Chief of Volvo Cars on leave after a stroke September 23, 2012 THE chief executive of Zhejiang Geely-owned Volvo Cars suffered a mild stroke last week and will take sick leave for the next month, the company said in a statement yesterday. Stefan Jacoby, 54, was placed under medical supervision and has already started the recovery process, the firm said. “I was lucky that it was a [...]
City Moves | Who’s switching jobs September 23, 2012 RBC Wealth Management The wealth management division of the Royal Bank of Canada has announced two appointments to the Americas desk of its UK private client wealth management team. Shehreen Quayyum joins as a director from HSBC Private Bank, where she was an associate director in its international team. She has also worked for HSBC [...]
Best of the Brokers September 23, 2012 CLOSE BROTHERS Shore Capital rates the banking and asset management firm “buy” with a target price of 840p ahead of full year results tomorrow. The broker expects flat pre-tax profits of £130m and an upbeat outlook. WILLIAM HILL Numis has raised its rating from “reduce” to “hold” and its target price to 310p after the [...]
Bank to update on UK lending September 23, 2012 THE UK corporate week begins with a busy day today, as a raft of companies update the market. Dairy Crest, Manganese Bronze, Qinetiq, Finsbury Food, Shore Capital, A.G. Barr, Brady and Petra Diamonds are all set to give reports. Tomorrow brings further company news from Albemarle & Bond, Close Brothers, and The Daily Mail and [...]
Wall St The week ahead September 23, 2012 US stocks could struggle to stay close to nearly five-year highs this week as worries mount about third-quarter earnings and the market appears primed for a pullback from recent stimulus-driven gains. A bevy of economic reports, including durable goods orders, will grab attention, particularly after the Federal Reserve unveiled its plan on 13 September for [...]
London will find it hard to benefit from Chinese currency ambitions September 23, 2012 IT is meant to be the great new market that will transform the City’s prospects. In April, London hosted the launch of the first renminbi (RMB) bond to be issued outside Chinese sovereign territories. George Osborne hailed it a “significant moment”, as he declared his ambition to see London play a key role in the [...]
The City should put its financial expertise at the service of infrastructure September 23, 2012 INFRASTRUCTURE hit the headlines once again last week, as the Confederation of British Industry urged quicker progress on delivering major transport and energy projects. This is a contentious subject, and calls to fast-track spending in this area are nothing new. In fact, the government has already taken steps to underwrite up to £40bn of investment, [...]
Ten golden rules of investing September 23, 2012 IN THE case of the medical or engineering professions, there is usually a precise standard for a given procedure. In the investment industry, while this may be true with respect to ethics, not following others is the key to success when it comes to investment decisions. Indeed, you want to be ahead of the herd, [...]
Is Sir Mervyn King right to excuse failure to meet deficit targets on economic problems? September 23, 2012 YES Philip Shaw August’s borrowing figures were a little better than expected, but the seriousness of the UK’s public finances remains plain to see. Stripping out one-off factors shows that, so far in 2012-13, the deficit is running at £2.6bn per month higher than last year, leaving George Osborne struggling to achieve his aim of [...]
Rapid responses September 23, 2012 Good regulation [Re: Regulator: I’ll shoot first, ask questions later, Wednesday] I am disappointed by your paper’s coverage of the Financial Conduct Authority’s (FCA) likely new stance. Your coverage seems to confuse two quite different things: first, the expected new approach to dealing with any retail products that are likely to cause significant consumer detriment; [...]
