Bottom Line: This is how to make a giant bank work May 6, 2014 UBS has not had an easy ride in recent years, but other banks should now look up to its example of how to turn a business around. The fixed income squeeze is putting pressure on all the big investment banks – yesterday, UBS and Barclays reported falling incomes in the bond trading units, following others [...]
London Report: Banks and pharma drop knocks FTSE off nine-week high May 6, 2014 WEAK results from Barclays and Aberdeen Asset Manage-ment yesterday knocked the FTSE 100 index from its nine-week high, while falls in pharmaceutical prices also took their toll on the market. The blue-chip FTSE 100 index closed down 23.86 points, or 0.35 per cent, at 6,798.56 points, after hitting 6,838.17 points on Friday, its highest level [...]
Mothercare shares slide over talks with lenders May 6, 2014 Shares in Mothercare fell more than five per cent this morning after it emerged this weekend that the retailer is in talks with its lenders again over the terms of its banking covenants just seven months after securing a £90m refinancing deal. The retailer, which has Mothercare and Early Learning Centre stores, asked [...]
What you need to know before the open May 6, 2014 Markets are expected to open slightly higher this morning, following Asian counterparts, which have gained on encouraging US data out yesterday. Although Wall Street saw a more solid finish, European stocks fell yesterday as worries over Ukraine rumbled on and weak Chinese data led investors to shy away from risk. Corporate news Barclays has announced [...]
Barclays sees investment bank income drop 28pc May 6, 2014 Barclays has reported a rise in statutory profit before tax of 18 per cent to £1.8bn for the first quarter of 2014. However, adjusted profit before tax took a hit and was down five per cent to £1.7bn. Investment bank income dropped 28 per cent to £2.5bn, with adjusted income falling by 14 per cent [...]
Markit chooses New York for its $5bn stock market listing May 6, 2014 FINANCIAL data provider Markit yesterday unveiled plans for a US stock market listing that would value the firm at $5bn (£3bn), confirming that it will spurn the London Stock Exchange in favour of the United States. Markit, which was founded by former bond trader Lance Uggla from his garden shed in St Albans in 2003, [...]
Two financial heads certainly better than one May 5, 2014 EVERYBODY loves a good double act; Beyonce and Jay Z, Ant and Dec, Batman and Robin and er, Warren Buffett and Charlie Munger. The latter had their moment in the spotlight this weekend with the annual Buffettpalooza, (read as: the Berkshire Hathaway shareholder meeting) for which almost 40,000 people packed into an auditorium in Omaha. [...]
The man with a plan for your retirement May 5, 2014 The former Barclays banker turned insurance group chief executive thinks he’s found a new direction for LV= WHEN Mike Rogers first heard about chancellor George Osborne’s plans to scrap compulsory annuities, the LV= chief executive was on a train back to London. “I’d been to Bristol for lunch with some of the top performers from [...]
Mothercare back at the table with its lenders over debt pile May 5, 2014 MOTHERCARE is in talks with its lenders to renegotiate the terms of its banking covenants just seven months after securing a £90m refinancing deal. The mother and baby products retailer has asked its banks HSBC and Barclays for more headroom to help it invest in opening new stores as it seeks to turn around its [...]
Best of the Brokers for 06 May 2014 May 5, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com BRITVIC Barclays has cut the drinks maker from “overweight” to “equalweight”, after a strong share price rise over the past year. The broker remains confident in Britvic’s management and its credentials as a safe haven investment, but sees the stock as well-priced with [...]