BATS sticks with Chi-X tech move March 26, 2012 BATS GLOBAL Markets is pushing ahead with plans to move its Chi-X platform, Europe’s largest share trading venue, to its own technology after a software bug forced the exchange operator to take the embarrassing step of pulling its own listing last week. The third-largest US stock exchange was due to be the first listing on [...]
EU near to ban on high tech trading March 26, 2012 COMMODITIES traders could face limits on the positions they can take, aimed at cutting down on speculation if regulators get their way in negotiations this week. EU policymakers also want to ban banks from giving outside brokers direct access to markets as part of a sweeping crackdown on computerised high-frequency trading (HFT), a European Parliament [...]
OBR: Credit easing will have little impact March 26, 2012 TOTAL lending will not be boosted by the government’s credit easing scheme, the Office for Budget Responsibility (OBR) warned yesterday – though the programme should shift the balance of lending towards small firms. The government’s national loan guarantee programme aims to give £20bn of support to lending, lowering small- and medium-sized enterprises (SMEs) borrowing costs [...]
AstraZeneca’s chief lands a bumper £9m pay package March 26, 2012 THE CHIEF EXECUTIVE of AstraZeneca, Britain’s second-biggest pharmaceuticals company, was awarded a total pay package of more than £9m last year, against £5.5m in 2010. The company’s annual report published yesterday showed that David Brennan’s basic salary rose 2.5 per cent to £997,000 in 2011 in line with pay rises across the group, and this [...]
Hands finding green fingers in £276m deal March 26, 2012 GUY Hands has sought to move on from his troubled investment in EMI by agreeing a £276m deal to buy Garden Centre Group (GCG). His Terra Firma vehicle beat competition from several private equity rivals to take the retailer off the hands of Lloyds after the bank, 41 per cent taxpayer owned, and Sir Tom [...]
ADVISERS: ROTHSCHILD March 26, 2012 ROTHSCHILD acted as the financial advisor to The Garden Centre Group and to lender Lloyds Banking Group. Majid Ishaq, a London-based managing director at Rothschild, led the team. Ishaq told City A.M. that Garden Centre was attractive because of its mid-market position and its middle class customer base. The chain owns about 70 per cent [...]
Andrea Orcel’s move to UBS could end in tears March 26, 2012 THE decision by UBS to hire star investment banker Andrea Orcel is pure box office. Orcel, one of the highest paid bankers of all time (known by some as the George Clooney of banking for his looks), is a big recruit. His impending arrival at UBS marks a statement of intent from the giant Swiss [...]
UK sees surge in number of patents filed March 26, 2012 THE NUMBER of new patented inventions in the UK rose by 29 per cent last year – the biggest leap in a decade – as 2,992 patents were granted. The figures, set out in a report from law firm Reynolds Porter Chamberlain, will come as good news for chancellor George Osborne, who in last week’s [...]
EasyJet losses narrowing as costs reduced March 26, 2012 EASYJET, Europe’s second-largest low-cost carrier, said yesterday it expected its first-half loss to be narrower than previously thought as cost controls and better marketing help it through tough times. EasyJet said it now expects a first-half loss of £110m to £120m – down from previous estimates of £140m to £160m. European airlines have struggled to [...]
ANALYST VIEWS: IS EASYJET’S STRATEGY PROVING SOUND? March 26, 2012 JAMES HOLLINS | INVESTEC EasyJet is driving better-than-expected yields, as well as benefiting from the failure of competitors. The cost efficiencies have also helped. But there are a number of headwinds in the second half, including fuel costs. DOUGLAS MCNEIlL | CHARLES STANLEY Chief executive Carolyn McCall’s second full year in charge is shaping up [...]
