Uber’s $62.5bn valuation means it’s worth more than BT, Prudential and Barclays – and 86 other FTSE 100 constituents December 4, 2015 Uber is reported to have filed paperwork outlining plans to raise as much as $2.1bn (£1.4bn) in its latest funding round. Were the company to complete that funding round (and according to the Bloomberg report, the wheels are very much in motion for that to happen – with Tiger Global Management and T Rowe Price both [...]
The US buyback frenzy should worry investors everywhere December 3, 2015 Twenty-five years ago, when I first started in the City, I remember share buybacks being viewed as a sign of weakness, a policy of last resort once all other growth options had been exhausted. To be fair, it was already a more established trend in the US, corporates there having shifted from a predominantly “retain-and-invest” [...]
Syria airstrike vote 2015: Here’s how your MP voted December 3, 2015 Last night MPs voted in favour of the UK beginning airstrikes against Islamic State (Isis) with an overwhelming majority of 397 votes to 223, following a gruelling 10-hour debate in the House of Commons. The move was controversial, with huge numbers of people protesting against military intervention. Some Labour MPs claimed they were being intimidated to [...]
Former Barclays chief executive Antony Jenkins was “surprised” at being sacked December 3, 2015 Former Barclays chief executive Antony Jenkins has spoken of his surprise at being sacked from one of banking's top jobs this summer – but admitted "these things happen" The "nice guy of banking" has spoken publicly for the first time about the event in which the bank's new chairman, John "Mack the Knife" McFarlane, said a new style was [...]
Barclays is selling its Italian retail banks to Mediobanca’s CheBanca! business December 3, 2015 Barclays is about to offload its Italian retail banking operations, the company announced today. It will sell its network of branches, amounting to 89 in total, to CheBanca! – a unit of Italian investment firm Mediobanca. The transaction is expected to be completed in the second quarter of next year, and is part of Barclays' [...]
M&G chief explodes bombshell in pay debate December 3, 2015 Campaigners against high boardroom pay might balk at the notion of taking advice from a City grandee who landed a package worth £5.4m last year – but Michael McLintock is worth hearing out. McLintock, chief executive of the £250bn asset manager M&G Investments, has floated an idea whose explosiveness is only exacerbated by his status. During [...]
Lenders buoy FTSE 100 after stress over tests fades – London Report December 2, 2015 A buoyed banking sector after passing Bank of England (BoE) stress tests yesterday pushed the FTSE 100 upwards, making up for underperforming European indices in the previous session. Financial stocks added nearly 20 points to a 39.56 point advance for the blue-chip index, which was up 0.6 per cent at 6,395.65 by the close. Barclays’ [...]
City Moves for 2 December 2015 | Who’s switching jobs December 1, 2015 TAYLOR WESSING The law firm has appointed Emma Jordan as head of contentious trusts in its private client practice. She joins from Wragge Lawrence Graham & Co, where she was a contentious trusts and litigation partner. Jordan has a particular focus on advising and representing trustees and high net worths in litigation. LV= The insurance, [...]
At the close: FTSE 100 up on banks following the Bank of England stress tests December 1, 2015 The FTSE 100 closed up today, led higher by banks after five of seven banks that took part in the Bank of England's stress tests passed. The UK's top blue-chip index rose 0.62 per cent, to 6,395 points. Five participating banks – Barclays, HSBC, Lloyds Banking Group, Santander UK and the Nationwide building society – all passed [...]
Richard Desmond hopes Trinity Mirror chief Simon Fox “Fox off” over Mirror Express deal December 1, 2015 Northern and Shell owner Richard Desmond has told rival newspaper group boss Simon Fox to "Fox off" over rumours that Trinity Mirror wants to buy his Express newspapers – but admitted that he had tried to arrange meetings to buy the Mirror. In a strongly worded retort to Fox, who said he still has his "sights set" on [...]