Rapid boost for UK builders as sector heats up November 4, 2013 UK CONSTRUCTION firms have continued their upward climb during October, posting the strongest one-month improvement to activity since before the financial crisis. According to Markit’s purchasing managers’ index (PMI) for the sector, construction is expanding at the fastest rate since September 2007. The headline figure of the index is 59.4, well above the neutral 50 [...]
City Moves for 05 November 2013 | Who’s switching jobs November 4, 2013 RBS The bank’s real estate management division, part of its global restructuring group, has announced the hire of Jessica Way as a senior asset manager. She was most recently at Aviva Investors, where she was a real estate asset manager for its property trust. Chadbourne & Parke The advisory firm has recruited Nikolai Mikhailov as an [...]
London Report: HSBC lifts FTSE as Ryanair and Weir Group sink November 4, 2013 BRITAIN’S FTSE 100 share index pushed ahead yesterday, as its biggest stock HSBC rose after solid results, outweighing weakness in the airline and engineering sectors following profit warnings. HSBC advanced 2.3 per cent in its biggest one-day rise in four months after quarterly profits rose by a tenth, year-on-year, meeting analyst expectations and reassuring investors [...]
Merlin set to close books early after strong demand November 4, 2013 MERLIN Entertainment is planning to close the books on its £3bn stock market flotation ahead of schedule thanks to the strength of demand from institutional investors. The operator of Legoland, Alton Towers and Madame Tussauds is now expected to close the book on its initial public offering (IPO) later this week, instead of 11 November [...]
There is no sporting comeback to rival Nadal’s, says Becker November 3, 2013 THE ASTONISHING rise from the verge of retirement to world No1 by Rafael Nadal following seven months out with a knee injury represents the greatest sporting comeback ever, according to six-time grand slam champion Boris Becker. Nadal, who begins his ATP World Tour Finals campaign this week, was sidelined by tendinitis following last year’s Wimbledon [...]
Nine banks hit with fresh Libor rigging lawsuit October 31, 2013 FANNIE Mae sued nine of the world’s largest banks yesterday, accusing them of colluding to manipulate interest rates and seeking more than $800m (£499m) in damages. In a complaint filed in the US District Court in Manhattan, the government-controlled mortgage company accused the banks of conspiring for years to suppress Libor, or the London Interbank [...]
RBS suspends traders during foreign exchange investigation October 31, 2013 ROYAL Bank of Scotland (RBS) has suspended two traders in conjunction with an investigation into the potential manipulation of foreign exchange rates. A global probe by US, UK and Swiss regulators is looking into whether banks colluded to set rates. London-based executives at three other major banks have been put on leave, according to reports. [...]
Best of the Brokers for 01 November 2013 October 31, 2013 NOKIA UBS keeps its neutral rating on the telecoms group and hikes its target price from €4.60 to €5.40. The broker is upbeat about Nokia’s margin progress but thinks it will take time to grow revenues from licencing. FERREXPO Cantor Fitzgerald reiterates a buy stance for Swiss iron-ore producer but has cut its target from [...]
Look at the profits not Jenkins’ rhetoric October 30, 2013 ANTONY Jenkins says Barclays’ latest results show the benefits of its diversity as a group. But that’s what you’d expect a chief executive to say who was brought in to buff up the bank’s post-Libor reputation. The investment bank remains Barclays’ single biggest source of profits: 57 per cent of the group’s profit before tax [...]
Barclays faces foreign exchange fixing probe October 30, 2013 BARCLAYS yesterday joined the list of banks dragged into an international investigation into alleged efforts to manipulate foreign exchange benchmarks. The probe was revealed as the bank posted a fall in profits, driven by poor trading revenue and the costs of its streamlining plans. Underlying profits fell 26 per cent on the year to £1.39bn [...]