Wealth firms attacked by watchdog June 14, 2011 BRITAIN’S financial watchdog has warned wealth management firms over the way they invest client money, prompting an angry response from the industry. The Financial Services Authority (FSA) said it had found “significant, widespread failings” in the industry that put the interests of customers at risk. The regulator warned 260 wealth managers in a letter yesterday [...]
Greece yields set another record as ECB stands firm June 14, 2011 YIELDS on Greek debt again set new records yesterday as the major players in the Eurozone reiterated their opposing stances on the terms of a new rescue for the struggling sovereign. ECB board member Mario Draghi, who is also its incoming president, voiced his support for the Bank’s position that non-governmental investors in Greece’s debt should [...]
LSE rival given approval for its TMX structure June 14, 2011 MAPLE, the rival bidder for the London Stock Exchange’s agreed merger target TMX Group, has said it has been given regulator approval for the structure of the company under its control. The Maple consortium of 13 Canadian financial firms said it had been given “exemptive relief” from securities regulators in the country. Maple said the development does [...]
Bernanke: US faces credit risk from debt row June 14, 2011 THE US could lose its prized AAA credit rating if Washington fails to swiftly resolve the row over the government’s debt ceiling, Federal Reserve chairman Ben Bernanke said last night. “Even a short suspension of payments on principal or interest on the Treasury’s debt obligations could cause severe disruptions in financial markets and the payments [...]
VOICE OF THE CITY June 14, 2011 THIS week we’re asking members of our readers’ panel, recruited in association with PoliticsHome, to have their say on whether David Cameron is right to protect the international aid budget from spending cuts. We’ll also be asking whether the government is right to contribute £814m to pay for vaccines for children in developing countries during [...]
Glencore sees shares tumble on first results June 14, 2011 GLENCORE’s maiden results as a listed firm disappointed markets, just three weeks after its $60bn (£36.6bn) float, with its trading arm delivering profits some 20 per cent below forecasts. The trader’s shares tumbled 4.47 per cent, sent down further by chief executive Ivan Glasenberg’s statement that “there has been no firm discussion” of a merger [...]
Glasenberg plays down talk of plan to make a move on ENRC June 14, 2011 ENRC shares fell sharply yesterday morning after Glencore’s chief executive dismissed reports that it was preparing a bid for troubled metals producer. Ivan Glasenberg took the opportunity to quash the rumours after releasing the Swiss commodities firm’s first set of quarterly profits since its flotation last month. “We can confirm that although we talk to [...]
The Swiss commodities giant splashes out £289m on CST Mining’s Peruvian project June 14, 2011 HONG Kong-based CST Mining Group said yesterday that it has made an initial agreement to sell its Peruvian copper project to Glencore for $475 (£289m). The Swiss mining giant has signed a memorandum of understanding agreeing to buy CST Resources, a subsidiary of CST Mining registered in the Cayman Islands, which indirectly owns the Mina [...]
Xstrata to review relationship with trader after results mishap June 14, 2011 XSTRATA is reviewing the status of its relationship with Glencore, City A.M. understands, after Glencore’s maiden results prompted a three per cent drop in the miner’s share price due to a “negative read-across” by analysts. Glencore, which owns 34 per cent of Xstrata, published its first quarterly results since listing yesterday, including a net income [...]
IMF in ageism row as Israel’s man loses out June 14, 2011 BANK of Israel governor Stanley Fischer’s hopes of taking the vacant top job at the IMF have been dashed after it refused to change rules preventing anyone over 65 from running. The move reinforces French finance minister Christine Lagarde’s claim to the International Monetary Fund position, with only Mexican central bank chief Agustin Carstens in [...]
