London ends its six-day winning streak due to weaker banks and mining firms July 14, 2010 BRITAIN’S leading share index fell back yesterday, snapping a six session winning streak, weighed down by weaker banks, on fresh stress test concerns, and by commodities, on caution ahead of Chinese data. At the close, the FTSE 100 was down 17.50 points, or 0.3 per cent at 5,253.52, slipping back after having hit its highest [...]
Wall St falls after gloomy Fed cuts growth forecast July 14, 2010 US stocks broke a six-day winning streak yesterday, with the S&P 500 ending a hair lower after the Federal Reserve suggested additional measures may be needed to combat a weakening economy. Optimism over the start of earnings season limited declines after Intel reported better-than-expected results on signs of renewed corporate spending. Shares of Intel rose [...]
Dubai developer Nakheel to repay its loans at new terms July 14, 2010 Troubled Dubai property developer Nakheel asked bank creditors to accept repayment of $10.5bn (£6.9bn) over five to seven years at a meeting yesterday in one of the lavish developments that brought it low. Detailed terms of the multi-billion dollar restructuring, including the rates of interest and repayment schedules for the syndicated and bilateral loans, were [...]
US CFTC eyes its role in high-frequency trading July 14, 2010 The US futures regulator must look carefully at new “risk controls” to protect markets in an era when trades are done 150 times faster than the blink of an eye, the head of a new technology panel for the Commodity Futures Trading Commission said yesterday. The expanding use of algorithms to rapidly create and execute [...]
London hoteliers report boom July 14, 2010 Hotels in London have reported a 9.3 per cent surge in revenue per available room during the first half of 2010 to £102. Average room rates were the key driver of growth, up 7 per cent to £129, while occupancy rose 2.1 per cent to 78.9 per cent, according to research by Deloitte.
AgBank gets a fees bargain July 14, 2010 Agricultural Bank of China is expected to pay a total of $248m (£162m) in fees to the firms handling its $19.3bn initial public offering, the lowest underwriting payout by any of China’s big four banks. Yesterday banking insiders said 1.4 per cent, or $147m, of the $10.5bn in proceeds from the Hong Kong offering would [...]
Cable: Grants aren’t needed to secure cash July 14, 2010 Business secretary Vince Cable yesterday said the coalition is committed to attracting foreign investment to the UK but that the days of “irresponsible hand-outs” seen during the Labour administration are over. He told a UK Trade & Investment meeting the government plans to turn the UK into one of the most competitive business hubs in [...]
Class of 2010 will find rewarding City career July 14, 2010 AS the latest crop of graduates takes the first tentative steps into the world of work this summer, thousands of college and university-leavers who are desperate for a job will look towards the City with envy. Despite the improving picture for unemployment, many will struggle to find fulfilling work that pays well. Yet those high [...]
Dana strikes black gold in the North Sea July 14, 2010 Dana Petroleum has struck oil at its Blackbird oil field in the central North Sea. Aberdeen-based Dana said analysis had indicated 75ft of good quality oil bearing reservoir sands. Blackbird is in the same licence area as Ettrick, an oil field which has been producing up to 22,000 barrels of oil per day since August [...]
CITY MOVES | WHO’S SWITCHING JOBS July 14, 2010 Macquarie Capital Advisors The corporate advisory group has appointed Marc Middleton, left, as vice chairman of its European advisory business and Ian Brimecome as executive chairman of its European financial institutions group (FIG). Middleton formerly spent 24 years at NM Rothschild, including eight as global head of the telecoms group. Brimecome became a senior adviser [...]
