London Report: FTSE slumps to a two-week low as Sports Direct falls April 8, 2014 THE UK’S blue chip share index hit a two-week low yesterday, with Sports Direct leading losses after a share sale by founder Mike Ashley and technicals pointing to a bearish market outlook in the near term. Sports Direct, Britain’s biggest sporting goods retailer, slumped 9.2 per cent after Ashley sold 25m shares, while financial stocks [...]
Banks slow pace of swaps mis-selling compensation April 8, 2014 The Financial Conduct Authority (FCA) has put out its latest figures on its interest rate hedging products redress scheme. Last month, a total of £598.4m had been paid of by the UK’s four largest banks to small businesses to which they mis-sold the complex products. In the month, £116.4m was paid out, down from £175m [...]
What you need to know before the open April 8, 2014 A lower open for European markets this morning, as they continue the sell-off seen yesterday. With first quarter earnings season beginning in the US, stocks have seen some sharp declines. Although some European companies have been affected, markets will remain safely above their recent range lows. Having said that, ongoing tension over Ukraine remains in [...]
Bob Diamond hires Barclays chief to head up Atlas Mara April 8, 2014 Former Barclays chief Bob Diamond has pilfered one of its senior bankers to run his new African banking venture, Atlas Mara, reports the FT. John Vitalo has been appointed chief executive of Atlas Mara. The ex-US marine has been chief executive of Barclays’ Middle East and North African operations for five years. Diamond has expressed [...]
Barclays settles Libor court case April 7, 2014 BARCLAYS yesterday dodged a potentially embarrassing court case that could have become a landmark in the Libor-fixing scandal, as it settled out of court with a firm that had accused the bank of mis-selling and fraud. In a deal worth around £25m, Barclays has restructured the debts of Guardian Care Homes (GCH), allowing the firm [...]
Irish pharma giant joins deal bonanza April 7, 2014 IRISH-based pharmaceutical giant Mallinckrodt joined the merger frenzy yesterday by announcing it will buy drugmaker Questcor Pharmaceuticals for around $5.6bn (£3.37bn). The US firm, which has headquarters in Dublin, was keen to gain access to Questcor’s multiple sclerosis drug, Acthar Gel, which is forecast to hit sales of $1bn this year and $1.9bn by 2018. [...]
Barclays sells off its Emirates retail banking arm for £107m April 7, 2014 BARCLAYS yesterday confirmed the sale of its United Arab Emirates retail arm for £107m. The bank sold the business to Abu Dhabi Islamic Bank (ADIB) as part of its plans to focus on international markets where it believes Barclays has a comparative advantage. Barclays boss Antony Jenkins announced the result of its strategic review back in [...]
City Moves for 08 April 2014 | Who’s switching jobs April 7, 2014 Barclays The bank has announced the appointment of Karl Trumper as head of trade and working capital for the UK. He joined in 2002, and was most recently head of sales for larger business. Towers Watson Tammy Richardson has been appointed UK head of insurance management consultancy at the professional services company. She joined in [...]
CNBC Comment: Investors beware as banks go coco loco April 7, 2014 INVESTING in banks has become as chancy as having a flutter on the Grand National. False starts, stewards inquiries and the City equivalent of leaping 30 fences – all enlivened by thundering competition. But investors still harbour the hope of backing an unlikely winner. The trade in cocos, a hybrid of debt and equity, has [...]
What you need to know before the open April 7, 2014 A late selloff on US markets Friday is expected to mean a lower open for European bourses today, despite a strong finish last week. Data in this morning show industrial production in Germany expanded by more than expected in February – by 0.4 per cent. This was marginally less than the 0.7 per cent growth [...]