What the other papers say this morning – 11 November 2013 November 11, 2013 FINANCIAL TIMES Fears over abuses in metals markets Britain’s parliamentary financial watchdog has urged regulators to probe potential abuses in metals markets as deeply as they are investigating the scandals over foreign exchange and Libor benchmark interest rates. Andrew Tyrie, chairman of the Treasury select committee, told the Financial Times that MPs were conscious of [...]
Exports to miss Osborne’s 2020 £1 trillion target November 11, 2013 BRITISH businesses need to double the rate of export growth if they are to hit the government’s targets for rebalancing the economy over the rest of this decade, according to a report out today from think tank Reform. Exports in 2013 are expected to come in at just above £500bn – well below the £1 [...]
London Report: Carney likely to bear good news about inflation November 10, 2013 GOVERNOR of the Bank of England Mark Carney is likely to be the bearer of good news when he presents his inflation report on Wednesday, with the growth rate heading up and the unemployment rate coming down. Carney pledged in August not to raise rates until unemployment fell to at least seven per cent, a [...]
Barclays and Deutsche Bank lose bid to keep Libor claims out of court November 8, 2013 Deutsche Bank and Barclays have failed to prevent allegations of interest rate manipulation from being included in two ongoing lawsuits. The decision, made by the UK Court of Appeal today, means that the banks could lose millions of pounds. It could also become a test case – with other litigation over the fixing of the [...]
What the other papers say this morning – 08 November 2013 November 7, 2013 FINANCIAL TIMES Currencies probe shifts to the US A global probe into alleged manipulation of the multibillion-dollar currencies market has widened its focus to include the US, with Barclays putting three New York-based traders on leave. They included foreign exchange spot traders Russell Katz and Jerry Urwin, two of these people said. Mr Katz and [...]
Inside Track: Sparkling flotation returns help to attract new investors November 7, 2013 The favourite retort from fund managers who staged a near full-scale buyers’ strike for a few years on new issues in the UK was that they too often felt short-changed. Andy Brough of Schroders famously said that kids expected party bags when they went to birthday gatherings and that’s what fund managers had in mind [...]
Merlin plumps for 315p price for new shares November 7, 2013 SHARES in the Madame Tussauds owner Merlin Entertainments will start trading today following a sales process that had to be brought forward because it was going so well. Advisers to the float, which include Goldman Sachs, Barclays, Citigroup, Morgan Stanley and Lazard, yesterday agreed a price for the new shares of 315p, valuing the firm [...]
Watchdog tells banks to hurry compensation November 7, 2013 THE CITY watchdog has written to the bosses of the country’s biggest four banks to tell them to speed up compensating small firms mis-sold risky products designed to insure them against rising interest rates. Banks have set aside some £3bn for compensation payments in this area, but have so far handed out just £15.3m, or 0.5 [...]
City Moves for 08 November 2013 | Who’s switching jobs November 7, 2013 Institute of Directors The Institute of Directors has announced the appointment of James Sproule as chief economist and head of policy. Sproule was most recently at Accenture, where for the past seven years he led the firm’s UK and global capital markets research, and its thought leadership programme. Prior to that, Sproule was director of research [...]
Best of the Brokers for 08 November 2013 November 7, 2013 WHITBREAD Morgan Stanley has repeated its “equalweight” rating on the leisure group and hiked its target from 2,900p to 3,400p to reflect a better outlook across the sector. The broker sees Whitbread as a high quality investment but believes there is a margin risk that it not yet factored into forecasts. BRITISH AMERICAN TOBACCO Barclays [...]