Debt and taxes only sure things for 21st century September 27, 2009 While many market participants have enjoyed an awesome rally through 2009, the growing budget deficits are going to be hard to escape. In the US, there is hesitation to move away from a strong dollar policy rhetoric. Of course there has to be hesitation as the dollar still is the world’s currency reserve. On the [...]
WHAT IS YOUR IMPRESSION OF THE LATEST G20? September 27, 2009 JULIAN JESSOP CAPITAL ECONOMICSThe G20’s commitments will offend or impress no-one. Some of these – like promises to avoid protectionism – look pretty hollow in the light of actions recently taken. Overall, no harm done – an achievement in itself – but it remains to be seen whether real differences will be made. DAVID BUIK [...]
Barclays to begin spending spree by buying Portugese credit card business September 27, 2009 BARCLAYS is close to agreeing a deal to buy Citigroup’s credit card business in Portugal. The deal is expected to be announced early this week, and is not thought to exceed £60m. Britain’s second largest bank is looking to complete a string of purchases throughout Europe at the same time as Citigroup is seeking to [...]
Ryanair chiefs get cold-shoulder September 27, 2009 Three Ryanair directors – Kyran McLaughlin, Michael Horgan and Paolo Pietrogrande – received almost double the level of dissenting votes usually seen in director elections for the Irish Stock Exchange’s top companies. Proxy voting company Manifest, which advises institutional shareholders on corporate governance issues, has already dubbed the airline ‘‘one of Europe’s most shareholder unfriendly [...]
Brevan eyes up a Geneva office September 27, 2009 Europe’s biggest hedge fund firm Brevan Howard Asset Management is planning to open an office in Geneva. The new office could be for any type or grade of staff, but it declined to give details on how many employees would work there.
Hutchings in battle to get back at Lupus September 27, 2009 Greg Hutchings, the former Tomkins boss who was ousted from Lupus Capital in July, yesterday ramped up his very public battle to regain control of the group. Hutchings has requisitioned an extraordinary general meeting calling for the removal of chairman Michael Jackson, turnaround specialist Keith Taylor and finance director Paul Felton-Smith and his own reinstatement [...]
MPs urged to mutualise Rock September 27, 2009 BUILDING societies have urged the government to put Northern Rock back under customer ownership, arguing the move would help create a stronger financial services sector. Northern Rock and other failed banks should be turned into building societies, or “mutualised”, and allowed to repay their taxpayer stakes over time, according to the Building Societies Association (BSA). [...]
BBVA in 2bn bond issue to bolster its capital base September 27, 2009 SPANISH bank BBVA said yesterday it had raised €2bn (£1.8bn) in a sale of convertible bonds, outstripping the €1bn it had initially intended to issue. “BBVA’s clients have expressed a very favourable opinion of the transparency of the issue and of its attractive return, with a fixed 5 per cent coupon for five years,” a [...]
CITY MOVES WHO’S SWITCHING JOBS September 27, 2009 F&CF&C has appointed Philip Martin as Head of Proposition for its UK retail business. He was formerly at Nucleus Financial Group which he co-founded in 2006.Martin has worked at the Life Association of Scotland, Ivory & Sime and Scottish Life International. He ran his own strategic marketing and product development consultancy, Abacus, before co-founding Nucleus. [...]
BEST OF THE BROKERS September 27, 2009 DSG INTERNATIONALMorgan Stanley downgraded DSG International to “underweight” and recommended investors take profits following the 50 per cent price increase over the last three months. The broker said that, although it believes that DSGI offers more leveraged upside in a consumer recovery than any other stock it covers, its bull case scenario playing out looks [...]
