Santander may shut financial advice division February 13, 2013 SANTANDER is reviewing the future of its bancassurance division after it struggled to train its hundreds of advisers to meet the new regulations around the sector, the bank’s UK arm announced yesterday. That could lead to the division being closed, joining the swathe of banks cutting back on mass advice as a result of the [...]
Kingfisher losing altitude February 13, 2013 TIME is running out for Vijay Mallya’s Kingsfisher Airlines, after the firm’s lenders decided to take initial steps towards recovering $1.4bn (£901m) of loans in default. Shares in the firm slumped a further five per cent yesterday after the lenders’ meeting.
City Views | Are you worried inflation has been above target for so long? February 13, 2013 RICHARD WINSTON | BADENOCH & CLARK On a such a small percentage, when I get my monthly paycheck I don’t think about it and if you’re getting an annual pay rise above the rate of inflation, then in real terms it’s not affecting you. GLYNIS WIGGINTON | KEMP LITTLE The rise is very tangible for [...]
Governor’s 20 year flashback doesn’t add up February 13, 2013 WHILST another governor may have used yesterday’s Inflation Report press conference to look forward, Sir Mervyn King took a more nostalgic approach in his opening remarks. The Bank of England governor reminded us that this was the 20th birthday edition of the Report. Back in 1993, King was serving in the more lowly position of [...]
City maverick David Buik slams Sir Mervyn King’s BoE speech February 13, 2013 CITY stalwart David Buik of Cantor, who is known for his poetic City commentary – often quoting the likes of Whitman, Shakespeare, Poe and Housman – was left unimpressed with the Bank of England governor yesterday. “I would hardly describe myself as the sharpest pin in the box” opened Buik. “However having looked at the [...]
Tullow rallies on strong results as it eyes Kenyan oil discovery February 13, 2013 SHARES in Tullow Oil soared yesterday, as it eyed commercial production in Kenya. The FTSE 100-listed oil explorer, which reported its 2012 results yesterday, hailed a major basin-opening discovery in Kenya as one of its wells reported better-than-expected flow tests. The African-focused explorer yesterday pledged $2bn (£1.3bn) of spending this year – up from $1bn [...]
Bakries want a quicker probe into Bumi deal February 13, 2013 BUMI shareholder the Bakrie family yesterday called on the Takeover Panel to accelerate its inquiry into the deal that put the coal miner together in 2011. “The panel was kept in the dark about key facts at the time of the creation of Bumi,” said Nirwan Bakrie, the chairman of the Indonesian Bakrie Group, in [...]
Shale oil could add £50bn to UK GDP by 2035 February 13, 2013 GLOBAL production of shale oil could boost the UK economy by £50bn by 2035, analysis from PricewaterhouseCoopers reveals today. Shale oil, much like shale gas, is a hydrocarbon produced through fracking, and resources have been found worldwide. Production of shale oil – also called “tight” oil – has the potential to reach up to 14m [...]
Total to raise exploration budget February 13, 2013 French oil major Total plans to raise its exploration budget in 2013 under an investment policy that takes advantage of high oil prices and financing from some large-scale asset sales. The world’s fifth largest oil company said it would spend $2.8bn (£1.8bn) on exploration in 2013, up from $2.5bn last year.
Citi axes 50 EMEA bankers February 13, 2013 Citigroup has begun axing 50 investment bankers across its Europe, Middle East and Africa (EMEA) division as a programme of cutting 11,000 jobs hits the heart of the investment bank. Citi announced the global cuts, equal to about four per cent of the bank’s workforce, in December as part of an effort to eliminate $1.1bn [...]
