday. Central banks sometimes announce their policy too far in advance, Leaviss said, meaning they may be forced to commit to their policy even if economic circumstances change, or potentially leading to a loss of credibility. “What [...]
Purchases of new cars in EU at 17-year low January 16, 2013 DEMAND for new cars in recession-struck Europe fell to a 17-year low in 2012, according to industry figures released yesterday. Yet motorists in the UK are bucking the downward trend seen elsewhere on the continent. Passenger car registrations across the European Union plummeted by 8.2 per cent last year – the sharpest decline since 1993. [...]
Top investment bankers join up to form boutique advisory firm January 16, 2013 FORMER Morgan Stanley investment banker Simon Robey is teaming up with senior City figure Sir Simon Robertson to form a joint advisory boutique, the latest in a line of veteran dealmakers to quit a large investment bank for pastures new. Robey, whose 25-year career at Morgan Stanley saw him latterly as head of the UK [...]
Bundesbank to repatriate 19pc of gold reserve January 16, 2013 GERMANY’S central bank, the Bundesbank, yesterday bowed to public pressure by agreeing to withdraw 674 tonnes of gold reserves stored at foreign banks by 2020. It will bring back 300 tonnes held in New York, and 374 tonnes currently stored in Paris, to leave roughly half of its total stock of 3,396 tonnes in Frankfurt. Currently [...]
City Moves for 17 January 2013 | Who’s switching jobs January 16, 2013 Lloyds Bank The bank’s commercial banking division has appointed Karin Cook chief operating officer. She joins from HSBC, where she was most recently global chief operating officer for its private bank. Cook has over 20 years’ experience in the industry, and has also held roles at Goldman Sachs and Morgan Stanley. Saffery Champness The accountancy [...]
Best of the Brokers January 16, 2013 DEBENHAMS Andrew Wade at Numis has downgraded Debenhams to “reduce” from “hold” with a target price of 95p, citing concerns over British sales. Although the retailer’s stock had “an exceptional run” during 2012 Wade says the UK business has been going backwards. “[We] believe that transfer into lower margin categories (online, concessions, beauty) may see [...]
Downbeat World Bank forecast and mining shares drag FTSE 100 lower January 16, 2013 A downbeat growth forecast from the World Bank together with weak mining stocks helped tip Britain’s top shares into negative territory yesterday, with Anglo American among the biggest losers after worker unrest at its platinum mines. The World Bank cut its global growth outlook for 2013, citing, a slower-than-expected recovery in developed nations. In its [...]
Goldman and JP Morgan help boost Wall St January 16, 2013 THE S&P 500 ended nearly flat yesterday as solid earnings from two major banks and a bounceback in Apple shares offset concerns about a lower forecast for global growth in 2013 (see UK report). Shares of Goldman Sachs hit their highest since May 2011 as earnings nearly tripled on increased revenue from dealmaking and lower [...]
Guardiola’s snub causes Premier three a headache January 16, 2013 UNCERTAINTY over who will be in charge at England’s three biggest clubs next season deepened dramatically last night after German giants Bayern Munich won the race to hire sought-after former Barcelona coach Pep Guardiola. Chelsea, Manchester City and Manchester United had all made enquiries about appointing the 41-year-old, while continental superpowers Paris Saint-Germain and AC [...]
Wilshere plays way into more advanced role January 16, 2013 ARSENAL 1 SWANSEA CITY 0 ARSENAL manager Arsene Wenger last night hinted he is ready to deploy midfielder Jack Wilshere in an advanced role more often after his late winner set up an FA Cup fourth round trip to Brighton. Wilshere started behind striker Olivier Giroud in a re-shuffled Gunners line-up, and settled the third [...]
