Banks to report as BT is likely to reveal growth – London Report October 26, 2014 THIS WEEK sees a number of banks reporting, with four of the UK’s five biggest lenders due to reveal third-quarter results. Lloyds and Standard Chartered report tomorrow. With Lloyds the focus is expected to be on 9,000 job cuts and a string of branch closures. Standard Chartered’s execs have been under pressure this year. After [...]
UK banks pass EU-wide regulatory stress tests but failed banks must raise €25bn in nine months October 26, 2014 UK banks have passed the stress tests carried out by the European Banking Authority (EBA) and European Central Bank (ECB), but a number of others have failed and must plug a gap of €24.6bn within nine months. The aim of the EU-wide stress tests was to assess the resilience of EU banks to adverse economic [...]
Serious Fraud Office asks for £26.5m more to fund “blockbuster” financial probes October 23, 2014 The City fraud squad yesterday asked for a 75 per cent increase in funding next year to help it pursue a range of financial probes, including its investigation into alleged Libor rigging. The Serious Fraud Office (SFO) has asked Treasury ministers for an extra £26.5m next year, on top of its annual budget of £35.2m [...]
Sepura share price rises as radio maker fine tunes revenue growth October 23, 2014 Sepura, the mobile radio maker, said it expected to report €54m (£42.6m) in revenues for the first half of the year, 18 per cent higher year-on-year. The company has also agreed a five-year finance facility of €35m with Barclays, replacing an existing £18m due to mature in 2016, and on better terms. “Trading in the [...]
Family-run firms aren’t arcane: They help populate the City with women October 23, 2014 In the past few weeks, two women took on powerful positions in the financial services. First, Ana Botin became chairman of Spanish bank Santander, following the death of her father Emilio. Then Abigail Johnson replaced her father Ned as chief executive of US fund management firm Fidelity. Botin is the sixth generation of her family [...]
UK banks in the clear after European stress tests? October 22, 2014 The European Banking Authority (EBA) is due to publish the results of its stress test on European banks on Sunday, but ahead of the official announcement a Spanish news agency has reported that 11 of the 123 banks tested have failed. Although the report, by Spanish wire EFE, did not name any of the banks [...]
Ackman-backed group in $3.5bn crop spray deal October 20, 2014 AGROCHEMICAL firm Arysta LifeScience was sold by its private equity backer for $3.5bn yesterday to a chemicals company part-owned by activist investor Bill Ackman. Arysta, which boasts more than 3,600 fungicide and herbicide type products, has been acquired by Platform Specialty Products, a group listed on the New York Stock Exchange. Arysta’s former backer, UK-based [...]
Mortgage price war as interest rate hike prospects fade October 20, 2014 Banks slashed mortgage rates again this weekend as the prospect of monetary tightening from the Bank of England receded even further into 2015. Lenders had started increasing rates earlier this year as they believed the booming British economy would lead policymakers to raise interest rates. But the Bank’s monetary policy committee has resisted lifting rates [...]
Bob Diamond sends first tweet on daughter Nell’s wedding day October 20, 2014 What a weekend it was for Bob Diamond. The ex-Barclays boss watched his daughter Nell get married to fellow finance bod Teddy Wasserman, and (more importantly) he popped his Twitter cherry – sending his first tweet ever, having joined the social networking site back in July. “Father of the Bride @nelliediamond #nellandteddy,” he [...]
Mulberry eyes Celine designer Johnny Coca as creative director October 19, 2014 Mulberry’s year-long search for a new creative director may soon be at an end after it emerged this weekend that Celine designer Johnny Coca could be in the frame for the post. The luxury group is thought to have asked Coca, Celine’s head of leather goods and accessories, to become its new creative director, according [...]