Best of the Brokers for 31 January 2014 January 30, 2014 To appear in Best of the Brokers, email your research to notes@cityam.com CARPHONE WAREHOUSE Barclays keeps its “equalweight” rating and raises its target from 270p to 290p following the firm’s plan to open stores in collaboration with Samsung. The broker hopes Carphone will do further deals in the same vein across Europe. PUMA UBS has [...]
3i takes £14m write-down on Hobbs January 30, 2014 Private equity firm 3i denied reports today that it is looking to sell Hobbs after taking a huge write-down in the value of its investment in the fashion group, blaming poor sales over Christmas. The company, which bought Hobbs in 2004 from Barclays Private Equity for £111m, said it was forced to write down the [...]
Barclays takes £330m blow January 29, 2014 BARCLAYS fourth quarter results will be around £330m worse than previously expected, the bank warned investors yesterday. The results, to be published on 11 February, will include a £220m charge against costs as well as a £110m underperformance in its investment banking arm. The lender is in the process of a major set of reforms, [...]
Inside Track: Ross’s brutal shake-up could prove painful for taxpayers January 29, 2014 ROSS’S Brutal Shake-up – come next month, that will be the most appropriate use of the initials of Britain’s most troubled lender. After Monday’s kitchen and bathroom sinking all rolled into one, it’s not difficult to see why. McEwan’s predecessor as chief executive of Royal Bank of Scotland (RBS), Stephen Hester, was fond of describing [...]
Any Other Business – 30/01 January 29, 2014 EX-ENGLAND and Newcastle footballer Rob Lee is used to a challenge, but the retired sports star has taken on an altogether different one since November 2013, he wants to put the City through its paces and give busy finance professionals a chance to get fit using Speedflex. What the bejeezus is Speedflex I hear you [...]
London Report: Volatility hurts FTSE as it drops to six-week low January 29, 2014 THE UK’S top share index fell to six-week lows yesterday, on investor concern about the effect a further reduction of US monetary stimulus would have on emerging markets. Investors have been on edge in the past days as unease about Chinese growth and the withdrawal of US monetary stimulus spread from emerging-market currencies to the [...]
Barclays cuts up to 400 jobs in investment January 28, 2014 HUNDREDS of investment bankers at Barclays will lose their jobs as the bank maintains its focus on costs, it emerged yesterday. The axe is likely to fall on poor performers in centres including London and New York, while staff also face a crackdown on travel as the bank tries to control costs. Employees will no [...]
What the other papers say this morning – 29 January 2014 January 28, 2014 FINANCIAL TIMES AO.com aims for £1bn valuation AO.com, the online electricals retailer, is aiming for a £1bn valuation when it floats on the London Stock Exchange later this year – more than treble the market capitalisation it was hoping to achieve just four months ago. Several investors have told the Financial Times that the retailer, [...]
F&C snapped up by Canadians in £700m deal January 28, 2014 ONE of the City’s oldest fund managers was acquired by Canadian financial giant Bank of Montreal yesterday, despite a top F&C shareholder delaying its backing for the deal. F&C Fund Management, which traces its roots back to 1868, said it had agreed to the 120p a share offer from Bank of Montreal’s Canadian backer BMO [...]
City Moves for 29 January 2014 | Who’s switching jobs January 28, 2014 KPMG The professional services firm has announced the appointment of Mike Walters as a partner and head of its financial risk management group. He was most recently at Barclays, where he was global head of compliance. Nikko Asset Management The asset management firm has made two senior appointments. Takuya Koyama has been appointed global head [...]