Analyst picks for 27 November 2012 November 26, 2012 CURRENCY STRATEGIST CHRIS VECCHIO My pick: Long dollar-yen and gold Expertise: Fundamental and technical analysis Average time frame of trades: A few hours to a few days I closed my long Aussie-dollar position from $1.0318 at $1.0390, for a profit of +72-pips. I also closed my euro-dollar long position from $1.2720 at $1.2790 for a [...]
Minimalist running: is less really best? November 26, 2012 Minimalist SHOES are having quite the moment right now, helped, in part, by the success of the Vibram Five Finger shoe. The “barefoot” running shoe has appeared on the feet of high flyers, most notably actor Shailene Woodley, who ill advisedly sported a pair with a designer frock at this year’s Golden Globes. Their popularity, [...]
Mark Carney appointed as governor of the Bank of England November 26, 2012 Mark Carney has been unveiled as the surprise choice to lead the Bank of England, chancellor George Osborne announced today. He will quit his current job as Bank of Canada governor to take charge at Threadneedle Street when Sir Mervyn King steps down on 1 July 2013. The decision to appoint an outsider from overseas [...]
Betfair quits Greek gambling market November 26, 2012 BRITISH betting exchange Betfair has quit the Greek marketplace, citing regulatory uncertainty over gambling law in the cash-strapped country. The company said it had previously operated in Greece without a local permit as they “consider the gambling legislation in the country to be inconsistent with European law”. However earlier this month the Greek gambling commission [...]
GSK makes £580m investment in India November 26, 2012 British pharmaceutical firm GSK is to raise its investment in India by buying $940m (£586m) of shares in its local venture – thanks to the success of Horlicks. The decision is a vote of confidence in the enormous emerging market and signifies a move away from GSK’s traditional prescription drugs market. The company said it plans [...]
UBS fined £30m over Adoboli fraud November 26, 2012 SWISS bank UBS has been fined almost £30m by the Financial Services Authority (FSA) after admitting to serious failures relating to its handling of the Kweku Adoboli fraud case. The regulator fined the company £29.7m for serious weaknesses in its internal controls that should have stopped the rogue trader from running up unauthorised losses of [...]
PPI fines to hit £16bn November 25, 2012 TOTAL PPI compensation payouts are likely to hit £16bn, according to new estimates out today, providing a £10bn boost to consumer spending but crippling shareholders and hitting banks’ ability to lend to firms and individuals. The PPI payouts are reaching such a scale that they are being described as a bank windfall tax in all [...]
Changing face of the City as workforce diversifies November 25, 2012 THE CITY is far more diverse than the UK as a whole, with proportionally far more ethnic minorities and non-British workers than the general population, research released today reveals. A report from recruitment firm Astbury Marsden finds that just seven in 10 financial services workers in the Square Mile and Canary Wharf are white, compared [...]
Britain is a country of extremes: We either love or we hate November 25, 2012 A FEW years ago, Britain was ridiculously complacent, blind to everything that was going wrong in the economy, determined not to notice the irrational exuberance, the monetary pump-priming, the fiscal profligacy, the epidemic of stupid decisions and the deliberate malfeasance. We were a nation in the grip of an insane bubble yet anaesthetised by cheap [...]
Johnson warns against in-out EU referendum November 25, 2012 BORIS Johnson yesterday changed his mind about his previous support for an “in-out” referendum on Britain’s EU membership, saying the country’s arrangements with Brussels should not “boil down to such a simple question”. His comments to the BBC come as the debate about changing the UK’s relationship with Brussels is heating up.
