Spain’s strong banks prepare to snap up assets from weak rivals November 27, 2012 SPAIN’S healthiest banks are looking to buy assets from their bailed out counterparts as the weaker institutions are forced to shrink by the government, ratings agency Fitch said yesterday. The outcome of the bailouts will see increased concentration in the market as larger banks get bigger at the expense of smaller institutions. Banco de Sabadell [...]
US consumer confidence climbs to four-year high in November November 27, 2012 US CONSUMER confidence hit a four and a half year high yesterday, as a swathe of other data added to the picture of an economy recovering modestly. The Conference Board’s consumer confidence index grew to 73.7 in November, from 73.1 in October, where 100 is the average for 1985. The last time it was higher [...]
Two thirds of global chiefs say world economy to shrink more November 27, 2012 CHIEF EXECUTIVES across the world are worried the global economic climate will worsen in coming months, data from Harvard Business Review revealed yesterday. Some 65 per cent of respondents to the survey said they thought that conditions in the economy would decline in the coming months – though most thought the climate would improve next [...]
Samaras hails Greek debt deal as new dawn for troubled state November 27, 2012 GREEK Prime Minister Antonis Samaras hailed the beleaguered Eurozone country’s deal with its creditors as a new dawn for its depression-hit people. “A very grey, very dark period for Greece officially ended yesterday and it has ended for good,” Samaras said, as Greece haggled its debt down €40bn (£32.3bn) through giving the country more time [...]
Unemployment in France rises to 14-year peak November 27, 2012 FRENCH unemployment rocketed to a 14-year high in November, data out yesterday revealed, as the Eurozone’s second biggest economy struggles to deal with the continent’s debt crisis and a sclerotic labour market. The number out of work increased 45,400 in November, the 18th consecutive rise, bringing the total to 3.1m – the highest level since [...]
Eurozone bailout fund gets the green light from highest court November 27, 2012 THE EUROPEAN Stability Mechanism (ESM) was yesterday approved by the European Court of Justice, removing another hurdle in the way of troubled governments like Spain getting bailed out. The Irish High Court had challenged the ESM’s compatibility with EU law, after a member of parliament argued that the country’s rules require a referendum on any [...]
Former Morgan Stanley chap is diamond trader November 27, 2012 EX–MORGAN Stanley investment banker Tobias Kormind imagined he would be leaving his City colleagues behind when he departed from the world of finance to co-found bespoke Mayfair jewellers 77 Diamonds. However Kormind tells The Capitalist nothing could be further from the truth, as he now finds himself running around town to fulfil our busy bankers’ [...]
CBRE and Winterflood Securities are the current Mo Bros to beat November 27, 2012 MASSES of Mos of all shapes and sizes have been terrorising The Capitalist’s inbox this week. And none more so than CBRE analyst Tim Monger-Godfrey’s Anchorman-inspired tache: “If I say so myself, the likeness is uncanny.” Frightfully so, The Capitalist reckons. Not to be outdone, traders at Winterflood Securities also deserve special mention for their [...]
Sir John Ritblat latest to launch a retail bond November 27, 2012 SCHOOLS provider Alpha Plus, chaired by property grandee Sir John Ritblat, yesterday became the latest company to tap the retail bond market to help raise £40m and pay down shareholder debt. The group, owned by Delancey’s DV4 fund, announced plans to launch a seven-year retail bond paying 5.75 per cent and secured against part of [...]
Pub meals help Mitchells and Butlers as it faces muted sales November 27, 2012 PUBS and restaurants group Mitchells & Butlers yesterday reported a rise in full-year profit but like-for-like sales in the first eight weeks of the new year were flat, sending its shares down as much as five per cent. The owner of All Bar One, Harvester and O’Neills chains said alcohol duty increases and food price [...]
