Collins Stewart sees growth despite lower trade volumes November 16, 2010 WEALTH management firm Collins Stewart yesterday said it had made steady progress since the first half of the year, as it reported total revenue increased nearly 30 per cent in the third quarter, despite difficult markets in which trading volumes in the US and UK remained subdued. The wealth manager said total revenues were £75m [...]
City could be hammered by new EU short selling rules, says MEP November 16, 2010 THE EUROPEAN Commission’s plans to regulate short selling have the potential to wreck the City’s reputation as a global trading centre, a London MEP said yesterday. Conservative MEP Syed Kamall said that, while the Commission consulted with industry figures widely before drafting the rules, European politicians hoped to strengthen the new regulation to stifle the [...]
PINK DIAMOND SELLS FOR RECORD £28M November 16, 2010 A RARE pink diamond fetched 45.44m Swiss francs (£28.6m) yesterday, doubling the previous record to become the most expensive stone ever sold at auction, Sotheby’s said. The rectangular pink diamond, which weighs 24.78 carats and is about the size of a pinball, was the star lot among 550 on the block at the semi-annual jewellery [...]
British Land eyes disposal of City assets November 16, 2010 LONDON landlord British Land intends to sell assets in the City financial district as it takes a more trading-focused investment strategy, adding an uptick in its exposure to prime offices may not last long. The company said yesterday its £1bn share in developing 2.1m square feet of prime offices in central London would see its [...]
Taylor Wimpey sees profits at top end of market views November 16, 2010 HOUSEBUILDER Taylor Wimpey said it expects profit to be at the high end of estimates this year thanks to stable sales, while a £950m refinancing deal will give the firm more flexible trading conditions next year. The company has an order book worth £883m, down 8.4 per cent on last year, though the firm said [...]
Beetham Tower site is put back on the market by administrators November 16, 2010 THE SITE earmarked for the 53-storey Beetham Tower on the south bank has been put back on the market by administrators BDO. The site at 1 Blackfriars Road, once owned by Beetham Organisation and Russian developer Mirax, will be formally marketed by CB Richard Ellis in early 2011. Royal Bank of Scotland placed the developers’ [...]
LSE tech expert to help lure HFT November 16, 2010 THE London Stock Exchange, which is losing market share to low-cost rivals, has hired a technology specialist to attract business from controversial high-frequency trading (HFT) firms. The LSE is keen to attract more flow from HFTs in a bid to claw back business lost to rivals such as Chi-X Europe and Bats Europe, that have [...]
Consumers are not willing to splash the cash November 16, 2010 The Christmas spending season is well under way, but there are some worrying signs for UK retailers in the latest Bloomberg/YouGov Household Economic Activity Tracker (HEAT). Particular concern is warranted around consumers’ willingness to purchase big ticket items, which can make or break a brand’s Christmas retail season. The report found that UK consumers have [...]
US banks face calls to pay into mortgage fund November 16, 2010 US BANKS and a task force of the nation’s 50 state attorneys general are nearing a settlement of an investigation into the lending industry’s foreclosure practices. A settlement would call for Bank of America Corp, JPMorgan Chase & Co and others to contribute money to a fund to assist borrowers who lost their homes to [...]
Infineon to pay first dividend in a decade November 16, 2010 GERMAN chipmaker Infineon plans to pay shareholders its first dividend for a decade, underlining confidence in the future after clawing its way back from the downturn. Chief executive Peter Bauer, a life-long chip specialist who grew into the role of restructurer, said Infineon planned to pay out dividends on a regular basis just like other [...]
