Lenders should reflect changes by offering 50-year mortgages October 1, 2012 LENDERS should consider offering mortgages for terms of up to 50 years, according to a report released yesterday by City giant Legal & General. The research compares 35-year-olds today with their equivalent in 1977 and alleges that the financial services industry has failed to keep up with demographic changes. Highlighting increases in intergenerational dependency and [...]
Former Chi-X boss plans new venture October 1, 2012 FORMER Chi-X chief executive Alasdair Haynes is preparing to launch a new share trading platform in direct competition with his previous employer, it was revealed yesterday. Haynes registered Aquis Exchange Ltd at Companies House in January and is aiming to launch the business in mid-2013 once it has gained FSA approval.
Cluff Gold rebrands as Amara October 1, 2012 West Africa-focused Cluff Gold has rebranded itself as Amara Mining, and said yesterday three non-executive directors are resigning as part of an overall board review. The resignation of Nicholas Berry, Bobby Danchin and Ronald Winston was effective from 30 September. John McGloin remains as executive chairman, having been appointed when company founder Algy Cluff stepped [...]
Alstom wins £325m power contract October 1, 2012 French transport and power engineering group Alstom said yesterday it had won a £325m contract for a gas-fired power station near Manchester. Alstom will supply service equipment to the new power plant at Carrington, including two gas turbines, and will maintain the equipment for 16 years as part of the deal. The contract has been [...]
Coal of Africa gets $100m boost October 1, 2012 Shares in Coal of Africa soared 18 per cent yesterday after it announced a Chinese group was to inject $100m (£62m) into the coal miner, after full-year losses tripled. Coal producer Haohua Energy International, a subsidiary of Beijing Haohua Energy Resource, is to buy $100m in stock at 25p a share. The mining company said [...]
Arcelor to close French furnaces October 1, 2012 ArcelorMittal has told unions it will permanently close two mothballed furnaces in northeastern France, enraging workers who blocked access to the steel plant and management offices at the site yesterday. In a blunt response to the Socialist government’s demand last week to restart or sell the furnaces, ArcelorMittal said it would give the state a [...]
Gifford named as the new lord of the Mansion October 1, 2012 IT was all change in the City yesterday as Alderman Roger Gifford was elected as the 685th Lord Mayor of the City of London. Gifford got his shout out, quite literally, as tradition dictates eligible Sheriffs are paraded in front of the liverymen at the Guildhall before being voted in by the archaic tradition of [...]
Events group ITE hit by currency woes but forecasts leap in sales October 1, 2012 EVENTS group ITE yesterday said foreign exchange rates had hit its bottom line this year, although the firm’s sales are due to be in line with market expectations. The group, which organises exhibitions and conferences in developing markets and is reliant on Europe and Russia, said the pound’s strength against the euro and ruble had [...]
Has Ite group’s update changed your view of the company? October 1, 2012 MALCOLM MORGAN | PEEL HUNT Like-for-like growth of 10 per cent is encouraging, but the guidance on budgeted exchange rates is less so and we will downgrade our annual profit forecast by five per cent. Underlying growth remains encouraging and hence we retain our “buy” recommendation and 274p target price. STEVE LIECHTI | INVESTEC The [...]
Who’s switching jobs October 1, 2012 Barclays Jim Murphy has been appointed director of financial institutions trade in Barclays’s trade and working capital team. He joins from HSBC, where he was a director in its project and export finance team. Murphy has also worked at Deutsche Bank. BlackRock James Wilkinson has been appointed European chief investment officer for BlackRock’s global real [...]
