FSA costs jump to fund rigorous bank oversight February 1, 2011 -THE Financial Services Authority (FSA) yesterday said its funding requirement – which is paid for by the City firms it regulates – would increase to £505.5m in 2011-12, up from £454.7m in 2010-11. Big institutions will bear the brunt of the increase, the FSA said, due to the extra resources needed for intensive supervision of [...]
COKE ADDS TO BILLION DOLLAR BRANDS February 1, 2011 COCA-COLA has made its first ‘billion dollar brand’ from a product developed and launched in an emerging market. Minute Maid Pulpy, which was launched in China, joins Coke’s lineup of 13 other brands that have achieved sales of at least $1bn, including Diet Coke and Coke Zero.
Arcelor joins Mongolia coal bid February 1, 2011 Steelmaker ArcelorMittal and miner Vale are among 15 groups that applied to take part in the bidding to develop Mongolia’s Tavan Tolgoi coal mine. The mine is regarded as one of the world’s biggest untapped reserves with an estimated reserve of 6bn tonnes. Two groups led by Japanese trading houses, one by Mitsui & Co [...]
First Daiwa profit for four years February 1, 2011 Daiwa Securities yesterday reported its first profit in four quarters as a rebound in Japanese share prices lifted fees from stock trading. Daiwa also unveiled plans to cut 30bn yen (£227m) in costs over three years by merging its two brokerage units. It reported net profit of 1.18bn yen for October to December, compared with [...]
Hyundai leads Asia motor rebound February 1, 2011 Asian automakers got off to a strong start for 2011 with robust January sales as they gear up for the sector’s broad recovery. Hyundai and its affiliate Kia Motors are set to report strong sales and earnings this year, driven by improved brand image and quality and new models, analysts said. Hyundai saw its global [...]
FTSE shrugs off Egypt drama and rises on upbeat US data February 1, 2011 COMMODITY stocks and banks helped drive Britain’s top share index to a higher close yesterday, as investors shifted their focus from political unrest in Egypt to upbeat US economic data. The FTSE 100 index closed up 94.88 points, or 1.6 per cent, at 5,957.82, recouping nearly all the 1.7 per cent lost over the previous [...]
Dow and S&P close at a 31-month high February 1, 2011 THE Dow and S&P 500 closed at their highest levels since June 2008 yesterday and looked poised for more gains after strong earnings and signs of a surge in US manufacturing. Data showing improved factory activity and strong results from shipping company UPS, seen as a gauge for economic activity, bolstered the growing impression among [...]
BEST OF THE BROKERS February 1, 2011 BETFAIR JP Morgan has started covering the online gambling group with a “neutral” rating and a target price of £10.24. The broker points out the regulatory risks of the firm, warning that 27 per cent of its revenues are generated in countries where the firm is vulnerable to changes in regulation. But it believes that [...]
CITY MOVES | WHO’S SWITCHING JOBS February 1, 2011 Financial Risk Management Anthony Simpson (pictured) has joined the hedge fund specialist as co-head of global business development. He will be based in London working in partnership with Akio Shimazu and will also join FRM’s executive committee. Formerly, Simpson has worked in a similar role for Ramius, the alternative investment management business of Cowen Group. [...]
1,256 SAFE DAYS FOR ALL AT BP’S LONDON HQ February 1, 2011 FULL steam ahead for the BP safety train. Following The Capitalist’s story two weeks ago about how the oil giant has been beefing up ‘elf ’n’ safety procedures in stairwell use, a source has sent in this picture (see right). Yes, that’s right, a count-down (or count-up) calendar from BP’s London HQ boasting of how many “safe [...]
