Who’s switching jobs November 12, 2012 KNG Securities The fixed income product provider has appointed Andrea Podesta as managing partner and head of fixed income. He joins from Bank of America Merrill Lynch, where he was managing director and head of southern Europe fixed income sales. BNY Mellon The financial services firm has appointed Alan Cottam as regional business head for [...]
Best of the Brokers November 12, 2012 LLOYDS BANKING GROUP UBS upped the bank’s target to 46p, from 44p, citing “solid progress and improving momentum.” But analysts kept their rating at “neutral”. DIAGEO Nomura boosted its target from 2000p to 2100p on predictions that slashed Indian import tariffs could boost profits on whisky sales by $400m (£252m) – and Diageo is in [...]
US stocks flat ahead of policy debate on tax November 12, 2012 US stocks ended little changed after a lightly traded session yesterday as investors hedged bets before a policy debate aimed at heading off US tax hikes and spending cuts early next year. Firmer economic data from China and delays to an installment of Greek aid also were trading day topics. News that Chinese exports rose [...]
Banking shares lead FTSE as debt in Eurozone makes UK a safe haven November 12, 2012 BRITAIN’S FTSE 100 finished flat but outperformed European stocks yesterday, led by a financials sector that bucked the broader European trend as investors sought refuge from Eurozone debt distress. Financials, the broad sector which includes banks, insurers and asset managers, added 9 points to the FTSE 100 and ensured the blue-chip bourse finished in positive [...]
BBC in crisis: This is no excuse to destroy a respected broadcaster November 12, 2012 IT BEGAN with anger at bankers, intensified during the MPs’ expenses crisis, and continued during the phone hacking scandal. Now the BBC finds itself at the brunt of a long-running mob mentality. This latest extension of the Saville Affair has seen the BBC’s director general George Entwistle resign, and senior executives set aside. It all [...]
Short-term benefits should not disguise the damaging side effects of QE November 12, 2012 THE Bank of England may have recently decided to call a halt on the expansion of its quantitive easing (QE) programme. But the debate over the costs and benefits of QE continues. A full £375bn has already been injected into the UK financial system, and it’s still possible that more might follow. The benefits of QE [...]
How corporation tax myths poison the wider debate November 12, 2012 EXECUTIVES from Google and Starbucks were summoned yesterday to give evidence to the UK’s public accounts committee on their approach to UK taxation. Grilled by Margaret Hodge MP – an outspoken critic of the tax strategies adopted by multinational companies – their treatment reveals two myths about corporation tax that continue to confuse MPs and [...]
As problems at the BBC continue to damage its reputation, should Lord Patten step down? November 12, 2012 YES Philip Davies The crisis at the BBC is a crisis of leadership and management. As chairman of the BBC Trust, Lord Patten wasted hundreds of thousands of pounds on consultants in recruiting George Entwistle from under his nose. He has now wasted hundreds of thousands of pounds paying off George Entwistle just 55 days [...]
Rapid responses November 12, 2012 Open for business? [Re: Will the City struggle to retain its position as the world’s financial centre? Friday] It is important that London retains its status as a major international financial centre, but it faces many challenges. London has always been seen as an automatic choice of location for foreign banks, but there are concerns [...]
UK gilt yields may be ready to spike higher November 12, 2012 IF UK government bond yields jumped rapidly, the UK could be plunged into a credit crisis that would make the last time look mild. Institutional investors would be lumbered with illiquid assets that they could not shift, paralysing money markets. The chances are slim; but previous crises have taught us to be prepared. The UK [...]
