3i sambas out of Brazil market in concerns over economic growth January 30, 2014 THE UK’S oldest private equity group has quit Brazil due to the Latin American country’s deteriorating economic promise. 3i Group, formed in 1945, said it will stop investing in the country and cease raising a Brazilian-focused fund due to slowing economic growth. Its Sao Paulo office, which contains eight staff, is also set to close. [...]
Former Barclays executive Ricci backs new London exchange January 30, 2014 FORMER Barclays investment banking supremo Rich Ricci has seeded a new equity trading exchange based in London. Ricci, who worked alongside former chief executive Bob Diamond to turn Barclays into one of the world’s top investment banks, has invested in Aquis Exchange, which launched in London last year. Ricci, who holds a small stake in [...]
Virgin Money hires Deutsche’s Marilyn Spearing as non-exec January 30, 2014 CHALLENGER bank Virgin Money appointed payments veteran Marilyn Spearing to its board yesterday. She has been global head of trade finance and cash management at Deutsche Bank for the past six years. Before that she spent more than a decade at HSBC as global head of payments and cash management. And prior to that Spearing was [...]
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 [...]