Forecasters slash estimates for inflation levels in the Eurozone February 13, 2014 PRIVATE forecasters have slashed their estimates for inflation in the Eurozone this year and next, according to the European Central Bank (ECB). The central bank’s survey of outside projections has become significantly more conservative this quarter, with a 1.1 per cent increase in prices expected this year, and 1.4 per cent next year. At the end [...]
Amec rises on Foster Wheeler bid February 13, 2014 ENGINEERING firm Amec plans to issue $800m (£481m) notes this year to part-finance its acquisition of Foster Wheeler, as it said yesterday that it had made a definitive $3.3bn offer for its US rival. The FTSE 100-quoted company could still be usurped by a rival bid, but chief financial officer Ian McHoul told City A.M. [...]
Is Europe turning Japanese? Barclays really thinks it could be February 13, 2014 Is the Eurozone falling into a deflationary spiral? Two more bleak pieces of research earlier suggest that at best, Europe’s inflation outlook is failing to improve, and at worst, it may face a “Japan-style deflation cycle”. The European Central Bank’s monthly bulletin’s survey of forecasters suggests disinflation is still going on – they project 1.1 [...]
Cameron pledges £5,000 for UK homeowners hit by flood damage February 12, 2014 DAVID Cameron said yesterday he would make £5,000 available to every home and business hit by flooding, as gale-force winds disrupted trains, closed roads and cut power to vast swathes of the country. The Prime Minister reiterated his pledge to spend whatever it takes to help get communities back on their feet after heavy rain [...]
Inside Track: Jenkins should settle Barclays’ £50m fine so he can move on February 12, 2014 RAISE £6bn from investors and hand more than half of it back to employees and investors six months later: as a formula for managing a corporate balance sheet, there’s a certain novelty in Barclays’ approach. But for someone who has choreographed efforts to rehabilitate a company’s image as carefully as Antony Jenkins, this has been [...]
City Moves for 13 February 2014 | Who’s switching jobs February 12, 2014 LGP Legal & General Property has announced the appointment of James O’Neill as head of international distribution. He was most recently at Grosvenor Fund Management, where he was director of capital markets. Prior to that, he held business development roles at PwC. KPMG The professional services firm has appointed Jim Grover as a senior adviser in [...]
Analyst Views: Are there business lines Barclays rely on for solid future growth? February 11, 2014 IAN GORDON | INVESTEC Fourth quarter investment bank revenues of £2.1bn were up two per cent quarter on quarter. Fixed income, currencies and commodities was up 12 per cent, which compares favourably with investment bank peers. The broad absence of negative one-offs is in stark contrast to loss-making UK domestic peers. SHAILESH RAIKUNDLIA | ESPIRITO [...]
Barclays hikes bonuses to hold onto top staff February 11, 2014 BARCLAYS has been forced to increase bonuses in a bid to attract the best staff in the US and Asia, where competition is particularly fierce, the bank’s boss said yesterday. The bonus pool increased by 10 per cent to £2.38bn, even as profits for 2013 fell 32 per cent to £5.2bn. Chief executive Antony Jenkins [...]
Europe’s biggest banks face risk from emerging market turmoil February 11, 2014 INTERNATIONAL banks like Barclays and Santander are at risk from the volatility which has struck some emerging markets in recent weeks, credit ratings agency Fitch warned yesterday. Although the risks are currently manageable, the analysts believe the danger could grow if there is contagion between more emerging and developed markets. Groupo Santander is the most exposed, [...]
US investment group Varde sells half its stake in Crest Nicholson February 11, 2014 VARDE, the US investment group that at one stage was the controlling shareholder in Crest Nicholson, yesterday announced it had sold half its stake in the housebuilder which floated at the beginning of last year. Varde reported to the London Stock Exchange last night it intended to sell 25m shares in the company through an [...]