New Bank of Ireland debt offer December 8, 2010 BANK of Ireland offered to exchange subordinated debt for government guaranteed securities yesterday in a move that could plug around €400m (£335.7m of its €2.2bn capital hole. Ireland’s central bank wants lenders to “overcapitalise” as a result of the €85bn emergency loan package agreed with the IMF and EU last month, raising its target for [...]
TRADERS GO BANANAS AT ICAP DAY OF DONATIONS December 8, 2010 IT was that time of year again, yesterday – the time for ICAP to unleash the creative instincts of its traders in a four-floor extravaganza of frenzied fancy dress, Flintstone toy cars and beer bottles. The annual ICAP charity day is by now something of a global institution, a day on which the firm’s thousands [...]
FSA’s Turner: Banks need special laws December 8, 2010 CHAIR of the Financial Services Authority (FSA) Lord Turner yesterday called for the British banking system to be subject to a special set of rules and said that directors of banks that had to be bailed out should be banned from serving on the board of other banks in future. He also defended the FSA [...]
Madoff’s UK directors sued for $80m December 8, 2010 THE legal battle over the collapse of Bernard Madoff’s $50bn (£31bn) Ponzi scheme moved to London last night when liquidators of the fraudster’s empire named all the directors of the London subsidiary in a new lawsuit. The complaint against Madoff’s London branch – Madoff Securities International Ltd (MSIL), seeks $80m and names as defendants former [...]
IMI promoted to FTSE 100 as Cobham falls December 8, 2010 ENGINEERING group IMI has been promoted to the blue-chip FTSE 100 index after the latest review, indexes complier FTSE Group said yesterday. IMI will replace defence contractor Cobham which has been demoted to the FTSE 250 index. Companies outside the FTSE 100 that grow to rank among the 90 largest by market capitalisation are promoted [...]
Fall in mining shares takes its toll as FTSE 100 closes lower December 8, 2010 WEAKNESS in heavyweight miners dragged the leading share index lower yesterday, although firmer banks, energy issues and some takeover speculation helped limit the falls. At the close, the FTSE 100 was down 13.92 points or 0.2 per cent at 5,794.53, having hit a three-week high on Tuesday. “It has been a choppy trading session today [...]
Deloitte names David Sproul as chief executive December 8, 2010 BIG four accountant Deloitte named the head of its tax practice, David Sproul, as successor to its UK chief executive John Connelly yesterday. The news confirms City A.M.’s November report that Sproul was the preferred of two candidates for the position, alongside executive committee member Martin Eadon. Sproul, who joined Deloitte UK in 2002 from [...]
Bank share surge boosts Wall Street December 8, 2010 US stocks edged higher yesterday as gains in financial and technology stocks offset declines caused by a recent surge in bond yields. Bank stocks have risen 10 per cent since the start of the month as benchmark yields climbed enough to make lending and trading more profitable. “What’s giving the financials a little boost is [...]
Bust ups and bus trips as Apprentices go on tour December 8, 2010 WHEN David Cameron said Britain wasn’t doing enough to sell itself to tourists, this probably wasn’t what he had in mind. With six candidates left, each team was given a double decker bus to organise a themed London tour. The result wasn’t exactly the Best of British. Stella, stung by allegations that she was cold [...]
Unwrapping a complex fund: the need for transparency December 8, 2010 TRANSPARENCY has been one of the buzzwords of exchange-traded funds (ETF) since they arrived here in Europe just over a decade ago. Providers have been keen to push just how transparent their products are. But the way that synthetic ETFs are created has clouded the issue somewhat, especially in the wake of the financial crisis. [...]
