Chinese ABP in London move September 16, 2013 ROYAL Albert Dock developer ABP has given London a massive vote of confidence by announcing it will locate its global headquarters in the capital. ABP chairman Xu Weiping announced the news at a London-Asia business forum at City Hall yesterday and said the headquarters will have 100 staff and be at the heart of more [...]
Glencore sells off pasta maker September 16, 2013 MINER and commodities trader Glencore Xstrata yesterday said it had agreed to sell Dakota Growers Pasta Company for $370m (£232m) in cash, as it continues to divest assets acquired with its $6bn purchase of Canadian grain handler Viterra last year. To appease regulators around the world, Glencore has already sold a number of Viterra’s assets [...]
City Moves for 17 September 2013 | Who’s switching jobs September 16, 2013 Savills The property company has appointed Oliver Fraser-Looen as a director in its European cross-border investment division. Fraser-Looen was most recently at Cushman & Wakefield, where he worked in its European cross-border retail investment team. Investec Wealth & Investment John Wyn-Evans has joined the wealth management business as head of investment strategy. Wyn-Evans was formerly [...]
Best of the brokers for 17 September 2013 September 16, 2013 PRUDENTIAL Broker Panmure Gordon has retained its buy rating but upgraded its target price for the insurer to 1,453p per share from 1,376p per share. It said it anticipates the Pru to announce a series of stretching targets at the start of December that will help the share price. BARCLAYS Nomura analysts have upgraded the [...]
London Report: Summers’ exit from Fed race boosts the FTSE September 16, 2013 BRITAIN’S top share index hit a six-week high yesterday as Lawrence Summers quit the race to head the US Federal Reserve, boosting prospects of a more measured scale-back in economic stimulus measures. The blue-chip FTSE 100 index ended up by 0.6 per cent, or 39.06 points, at 6,622.86 points, marking its highest close since ending [...]
New York Report: Obama curbs market gains with debt talk September 16, 2013 US stocks advanced yesterday after former Treasury secretary Lawrence Summers withdrew as a candidate for Federal Reserve chairman, lifting some market uncertainty about what was heading towards a contentious confirmation process. Early enthusiasm faded, however, after President Barack Obama stood firm in warning Republicans in Congress he will not negotiate over an extension of the [...]
Unworkable Syrian chemicals plan saves Obama but exposes unrealistic US policy September 16, 2013 IT IS painfully evident that the agreement reached over Syria’s chemical weapons by Washington and Moscow in Geneva is so much less than meets the eye. The accord imposes unbelievably quick deadlines for Bashar al-Assad’s regime to meet. By the end of this week, Syria is to submit a full list of its chemical facilities. [...]
Nick Clegg’s ambition to lift the poor from tax is a lesson for Tories over low pay September 16, 2013 WHAT makes a popular policy that can capture the public imagination? Policy, like politics, is best when it provides a noble purpose. A fight against injustice. A sense of direction. Ideas brutally simple to understand. Take Margaret Thatcher’s “Right to Buy”. A noble purpose? Allowing council tenants to own their homes. A fight against injustice? [...]
We should replace Fed monetary superheroes with rules-based policy September 16, 2013 LARRY Summers is out of the race to succeed Ben Bernanke as Fed chair. After months of debate, with politicians and media picking over Summers’s personality and background, the spotlight has returned to Janet Yellen, deputy Fed chairwoman. Is she now a certainty? Or is another monetary superhero about to emerge? All of this recalls [...]
Letters to the editor – 17/09 – House price bubble, Best of Twitter September 16, 2013 House price bubble [Re: Artificially limiting rises in house prices will do more harm than good, yesterday] Philip Booth is the voice of reason, rightly pointing out that we have one of the most restrictive land-use planning policies in Europe. I am surprised that the Royal Institute of Chartered Surveyors has called for these limiting [...]
