What the other papers say this morning – 16 April 2014 April 15, 2014 FINANCIAL TIMES Market troubles dent Moelis flotation Boutique investment bank Moelis raised $163m from its US initial public offering after last-minute investor concerns forced it to shrink the size of its share sale and cut the price of the deal below its expected range. The IPO is the latest to come under pressure on the [...]
City Moves for 16 April 2014 | Who’s switching jobs April 15, 2014 Turner & Townsend Steve Waltho has been appointed director and head of the consultancy’s UK and Ireland property cost management service outside London. He joins from Aecom, where he is currently European managing director of project and cost management. BDO The accountancy and business advisory firm has appointed Mark Hunt as head of its financial services [...]
Where to put your money to see real returns on cash April 15, 2014 Current accounts offer eye-catching rates, but remember the tax advantages of Isas WITH inflation dipping to 1.6 per cent on the consumer price index in March, and competition starting to hot up among retail banks, many current accounts are now offering the chance to earn decent real returns on cash. As many as 10 new [...]
Barclays hires Crawford Gillies to head up its remuneration panel April 14, 2014 BARCLAYS is set to hire City heavyweight Crawford Gillies to chair the board’s remuneration committee in a move that could defuse a simmering row over bankers’ pay. The appointment of Gillies as a non-executive director is likely to be announced today, according to a Sky News report. Gillies, who is already a director for Standard [...]
Three ex-ICAP staff in court to face fraud allegations over Libor April 14, 2014 A TRIO of former workers at interdealer broker ICAP are due in court today over claims they were involved in efforts to manipulate key interest rate benchmark Libor. Daniel Martin Wilkinson, Darrell Paul Read and Colin John Goodman face allegations of conspiracy to defraud. They are scheduled to appear at Westminster Magistrates’ Court at 10am. The Serious Fraud [...]
L&G loses board member April 14, 2014 Legal & General has announced Mike Fairey will retire from the board after three years’ service. The former second in command at Lloyds Bank has over 35 years experience in the City, having started his career at Barclays in 1967. He joined TSB Group before its merger with Lloyds and retired from the bank in [...]
Peugeot cuts models to try to restart profits April 14, 2014 PSA PEUGEOT Citroen, the loss-making French car company, is slashing the number of models it makes from 45 to 26 as part of its recovery plan. The car firm, which signed a €3bn (£2.5bn) rescue deal with Chinese group Dongfeng and the French government in February, said it will “take the example and reference of [...]
Best of the Brokers for 15 April 2014 April 14, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com AO WORLD Numis has launched its coverage of the appliances retailer by urging investors to “buy” with a target price of 350p. The broker believes the recently listed firm could take up to 40 per cent of a growing online market as more [...]
April heat can’t stop the City’s marathon stars April 14, 2014 THE SUN was cracking the flags yesterday as an estimated 36,000 people took part in the London Marathon. As ever, the City certainly didn’t disappoint, with hundreds of financial professionals pulling on the Lycra and taking part. Barclays alone had an estimated 150 runners racing, while private equity firm LDC had 14 people running for [...]
London Report: Cheer for UK as real pay up and inflation falling April 14, 2014 BRITAIN’S economy is set to put the recession firmly behind this week with news of the first real wage growth in four years and falling unemployment. Inflation and unemployment data are expected to show wage growth in March beating inflation. Capital Economics’ Paul Hollingsworth said: “The latest earnings data should show that the squeeze on [...]