Derivatives bodies urge caution ahead of regulatory crackdown September 2, 2009 REPRESENTATIVES of the derivatives industry have urged the European Union to water down its plans to standardise and centrally clear over-the-counter contracts. A group of three industry bodies told the European Commission (EC) that “initiatives that would seek to standardise the terms of all OTC contracts are counterproductive”. The trio, comprising the International Swaps and [...]
Rothschild to launch fund September 2, 2009 ROTHSCHILD, the fabled family-owned lender, is understood to be ready to raise a €500m (£434m) fund and has drafted in chairman David de Rothschild’s son to help launch it. Alexandre de Rothschild has joined the bank from Argan Capital – the former European private equity division of Bank of America – to provide support to [...]
BEST OF THE BROKERS September 2, 2009 ARRIVANomura downgraded its 2009 earnings estimates for Arriva, but upgraded its estimates for 2010, saying 2009 “looks set to be the earnings low point”. The broker said that the first half results highlighted a solid performance across divisions, and has a “neutral” stance on the stock with a price target of 473.4p. JD WETHERSPOONInvestec said [...]
Calzedonia swoops on undie store September 2, 2009 ITALIAN fashion company Calzedonia yesterday bought its flagship London underwear store Tezenis from landlords Great Capital Partnership for £22.9m. The Spirella House store, on the busy shopping corner of Regents Street and Oxford street, was sold at a price 12.5 per cent above its March 2009 book value. It comprises a retail unit over three [...]
Tough times ahead, warns Hargreaves Lansdown chair September 2, 2009 INVESTMENT broker Hargreaves Lansdown reported a 20 per cent rise in full-year pre-tax profits yesterday as record levels of stockbroking activity boosted revenues by 10 per cent. The firm booked a profit of £73.1m, compared to £60.9m last year, on the back of revenues of £132.8m. Chairman Stephen Lansdown said the company’s “resilient” business model [...]
Anschutz firm buys website for $25m September 2, 2009 EXAMINER.COM, a media company controlled by US billionaire and O2 owner Philip Anschutz, yesterday bought citizen journalist firm NowPublic in a $25m (£15.3m) deal and told City A.M. it plans to launch its site in the UK in the first quarter of next year. Examiner.com, a citizen journalist site with over 15,000 contributors, has tripled [...]
BANKERS AND MINERS ARE IN DEMAND September 2, 2009 ALEXANDRE HOUPERTHEAD OF LISTED PRODUCTS UK, SG CORPORATE & INVESTMENT BANKING LIKE all investors, those who use covered warrants will be starting to think about how to position themselves for a potential global upturn. Two sectors in particular have been at the forefront of the market’s summer rally: banking and mining. Given how low banking [...]
How using currency pairs can help you trade on your attitude to risk September 2, 2009 SINCE the start of the financial crisis, traders’ attitudes to risk have gone up and down almost as regularly and dramatically as their blood pressure. Uncertainty has been one of the major characteristics of the markets. As well as sending traders scuttling to their doctors, it has also meant that there has been an increased [...]
Heavy-handed FSA ruffling recruiters September 2, 2009 WHEN the chairman of the Financial Services Authority’s chairman, Lord Turner, made comments about taxing bonuses, it was not the first time that the regulator had ruffled feathers in the City. Indeed, recruiters in the Square Mile have been feeling added pressure from the FSA for almost a year now. According to information obtained through [...]
Faulks takes aim at London, the City and Dickens September 2, 2009 A WEEK IN DECEMBERBY SEBASTIAN FAULKSHutchinson, £18.99 WITH HIS interest in the historical past and his solid, straightforward prose, Sebastian Faulks is the bard of Middle England. His most famous books – Birdsong, Charlotte Gray et al – are set in the world wars, times sure to interest your middlebrow reader. So he is taking [...]
