New European Union rules to prevent market rigging November 25, 2015 New rules have been laid out by the European Union to prevent market benchmarks, like Libor and Euribor, being rigged by banks. Benchmarks will now be supervised to varying degrees depending on their size, a statement from EU president Luxembourg said. When applied, the new rules will strengthen confidence in financial markets "preventing new manipulation [...]
City Moves for 25 November 2015 | Who’s switching jobs November 24, 2015 SANDAIRE INVESTMENT OFFICE The London-based investment office has appointed Bonny Landers as head of socially responsible and impact investing. Before joining Sandaire, she founded Bay Street Consultants in Hong Kong, where she was managing director. Landers also previously served as chief executive of a single family office, Sterling Private Management, and has held senior roles [...]
Best of the Brokers for 24 November 2015 November 24, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com Analysts at Numis have revised their expectations for Close Brothers Group, lowering their earnings per share forecasts for the specialist financial services firm by 5.8 per cent for this year and a similar amount for next year off the back of the firm’s [...]
CVC and Canada Pension Plan Investment Board team up to buy Petco from TPG and Leonard Green & Partners for $4.6n November 23, 2015 CVC announced it has agreed a deal with Canada Pension Plan Investment Board (CPPIB) to buy US pet supplies retailer Petco for $4.6bn (£3.04bn). CVC, the private equity giant that owns Formula One, will jointly aquire the company, which is the second largest petcare supplier in the US, from a group of investors led by TPG [...]
How low can oil prices go? Here’s what the industry thinks November 23, 2015 Venezuelan oil minister Eulogio del Pino yesterday warned that the Organisation of the Petroleum Exporting Countries (Opec) cannot allow an oil price war, and urged it to take action to stabilise the crude market soon. In response to the question of how low oil prices could go next year if Opec fails to take action, del Pino said "mid-20s". With the future direction of [...]
Insurance giant Axa planning to sell off wealth management division in UK November 22, 2015 Axa has brought in advisors to help it sell off some of its UK businesses, including parts of their wealth management division, the Sunday Times reported today. Sources told the Sunday newspaper that the insurer, who is headquartered in France, had grown weary of the UK’s regulatory environment and had called in bankers at Barclays and [...]
Glencore share price gives up gains November 21, 2015 Shares in troubled Glencore closed down 1.6 per cent to 90.12p per share today, after suddenly slipping into the red this afternoon. This came despite the announcement that board member and former Morgan Stanley boss John Mack has bought 500,000 shares in the company. The company's shares had risen for the third consecutive day at [...]
ABN Amro share price rises after it sets IPO price at €17.75 per share November 20, 2015 Bailed-out bank ABN Amro priced its shares at €17.75 (£12.42) per share, the mid-point of its proposed range, giving it a market capitalisation of €16.7bn. The dutch government sold 188m shares, amounting to a 23 per cent stake, at €17.75 (£12.42) per share, helping it re-coup €3.3bn. "The stock market lising is an important milestone," Gerrit Zalm, chief executive of ABN [...]
Best of the Brokers for 20 November 2015 November 20, 2015 To appear in Best of the Brokers, email your research to notes@cityam.com Vesuvius, a molten metal engineer, is set to feel the steel sector’s pain warns Numis, which reiterated its “hold” rating with a target price of 350p. The broker said, thanks to the group’s restructuring, margins are more resilient than in previous down-periods, which [...]
Frugal innovation: Doing more with less – the six principles to adopt to innovate faster and cheaper November 20, 2015 Stagnant incomes and greater concern for the environment are making western consumers both more value and values conscious. Equally, ordinary people in the West are increasingly empowered to do with limited resources what only large firms could do in the past. Ubiquitous tools, such as smartphones, cloud computing, 3D printers, crowdfunding, and social media, [...]