KCAP Financial settles SEC charges November 28, 2012 KCAP Financial settled charges brought by US regulators yesterday that they overstated fund assets during the financial crisis. The Securities and Exchange Commission said the fund company did not report the fair market value of its debt securities and other investments in the fourth quarter of 2008. The company agreed to settle the case without [...]
Who’s switching jobs November 28, 2012 Aviva Phil Pavitt has been appointed to the role of IT transformation director at the insurance group. He joins from HMRC, where he was general director of change. Pavitt has also held chief information officer positions at Centrica, Virgin Media and BT. MasterCard Will Judge has been appointed vice president for travel and transit. He [...]
Best of the Brokers November 28, 2012 BUNZL Citi cut the FTSE 100 distribution group’s target price from 1,250p to 1,190p but kept the firm at “neutral” to reflect a slow projected growth rate and lower earnings forecasts. ARM HOLDINGS Barclays Capital raised the Apple chip designer’s target price from 750p to 820p and kept its “overweight” rating, reflecting higher demand for [...]
FTSE rallies in final trading hour as US budget talks show signs of deal November 28, 2012 BRITAIN’S top share index edged higher yesterday after a volatile session, as signs of potential compromise in US budget talks reversed early falls over fears that negotiations had stalled. The FTSE 100 initially extended losses in afternoon trading, with a weak US open and disappointing housing data compounding caution that had been instilled when a [...]
Wall St surges on fiscal cliff solution hopes November 28, 2012 US stocks rallied yesterday after comments from House Speaker John Boehner, the top Republican in Congress, on a possible compromise to avoid the “fiscal cliff” turned the market around. The S&P 500 rebounded from a 1 per cent decline, gaining more than 20 points from its low after Boehner, an Ohio Republican, said he was [...]
Simpler energy tariffs will lead to higher bills and less competition November 28, 2012 THE Prime Minister has proposed that each energy supplier should put all its customers on the best tariff. The regulator Ofgem has proposed that suppliers should be restricted to four tariffs each. The Department for Energy and Climate Change has proposed putting a mix of these proposals into law. Has no one thought through the [...]
Banker bashing in practice: The suicidal tendency that’s killing finance November 28, 2012 DO YOU care whether London remains the international financial centre? It might be a sacrilegious question to ask City A.M. readers, but it is at the heart of the debate over the future of banking. If someone doesn’t want London to remain a world leader, then concerns about regulatory overreaction damaging our competitiveness and banks [...]
Leveson must not purge the press of its messy freedom November 28, 2012 LORD Justice Leveson’s report into media “culture and ethics” will not turn Britain into Zimbabwe-on-Sea. But it will risk leaving our press even less free and open than it is already. Today, Leveson is widely expected to propose a new press regulator backed by law. Statute-backed regulation is certainly what celebrities and anti-tabloid crusaders are [...]
Could President Hollande’s anti-business stance drive companies away from France? November 28, 2012 YES Bill Witherell The bitter dispute between the French government and the steel company Mittal reflects its contradictory attitude towards business. Francois Hollande’s post-election actions have had an anti-business flavour that appealed to his socialist support base. But in response to the International Monetary Fund (IMF) warning France over its low competitiveness, Hollande introduced new measures [...]
Rapid responses November 28, 2012 Bank multi-tasking [Re: Mark Carney’s Canadian legacy has still not weathered the test of time, yesterday] Mark Carney’s appointment as the new governor of the Bank of England has been welcomed with open arms. Indeed, he appears to be the strongest candidate for the job. Needless to say, expectations are extremely high. The Bank requires [...]
