DE Shaw slashes its headcount by 10pc as investors lose faith September 28, 2010 DE SHAW, one of the world’s largest hedge fund managers, is to cut its global headcount by 10 per cent. The cuts, which equate to roughly 150 jobs, are the largest in the firm’s history and are expected to significantly impact its London and New York offices. DE Shaw’s decision to scale back on staff [...]
Paragon set for a return to buy-to-let September 28, 2010 PARAGON, the buy-to-let mortgage provider, has returned to new lending after pulling out two years ago due to the global economic turmoil. Paragon chief executive Nigel Terrington said the company would specifically target professional landlords – an area of the market which it believes is underserved by buy-to-let lenders. Terrington said there were two primary [...]
Hester: Banks to impose strict self limits on capital September 28, 2010 ROYAL Bank of Scotland chief executive Stephen Hester yesterday signalled his faith in the banking sector to act prudently in setting rigorous capital standards for itself above and beyond the scope of regulatory requirements. Hester, speaking yesterday at a conference organised by Bank of America Merrill Lynch, said he was not expecting a “one-off golden [...]
David Davis to call for faith in the free market September 28, 2010 PROMINENT backbench Conservative MP David Davis will today sound a rallying call to an audience of 150 City and political leaders, calling on them to reinvigorate Britain’s faith in capitalism and private wealth creation. Davis will be speaking at the London Forum, hosted by pro-market think tanks the Legatum Institute and the US American Enterprise [...]
Anglo Irish fears escalate September 28, 2010 IRELAND’S borrowing costs hit a record high yesterday after two credit rating agencies warned its debt is at risk of further downgrades, compounding political jitters over a budget that could break a shaky government. The anxiety was sparked by warnings from ratings agency Standard & Poor’s that if government support for Anglo Irish Bank, set [...]
Ireland finds that less bad isn’t good enough September 28, 2010 THE Irish parliament reconvenes today after its summer recess under distinctly chilly conditions. The markets have spent the week growing ever more anxious about tomorrow’s news on the costs of restructuring Anglo Irish Bank. The coalition government has a ruling majority of just six seats, and must hope that tomorrow’s numbers will restore some calm [...]
Ratings agencies under scrutiny as penalties for mistakes mulled September 28, 2010 EUROPEAN Union (EU) finance ministers will discuss this week how they might penalise rating agencies that pass inappropriately harsh judgment on countries, a senior EU politician said yesterday. Building on remarks that he wants a new EU markets watchdog to be able to fine rating agencies, Didier Reynders, the finance minister of acting EU president [...]
Red Ed? Come off it: A pitch for the centre September 28, 2010 POLITICAL EDITOR’S ANALYSIS ED MILIBAND’S inaugural leaders’ speech will not be remembered for its rhetorical flair. There was none of the barrister’s flourish that characterised Tony Blair’s excellent performances. For all its talk of optimism, it lacked the hopeful oratory that Barack Obama offered the US electorate in 2008. When David Cameron gave his first [...]
IoD slates regulation plan September 28, 2010 THE Institute of Directors (IoD) yesterday became the latest organisation to join the London Stock Exchange (LSE) in opposing the merger of the Financial Reporting Council and the UK Listing Authority (UKLA). In a statement, Miles Templeman, director-general of the IoD, said it made no “sense to leave the UKLA separate from the body [the [...]
L’Oréal may launch rival Culver bid September 28, 2010 UNILEVER could find itself embroiled in a multi-billion dollar bidding war for hair care specialist Alberto Culver. Analysts were yesterday bracing themselves for a rival bid for the firm, with L’Oreal said to be the most likely candidate. German consumer goods giant Henkel is also thought to be considering its position. JP Morgan analyst John [...]
