Balls says bank salaries are a ponzi scheme March 17, 2014 BANKERS are running a “Ponzi scheme” and in a rational world would do the same job for half their current salaries, shadow chancellor Ed Balls said yesterday, calling for the reintroduction of Labour’s bonus tax. His remarks came after the business secretary Vince Cable was quoted in the Observer yesterday saying “I don’t understand why [...]
Sixteen lenders accused of Libor manipulation March 17, 2014 SOME of the biggest banks across the UK, US and Europe are being sued by the Federal Deposit Insurance Corporation (FDIC) in the US over claims their traders manipulated Libor interest rates. The regulator is launching legal action against 16 banks, including HSBC, Barclays, RBS, JP Morgan and Deutsche Bank. The British Bankers’ Association (BBA) [...]
City Moves for 17 March 2014 | Who’s switching jobs March 17, 2014 Chelverton Asset Management The asset management firm has appointed Richard Bucknell as an investment director in its unquoted equities team. Prior to joining, Bucknell held senior investment management positions at Barclays Ventures. Insparo Asset Management The Africa and Middle East specialist investment firm has hired Peter Lindqvist as head of sales and marketing. Lindqvist was [...]
Biggest float in Denmark for 20 years as ISS lists March 13, 2014 DANISH cleaning and services firm ISS swept onto the Copenhagen stock market yesterday in the largest share float in the Nordic country since 1994. Shares in the company climbed 15 per cent on their debut yesterday morning after being priced at 160 Danish crowns (£17.88) per share, the midpoint of the range. The offering, which [...]
Europe slams Italy’s failure to balance budget March 13, 2014 NEW ITALIAN Prime Minister Matteo Renzi’s reform announcements earlier this week were not enough to avoid criticism from the European Central Bank (ECB) yesterday. The ECB’s monthly bulletin argued that “no tangible progress” had been made by successive Italian governments toward the European Commission’s aim for a balanced structural budget. The report added that the [...]
City studs fail to romp home at Cheltenham March 13, 2014 IT WAS a misty start to the day at Cheltenham yesterday, but with champagne corks popping from around 10.30am it was by no means glum. Although punters were treated to six races and one charity race in total, all eyes were on The Ladbrokes World Hurdle Race, which shaped up to be something of a battle [...]
Best of the Brokers for 14 March 2014 March 13, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com RESTAURANT GROUP Barclays rates the dining firm “overweight” and has lifted its target from 675p to 750p to reflect what the broker reckons is an attractive free cash flow yield. Barclays believes the firm will be back at its margin peaks in the [...]
3 ways Morrisons will change your supermarket March 13, 2014 Morrisons’ extensive and rapid loss last year, and its foreseeable future profit warning, perhaps put it ahead of other supermarkets in terms of how quickly it needs to change. But the changes it needs and is planning to make affect all mainstream supermarkets. Indeed, the shares of all of them have lost this morning on [...]
Bonus hikes help US banks to outbid UK for top staff March 12, 2014 BANK bonuses hit a post-crash high on Wall Street in the latest pay round, official figures showed yesterday, as the recovery boosted traders’ fortunes. Booming pay in the US contrasts with sustained political pressure on British banks who have been cutting back on bonuses in recent years. The average bonus for investment bankers hit $164,530 [...]
What the other papers say this morning – 13 March 2014 March 12, 2014 FINANCIAL TIMES HS2 chairman finds £1.5bn savings The new head of HS2 has identified at least £1.5bn in potential cost savings in London alone from the project’s £50bn budget but will warn MPs that the best way to save money on the line is to build it faster than planned. Sir David Higgins took over [...]